On Sat, 27 Feb 2021 13:30:26 -0800, Jeff Liebermann <
je...@cruzio.com>
wrote:
Digging deeper, I find that Diablo was part of Tality at the time of
purchase. From the Cadence 2001 annual report:
<
https://www.cadence.com/content/dam/cadence-www/global/en_US/documents/company/investors/annual-reports/annual-report-01.pdf>
Pg 36:
Acquired Intangibles Write-Offs
In reaction to the current decline in business conditions
generally and the wireless communications industry in particular,
Cadence restructured certain of its businesses and realigned
resources to focus on profit contribution, high-growth markets
and core opportunities. As a result, Cadence recorded a charge
of $25.8 million in 2001 related to the impairment of goodwill
and acquired intangibles associated with the acquisition of
Diablo (a part of Tality). Key factors in this write-off were
significant downsizing or reassignment of personnel directly
related to these assets and abandonment of most of Diablo's
line of business. The charge was determined as the amount by
which the carrying value of the intangible assets associated
with Diablo's acquisition exceeded the fair value of those
assets.
Pg 70:
Diablo Research Company LLC
In December 1999, Cadence acquired all of the outstanding
stock of Diablo Research Company LLC for $39.9 million in cash
in a transaction accounted for as a purchase. Diablo is a
high-technology engineering services company with expertise
in wireless communication, global positioning satellite
solutions and data transfer and home automation markets.
In connection with the acquisition, Cadence acquired intangibles
of $40.9 million, which are being amortized over three years.
In 2001, Cadence recorded a charge of $25.8 million related
to the impairment of acquired intangibles associated with
Diablo. See "Restructuring, Asset Impairment and Unusual
Items Ì Acquired Intangibles Write-Off."
In other words, Cadence bought Diablo for $39.9 million and maybe 1
year later takes a $25.8 million write-off on the purchase. Since the
economy was in bad shape in 2001, the write-off and layoffs are not
surprising.
I can see now why you left Cadence off the resume.
I just noticed another duplicate entry. You have Tality listed from
Mar 1997 to Dec 2001, as well as Diablo Research 1997 to 2001. Since
Tality owned Diablo, you should probably make these one job instead of
two.
While you're doing damage control, permit me to remind you for the 3rd
or 4th time to change "Windows XT" to "Windows XP" in the
BioElectroMed section. It may seem trivial but to a computah geek
like me, it's sacrilege.
Again, no need to thank me, although it is getting to be a bit of a
time burner researching your former employers.