ROSS HEADS FOR LIQUIDATION BUT BRIDGEPOINT MAY SURVIVE

CBR Staff Writer Published 26 July 1998

Ross Technology Inc, the failed Austin, Texas-based Sparc chip maker, said on Friday that the board has adopted a plan of complete liquidation and dissolution as the preferred option for the already announced orderly shutdown of its operations. But the company's BridgePoint business unit, created last quarter to house Ross's sales, service and operations employees, is to survive under the control of Ross's former vice president of operations, Joe Jones. Jones has formed a new holding company which will buy-out BridgePoint's business for $5.66m in cash plus debts. Ross will sell off the remainder of its assets, but the company does not predict that funds will remain for a shareholder distribution after the company has paid off its creditors.

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