If three years ago a company had $7.4bn of cash on hand, but now its entire market cap has fallen to $7.2bn, how much confidence would you have in the management?
That about sums up the state of play at Sun Microsystems. So why aren’t the private equity vultures circling? When the stock traded at a split-adjusted $15-20 it seemed that every buy-out artist in Silicon Valley wanted in. Now the shares are scraping a 13-year low of $9. With the US economy heading down and Sun admitting on Friday that it is heading back into the red, Wall Street seems to have given up on the Schwartz-Lehman turnaround.