SGI: Discussion

according to this : http://www.donlinrecano.com/cases/caseinfo/sgi the old SGI is now known as Graphics Properties Holdings, Inc. does this mean something is brewing behind the curtains?

compuman86 wrote: according to this : http://www.donlinrecano.com/cases/caseinfo/sgi the old SGI is now known as Graphics Properties Holdings, Inc. does this mean something is brewing behind the curtains?

I believe there was some unresolved litigation the old SGI was in the middle of, so it was probably easier to keep that with the old company. A member here (ajimerez I think) was involved in some part of the bankruptcy process - perhaps he might know more.

Well, that link points to the docket for my court and judge (S.D.N.Y., Martin Glenn). But as far as why they renamed the company, I'm not completely clear, though this link might provide a clue. Sounds like GPH is a separate entity spun-off of the SGI now owned by Rackable. I don't think this suggests any significant developments are afoot, it seems to be just some necessary corporate/bankruptcy shuffling. GPH is apparently a "debtor-in-possession" company, which means that they retain some assets (hence the "holdings" in their name) with which they probably intend to generate revenues to reimburse creditors. Nothing to get too excited about - any brilliant and innovative employees have long ago departed the company for greener pastures.

Google probably has far more info on this, I just don't have time to dig for it right now.

The renaming of companies when they enter bankruptcy has become common recently. When GM went bankrupt, several unscrupulous types sold "old" GM stock (worthless) when "new GM" started going up.

GPH is to prevent people from capitalizing on SGI/Rackable's skyrocketing stock price by selling "old SGI" stock.

Did anyone follow what happened to SGI when Rackable acquired it?

Did Rackable buy the company as a whole (i.e. shares) or did they buy assets out of the ex-SGI which of course then would need a new name before going into final liquidation (like GPH for example)?

Gerhard.Lenerz wrote: Did anyone follow what happened to SGI when Rackable acquired it?

Did Rackable buy the company as a whole (i.e. shares) or did they buy assets out of the ex-SGI which of course then would need a new name before going into final liquidation (like GPH for example)?

99% sure it was just the assets. I threw away the stuff, though.

well, these guys seem to think sgi stock is still worth $60 http://www.scripophily.net/silgrapincsg.html If I knew this I would've bought a few before they tanked....

compuman86 wrote: well, these guys seem to think sgi stock is still worth $60 http://www.scripophily.net/silgrapincsg.html If I knew this I would've bought a few before they tanked....

Not stock, stock certificate.

There probably aren't too many stock certificates around for SGI or any other tech companies. You have to go through many hoops to get a broker to issue you a real stock certificate nowadays (nowadays meaning some time in the last 15 or so years).