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SCO's Exclusive Time to File a Plan Extended to May 11 - And New Stock Options
Tuesday, February 05 2008 @ 07:09 PM EST

There are quite a few filings in the SCO Bankruptcy. The ones that will interest you the most, however, are that the time for SCO to exclusively file a Chapter 11 reorganization plan has been extended until May 11. It was an inevitability, in my view, because the trial in SCO v. Novell doesn't begin until April 29, and until SCO knows what it must pay Novell, it can't realistically file a reorganization plan. For that matter, neither can anybody else. And there are three new omnibus hearings scheduled, for 3/7/2008 at 02:00 PM., 4/18/2008 at 01:30 PM., and 5/15/2008 at 10:00 AM. And SCO has filed its monthly operating report for December.

Update: There are new SEC filings, noting that the following have options on 10,000 shares at 8 cents:

I don't know why, but it reminded me of the Stockholder Rights Plan. Also, just to remind you of all the details, Thompson surrendered 11,000 some shares for no consideration in January.

Here are all the filings:

319 - Filed & Entered: 02/04/2008
Certification of Counsel
  Docket Text: Certification of Counsel Regarding Omnibus Hearing Dates Filed by The SCO Group, Inc.. (Attachments: # (1) Proposed Form of Order # (2) Certificate of Service and Service List) (Werkheiser, Rachel)

320 - Filed & Entered: 02/04/2008
Application for Compensation
  Docket Text: Monthly Application for Compensation (Fourth) and Reimbursement of Expenses as Co-Counsel to the Debtors and Debtors in Possession for the Period from December 1, 2007 through December 31, 2007 Filed by Pachulski Stang Ziehl & Jones LLP. Objections due by 2/25/2008. (Attachments: # (1) Notice # (2) Exhibit A # (3) Certificate of Service and Service List) (Werkheiser, Rachel)

321 - Filed & Entered: 02/04/2008
Application for Compensation
  Docket Text: Monthly Application for Compensation (Fourth) and Reimbursement of Expenses as Accountants to the Debtors for the Period January 5, 2008 through February 1, 2008 Filed by Tanner LC. Objections due by 2/25/2008. (Attachments: # (1) Notice # (2) Exhibit A # (3) Certificate of Service and Service List) (Werkheiser, Rachel)

322 - Filed & Entered: 02/04/2008
Notice of Service
  Docket Text: Notice of Service of Additions to List of Professionals to be Employed by Debtors-in-Possession in the Ordinary Course of Business (related document(s)[192] ) Filed by The SCO Group, Inc.. (Attachments: # (1) Supplement to Exhibit A # (2) Certificate of Service and Service List) (Werkheiser, Rachel)

  323 - Filed & Entered: 02/04/2008
Operating Report
  Docket Text: Debtor-In-Possession Monthly Operating Report for Filing Period December 2007 for The SCO Group, Inc. Filed by The SCO Group, Inc.. (Attachments: # (1) Certificate of Service and Service List) (Werkheiser, Rachel)

324 - Filed & Entered: 02/04/2008
Operating Report
  Docket Text: Debtor-In-Possession Monthly Operating Report for Filing Period December 2007 for SCO Operations, Inc. Filed by The SCO Group, Inc.. (Attachments: # (1) Certificate of Service and Service List) (Werkheiser, Rachel)

325 - Filed & Entered: 02/05/2008
Minute Entry
  Docket Text: Minutes of Hearing held on: 02/05/2008 Subject: OMNIBUS HEARING. (vCal Hearing ID (57218)). (related document(s) [318]) (SS, ) Additional attachment(s) added on 2/5/2008 (SS, ).

326 - Filed & Entered: 02/05/2008
Order Setting Omnibus Hearing Dates
  Docket Text: Order Setting Omnibus Hearing Dates. All hearings will be held at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware (Related document(s)[319] ). Omnibus Hearings scheduled for 3/7/2008 at 02:00 PM., 4/18/2008 at 01:30 PM., 5/15/2008 at 10:00 AM. Signed on 2/5/2008. (LCN, )

327 - Filed & Entered: 02/05/2008
Application for Compensation
  Docket Text: Quarterly Application for Compensation (First) and Reimbursement of Expenses as Co-Counsel to the Debtors and Debtors in Possession for the Period from September 14, 2007 through December 31, 2007 Filed by Pachulski Stang Ziehl & Jones LLP. Hearing scheduled for 3/7/2008 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware. Objections due by 2/25/2008. (Attachments: # (1) Notice # (2) Exhibit A # (3) Exhibit B # (4) Exhibit C # (5) Exhibit D # (6) Certificate of Service and Service List - Fee Application# (7) Certificate of Service and Service List - Notice Only) (Werkheiser, Rachel)

328 Filed & Entered: 02/05/2008
Affidavit/Declaration of Service
  Docket Text: Affidavit/Declaration of Service and Service List Regarding [Signed] Hearing Scheduling Order (related document(s)[326] ) Filed by The SCO Group, Inc.. (Werkheiser, Rachel)

329 - Filed & Entered: 02/05/2008
Order on Motion to Extend/Limit Exclusivity Period
  Docket Text: Order Further Extending Debtors' Exclusive Periods in Which to File a Chapter 11 Plan and Solicit Votes Thereon. (Related Doc # [289]) Order Signed on 2/5/2008. (LCN, )

330 - Filed & Entered: 02/05/2008
Order
  Docket Text: Order Approving Expansion of the Scope of Employment of Tanner LC as Accountants to the Debtors Nunc Pro Tunc to January 10, 2008. (related document(s)[158], [311] ) Order Signed on 2/5/2008. (LCN, )

