Content area
Full Text
A story in the Ledger column in Tuesday's Newsday misstated the expected cost of restoring the Gotham Hotel in Manhattan. Its new owners say they will spend $40 million on restoration. Another item in the Ledger Tuesday misstated the estimated worth of Trans World Airlines' PARS computerized reservation system. Analysts believe the system could be worth as much as $400 million. (7/11/86 ALL)
IBM announced yesterday it has reached an out-of-court settlement prohibiting the use of its trade secrets by Cybernex Corp., a maker of computer memory devices whose founders include five former IBM employees.
Cybernex, of San Jose, Calif., announced separately that it agreed to the settlement without admitting that it ever used IBM trade secrets.
Cybernex said it would phase out the technology challenged by IBM. Cybernex also said the agreement calls for it to make a substantial payment to IBM to defray IBM's legal costs and reimburse IBM for the salaries it paid to Cybernex's founders for a period of time before they left IBM.
In a related announcement, Cybernex and Xerox Corp. said Cybernex was buying Xerox Corp.'s Century Data Systems, a maker of computer disk drives in Anaheim, Calif. Terms of the deal with Xerox were not disclosed.
International Business Machines said it invested more than $200 million and more than 14 years in research and development of its technology for thin-film heads. The heads are like record needles and are used to read and...