A failed company

Considering that Sundi has now been in charge for 4 years and during that time Adaptec has seen revenue decline every quarter, about the only value left in the company is the real estate and the cash in the bank. Even the IP is dimishing in value as time passes.

During Sundi's reign Adaptec has lost all OEM RAID business to LSI and others and at the same time lost 90% of its R&D. The closure of R&D around the world with work moved to India was catastrophically mismanaged.

It's a long slow death from which most shareholders just want to realise some value before there's nothing left. When Steel first came in there was some hope that value would be realised but the infighting has resulted in the once all conquering market leader reduced to little more than a niche player.

Actually, this is nothing new for Adaptec. Look at all the major storage infrastructure companies which are successful and were founded by refugees from Adaptec where their ideas for innovation had been ignored.

The sad thing is that if Steel do wind down Adaptec to realise value from it and Adaptec disappears in its current form - no one will notice or care.