3 ms·
Anyone remember L&H, the famous computer translation company that went bankrupt in 2001? At one point they had a whopping market capitalization of almost 10 bil
by jansan 6y ago
Anyone remember L&H, the famous computer translation company that went bankrupt in 2001? At one point they had a whopping market capitalization of almost 10 billion US$!
IIRC they also claimed that a large sum of money somehow got missing in Asia (South Korea I think). But given that the management actually went to jail, it seems the fraud actually originated in their headquaters in Belgium.
- easytiger 6y agoI didn't when you wrote L&H, but on searching and finding it was https://en.m.wikipedia.org/wiki/Lernout_%26_Hauspie https://en.m.wikipedia.org/wiki/Lernout_%26_Hauspie I do indeed remember them and their software.
- aashu_dwivedi 6y agoI didn't remember them by name but after reading the wikipedia page, I remember they are the company which acquired Drangon systems in liu of a large number of stocks.
- weinzierl 6y agoIf I remember the story correctly the founders of Dragon Systems sued the bank that handled the acquisition. They claimed the bank convinced them to take stock and not cash at a point in time when the same bank already had been preparing for the inevitable bankruptcy of L&H. They lost because M&A was considered a different branch of the bank and not supposed to know about the imminent bankruptcy. BTW: The founders of Dragon Systems are a married couple with an interesting bio too.