331 - Filed & Entered: 02/05/2008
Certificate of Service
  Docket Text: Certificate of Service and Service List Regarding [Signed] Order Pursuant to 11 U.S.C. Section 1121(d) Further Extending Debtors' Exclusive Periods in Which to File a Chapter 11 Plan and Solicit Votes Thereon (related document(s)[329] ) Filed by The SCO Group, Inc.. (Werkheiser, Rachel)

332 - Filed & Entered: 02/05/2008
Certificate of Service
  Docket Text: Certificate of Service and Service List Regarding [Signed] Order Approving Expansion of the Scope of Employment of Tanner LC as Accountants to the Debtors Nunc Pro Tunc to January 10, 2008 (related document(s)[330] ) Filed by The SCO Group, Inc.. (Werkheiser, Rachel)


  


SCO's Exclusive Time to File a Plan Extended to May 11 - And New Stock Options | 196 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Corrections thread
Authored by: Aladdin Sane on Tuesday, February 05 2008 @ 07:12 PM EST
Please place any corrections here.

Use the Title: field to summarize the correction.

---
Form follows function

[ Reply to This | # ]

[NP] Groklaw News Picks discussion
Authored by: Aladdin Sane on Tuesday, February 05 2008 @ 07:15 PM EST
Discuss Groklaw News Picks in this thread.

For reference, the News Picks are here: Groklaw News Items

Please indicate which News Pick you are commenting on.

---
Form follows function

[ Reply to This | # ]

[OT] The Off Topic area
Authored by: Aladdin Sane on Tuesday, February 05 2008 @ 07:19 PM EST
For any non-story-related comments.

For help with posting format see the HTML How To.
(Note also, the link is on the left when you are posting your comment.)

---
Form follows function

[ Reply to This | # ]

And the basis for the Ch 11 was...
Authored by: Anonymous on Tuesday, February 05 2008 @ 07:30 PM EST

So, in summary:
In August 2007, on the eve of a five-day trial, they file for Chapter 11 protection for coming up with a reorganization plan, but they cannot even start with such a plan without the results of that selfsame trial, giving them seven months to drain the estate with bills for unrelated busywork.

I seriously hope that each and every cent paid out of that estate is subject to recall when things move to Ch 7.

[ Reply to This | # ]

Any chance of putting dates in the ISO format?
Authored by: Anonymous on Tuesday, February 05 2008 @ 09:03 PM EST
Any chance of typing dates in the ISO format?

It doesn't make sense to see a date written as, for example, 4/18/2008 -
because, surely the devisions should go either from day to month to year, or
from year to month to day.

Given that one of the things being followed here is the use of open standards in
documents how about conforming to the ISO standard for dates.

That would see the date written as yyyy/mm/dd instead of the confusing North
American mm/dd/yyyy or the non-computer-friendly dd/mm/yyyy that most of the
rest of the world uses.

[ Reply to This | # ]

SCO's Exclusive Time to File a Plan Extended to May 11
Authored by: rsteinmetz70112 on Tuesday, February 05 2008 @ 09:04 PM EST
That extension hardly seems like time enough for Kimball to issue a decision.

Given the almost certain Appeal, he will likely take his time crafting a
decision.

SCO is on a short leash.



---
Rsteinmetz - IANAL therefore my opinions are illegal.

"I could be wrong now, but I don't think so."
Randy Newman - The Title Theme from Monk

[ Reply to This | # ]

SCO's Exclusive Time to File a Plan Extended to May 11 - And New Stock Options
Authored by: Steve Martin on Tuesday, February 05 2008 @ 09:16 PM EST

Um, forgive me for not chasing this down myself (I'm at work at 9PM doing election coverage), but why on earth would Duff Thompson surrender 11,923 shares of common stock owned outright for no compensation, only to get the option to buy 10,000 shares at $0.08 per share ($800 out of pocket) a few days later? It makes no sense.

---
"When I say something, I put my name next to it." -- Isaac Jaffe, "Sports Night"

[ Reply to This | # ]

"it can't realistically file a reorganization plan"
Authored by: ak on Wednesday, February 06 2008 @ 12:53 AM EST
PJ wrote:
and until SCO knows what it must pay Novell, it can't realistically file a reorganization plan."

I disagree.

  1. Darl McBride knows what SCO must pay Novell based on the contracts with Novell. And he also knows that it is unlikely that the court in Utah will see things differently.
  2. Darl McBride can create a plan which takes into account developments which he knows will probably take place in the future. He certainly has such a plan.

[ Reply to This | # ]

Stock options of 10,000 shares at 8 cents
Authored by: vb on Wednesday, February 06 2008 @ 11:07 AM EST

That would cost $800 to exercise. What's the point? I bet those people spend
more money getting their cars tuned-up.

But wait - if someone propped up the price they could double their money!
Because someone would have to prop up the price if they tried to sell those
shares. A sell of 10,000 shares would exceed the average daily volume of all
shares traded for the entire day.

Even a free grant of 10,000 shares would be nearly chump change for this turkey
of a stock.

If it's an incentive, it's not much of an incentive.

If it's a reward, it's not much of a reward.

[ Reply to This | # ]

$500,000 Miscelaneus Credit
Authored by: Anonymous on Thursday, February 07 2008 @ 12:35 PM EST
SCO shows a half million misc expense credit.

First of all, no accounting firm would let someone get away with $500k in Misc.
Expense on a $1M budget. We need to know what this is, especially as they show
it as a credit.

[ Reply to This | # ]

  • Maybe... - Authored by: Anonymous on Thursday, February 07 2008 @ 01:19 PM EST
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