The Day After - Inventing the PC - page 155

through, then I didn't have a viable company. And as a distribu-
tor of Sanyo computers, it's a different ball game. We could
never pay off the debts, we could never give the return on cap-
ital,” concluded Woods.
One day in late June, an MCM secretary informed Woods that
some chartered accountants from Price Waterhouse were wait-
ing for him in the MCM reception area, with orders to execute
the foreclosure. He was surprised. The Toronto Dominion Bank
was calling its $500,000 loan and, although rumours were ram-
pant, none of the directors had warned him about the imman-
ent foreclosure. On 28 June 1982, MCM terminated the offices
of president and secretary and, on 30 June, it dissolved its Board
of Directors. MCM 's assets were auctioned off soon afterwards.
MCM 's foreclosure didn't seem to register in the Ontario
Ministry of Consumer and Commercial Relations files. On 15
May 1985, the ministry sent the notice of MCM 's dissolution to
the company's final address.
Dear Sir/Madam
NOTICE OF DISSOLUTION
Take notice that the Certificate of Incorporation/Amal-
gamation has been cancelled under section 240(3) of the
Business Corporations Act, 1982 by an order dated 29
April 1985 and the corporation has been dissolved as of
that date for default in complying with the Corporations
Tax Act.
Notice of dissolution has been published in the Ontario
Gazette .