Quantcast
Jump to content

PreCentral: HP writes down $8.8 billion over 'improprieties' in the Autonomy acquisition (i.e. they lied)


News Reporter

Recommended Posts

HP writes down $8.8 billion over 'improprieties' in the Autonomy acquisition (i.

It was a little over two years ago that . Apotheker came from a short tenure as CEO of , from which he'd been forced out after poor performance during an admittedly poor economic environment. At the time, we expressed our misgivings over the pick; , having spent twenty years at SAP (which is small in comparison to HP). Sure, , but HP also still had a massive and dominating consumer hardware enterprise and had just months prior completed its .

We all know what happened next: within a year HP , announced a plan to , and purchased UK-based enterprise software company Autonomy for $10.2 billion. A month later, as he was dumped in favor of former Ebay CEO Meg Whitman, .

Today, in conjunction with announcing their fiscal year 2012 results, HP declared an $8.8 billion write-down loss related to the purchase of Autonomy. Specifically, the charge is related to the revelation that "members of Autonomy’s management team used accounting improprieties, misrepresentations and disclosure failures to inflate the underlying financial metrics of the company" before HP's purchase. In other words, they lied about how much Autonomy was worth and how much money it could make for HP, leading to HP overpaying by billions of dollars for the company (The purchase price at the time was more than 80% higher than Autonomy's stock price; when HP bought Palm they paid a mere 23% premium over the trading price).

After writing down and related to a failure to actualize the value of their 2008 purchase of enterprise services company EDS, the last thing HP needed was another multi-billion write-down. But here we are, bringing the one-year write-down total to over $20 billion. Without the EDS and Autonomy write-downs, HP actually would have only suffered a loss of $600 million for the year, which while not great, looks downright rosy given the situation HP found itself in a year ago and the $12.7 billion paper loss now on the books.

Understandably, HP's not happy about this debacle, and make no mistake, this is a debacle. HP says that they have contacted both the US SEC Enforcement Division and the UK Serious Fraud Office for "civil and criminal investigation". And not wanting to leave it up to the feds, HP's also "preparing to seek redress against various parties in the appropriate civil courts to recoup what it can for its shareholders." In other words, "We'll see you in court."

mf.gif


a2t.imgvta9buf45Vk

link hidden, please login to view
Link to comment
Share on other sites

  • Replies 0
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By TimtheToolMan
      We just purchased a new LG WebOS TV OLED 65" and running the setup through the app or the TV remote says it can't load the user agreement. This is blocking us from getting to streaming apps like Nexflix or any smart functions like Voice assistant.
      TV worked fine for a few days but voice assistant stopped working and after much effort LG tech said to  Reset to Initial Settings. Now we have mentioned no smart functions. TV is on ethernet and its browser functions on web fine. Tried running off neighbor's wifi with same results.
      Tried switching to different country, unplugging/hold power button for 20 seconds/wait one minute,  resetting TV multiple times, setting up remote again, ...
      Error message: Unable to Load User Agreements  A server error has occurred while downloading  the User Agreements. You must download and agree to the terms of the User Agreements to use this feature or application. Do you want to try to download them again… Unable to Load User Agreements  Sorry, but the User Agreements  can't be downloaded at this time…Please check your internet connection and try again later.    No change when trying over five days.
      Now there is no local company available to service TV. Maybe it's time to send it back and give LG TV a one star rating. I am willing to change motherboards but doubt if LG would go along with that.
      Anyone have any ideas.
       
