June 4, 1997On this day, Mac clone maker Power Computing is reaching its zenith by planning an IPO, unaware of the impending collapse.
The Power Computing executive entered into an agreement with Apple CEO Gil Amelio to purchase a license for Mac OS 8. The deal allowed the company to go public, becoming the most successful PC firm in the past decade. Not everything turned out to be too ghostly.
Started in 1993 by Stephen King, Power Computing, well positioned in the mail-order market, began mail-order Mac clones after reaching an agreement with Apple in late 1994. Power Computing has released several successful Mac clones, and a deal signed with Amelio on June 4th meant that the company could go public within a month.
By then, Power Computing was going to be making $700 million a year in revenue and had decided to buy 150 acres of land for $28 million for a new headquarters.
The Fall of Power Computing
The state of Power Computing suddenly changed after a change in leadership at Apple and the return of Steve Jobs as and. about. general director. Jobs did not like Mac clones and from August 1997 there was a question of terminating cooperation with Power Computing, and by September 2, Apple agreed to buy out all its obligations for $110 million.
In early 1998, Power Computing closed for good.
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