Sloan Capital to Buy STM Wireless
From Times Staff and Wire Reports
STM Wireless Inc. filed for bankruptcy protection and agreed to be bought by an investment firm that intends to take the Irvine-based maker of satellite networking gear private.
Sloan Capital Partners agreed to pay $4 million for the assets of STM.
In its bankruptcy filing, STM listed assets of $22.7 million and liabilities of $19.9 million.
STM shares, which peaked at $20.25 in 1997, fell 19 cents to 3 cents on Nasdaq.