    • By jkester
      Sling TV is my default app on my LG TV.   Everything  was working fine until today.  Now when I hit the HOME button on the remote, the TV correctly returns to the HOME page, but then immediately re-launches Sling TV before I have an opportunity to select a different app (for example, Netflix).   This cycle repeats itself every time I enter HOME while in the Sling TV app.  The only way I can return to HOME without Sling TV automatically relaunching is to manually select a different input (e.g., HDMI one or LIVE Team), and then enter HOME and it will correctly stay in HOME until another app is selected.  I've tried resetting the TV  and I've tried deleting/adding Sling TV.  I have the latest WebOS update.  This may have started after downloading a recent Sling TV app?  Not sure.  Any suggestions appreciated.
    • By Ron Shaver
      I have the SLING streaming service on all 3 of my LG OLED TVs.  I've updated the SLING app on 2 of them and now have a problem.  Both TVs default to the SLING app when I turn them on.   I am able to watch streaming content but can't exit the SLING app.  This only started happening after I updated the app.  For this reason I did not update the SLING app on my 3rd TV.  Has anyone else had this problem?  Is there a fix?
    • By News Reporter
      Advanced IVI System Boasts Pillar to Pillar
      Touch Display for Seamless, Intuitive User Experience

      SEOUL, Jan. 12, 2022 — LG Electronics’ (LG) newest premium in-vehicle infotainment (IVI) system will be a central feature in the 2022 Mercedes-Benz EQS EV sedan, the Pillar to Pillar (P2P) display built into the MBUX Hyperscreen that stretches across the entire width of the dashboard. With its unique interior concept and revolutionary human-machine interface, the first luxury electric vehicle from Mercedes-Benz AG highlights the futuristic trends in electric vehicle design and points to an exciting vision for future mobility.
      First introduced by Mercedes-Benz at AG CES 2021, the MBUX Hyperscreen consists of three screens including LCD display, ICD (Instrument Cluster Display) and two OLED displays, CID (Central Information Display) and CDD (Co-Driver Display) under a bonded glass cover to give the appearance of a single, continuous display. The use of advanced plastic OLED (P-OLED) display technology enables the infotainment system in the Mercedes-Benz EQS EV to deliver clear, sharp images and text and slim bezels with no physical knobs means occupants get an intuitive touch interface with refined haptics for a user experience (UX) with minimal learning curve.
      LG’s IVI system was specifically designed to meet the needs of Mercedes-Benz AG with the curved, panoramic form factor required by the ultra-sleek sedan. LG’s in-house Production Engineering Research Institute, tasked with providing in-house expertise for equipment and material components as well as advanced production techniques, developed the core technologies implemented in the display: Curved Glass Forming, Surface Treatment and Curved Display Bonding.
      Working closely together, LG and Mercedes-Benz AG engineers are taking in-vehicle displays such as instrument panels and navigation systems to a new level, providing drivers and passengers with greater convenience and control of their on-road experience. The visually-pleasing IVI system in the Mercedes-Benz EQS EV not only raises the bar for ease-of-use but also safety, featuring new technologies that perform well above minimum standards for head-on and collisions.
      “It’s an honor and a privilege to be able to work in close collaboration with a trusted partner such as Mercedes-Benz AG,” said Eun Seok-hyun, president of the LG Vehicle component Solutions Company. “Being named a valued supplier of automotive displays by Mercedes-Benz AG last year gives us immense pride in knowing that the partnership is showing great results.”
      As an innovative partner for future mobility, LG Electronics’ Vehicle component Solutions (VS) Company is working with global automakers such as Mercedes-Benz AG to become a leading developer of connectivity, infotainment and ADAS solutions to deliver differentiated in-vehicle experiences. LG is committed to diversifying its portfolio to further strengthen its capabilities with acquisitions including automotive lighting and headlight systems provider ZKW Group and software cybersecurity company Cybellum as well as the joint venture, LG-Magna e-Powertrain.
      # # #

      link hidden, please login to view
    • By panrap
      Hello,
       
      I am trying to watch NBA matches at my TV, and i have nba pass subsrciption. It appears that my country is not eligible and there is no nba app at the lg store.
      When i login to my account through the webos broswer , when i try to watch a game, i get the message "download the app", and the link takes me to other apple store.
      I tried to watch through airplay (either from my macbook or my iphone), but when i connect to airplay, the screen gets black. I guess that is something with nba sharing rights etc, because with other apps it works fine.
       
      has anybody find any solution to this?

×
×
  • Create New...