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| SCO Gets Almost What It Asked For From Bankruptcy Court: Extension to End of Year & Stock Options |
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Tuesday, September 16 2008 @ 04:17 PM EDT
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So, the hearing minutes [PDF] from today's bankruptcy hearing are posted, and it appears (comparing it with the Notice of Agenda) that SCO got an extension to the end of the year to exclusively file a reorganization plan, and it also got the stock options declared [PDF] "in the normal course" and the quarterly bills [PDF] were approved. Here's who attended the hearing today, according to the signin sheet:
- For Novell: Adam Lewis, Morrison & Foerster, & Sean Greecher of Young, Conaway
- For SCO: Arthur Spector, Berger Singerman & Kathleen Makowski, Pachulski Stang
- For Mesirow: Lyle Bauch and James Feltman (by phone)
- For Tanner: Scott Robinson (by phone)
- Pro Se: Al Petrofsky (by phone)
- For IBM: Gabriel R. MacConaill, an associate at Potter Anderson
- For US Trustee: Joseph McMahon
- For Dorsey & Whitney: Robert Mallard
We'll have a transcript by tomorrow or the next day, in the normal course. SCO also filed its monthly operating reports for July, finally.
Here are the filings:
551 -
Filed & Entered: 09/15/2008
Operating Report
Docket Text: Debtor-In-Possession Monthly Operating Report for Filing Period July 2008 for SCO Operations, Inc. Filed by The SCO Group, Inc.. (Attachments: # (1) Certificate of Service and Service List) (O'Neill, James)
552 -
Filed & Entered: 09/16/2008
Minute Entry
Docket Text: Minutes of Hearing held on: 09/16/2008
Subject: OMNIBUS HEARING.
(vCal Hearing ID (71959)). (related document(s) [549]) (SS, ) Additional attachment(s) added on 9/16/2008 (SS, ).
553 -
Filed & Entered: 09/16/2008
Order
Docket Text: Order (OMNIBUS) Approving Certain Quarterly Fee Applications. (related document(s)[534], [526], [530], [528] ) Order Signed on 9/16/2008. (Attachments: # (1) Exhibit A) (LCN, )
554 -
Filed & Entered: 09/16/2008
Order on Motion to Approve
Docket Text: Order Granting Debtors' Motion for (1) A Determination That Stock Options Awarded to Executives Were Made in the Ordinary Course of Debtors' Business and (2) Continuing Authority to Award Ordinary Course Stock Options. (Related Doc # [536]) Order Signed on 9/16/2008. (LCN, )
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| Authored by: Erwan on Tuesday, September 16 2008 @ 04:24 PM EDT |
If any.
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Erwan[ Reply to This | # ]
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| Authored by: David Gerard on Tuesday, September 16 2008 @ 04:26 PM EDT |
| I said, off topic! [ Reply to This | # ]
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| Authored by: Erwan on Tuesday, September 16 2008 @ 04:26 PM EDT |
Please quote the article's title.
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Erwan[ Reply to This | # ]
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| Authored by: Anonymous on Tuesday, September 16 2008 @ 04:39 PM EDT |
If I'm reading this extremely badly scanned report correctly, SCO has managed to
lose $3.5 million is just one month, taking them into the realms of negative
equity (although their cash is still looking reasonably good, amazingly... I
doubt that will last). Is this their worst MOR yet?[ Reply to This | # ]
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| Authored by: Anonymous on Tuesday, September 16 2008 @ 04:42 PM EDT |
| I just love winning money off my friends. [ Reply to This | # ]
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| Authored by: itsnotme on Tuesday, September 16 2008 @ 04:56 PM EDT |
(Sighs) I really want to read the transcript and find out what the judge's
reasoning behind the whole approval of the extension was. Novell's motion to
deny them the extension was well reasoned IMHO. SCO's reply to that wasn't even
a real reply but a winded tale of woe. Their rebuttal was pretty much that the
market economy sucks, not that they had any actual good reason for an
extension.
I'm hoping that the trustee at least said something. You kind of have to gaze
in admiration of SCO, they've managed to prolong nothing into the realm of holy
crudlocks.[ Reply to This | # ]
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| Authored by: Anonymous on Tuesday, September 16 2008 @ 05:09 PM EDT |
Has this judge actually stopped SCO from doing ANY of its slimy, underhanded
tricks? Because so far all I've seen is a lot of rubber stamping and not many
questions being asked.
[ Reply to This | # ]
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- Yes - Authored by: Anonymous on Tuesday, September 16 2008 @ 05:46 PM EDT
- Maybe a Trap for young players - Authored by: Anonymous on Tuesday, September 16 2008 @ 08:51 PM EDT
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| Authored by: Anonymous on Tuesday, September 16 2008 @ 05:42 PM EDT |
You're headline says "SCO Almost Gets What it Wants." What didn't
they get?[ Reply to This | # ]
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| Authored by: vb on Tuesday, September 16 2008 @ 06:00 PM EDT |
I recall that the US Trustee was ready the step into this dog pile a while back.
They made a very real threat to do so. What happened? They seem to have had a
change of heart. [ Reply to This | # ]
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| Authored by: justjeff on Tuesday, September 16 2008 @ 10:52 PM EDT |
Not a big surprise to me. A few years ago I worked for a company in chapter 9.
It took three(3) years to get out, and that was in a (relatively) friendly
debtor/creditor environment. SCO is going to be in chapter 9 over a year before
they even have a plan approved by the court, not to mention actually executing
it.
I don't recall if I or anyone has actually (seriously) predicted that SCO will
never come out of chapter 9, but I will today. While it might be clear that
SCO WANTS TO spend out all of its remaining assets to its friends and families,
it is now clear that the court will let them.
I haven't read the transcripts, but I'm guessing that the creditors either are
coming across as whiners or at least they are not making their case. Either
that or the judge just doesn't care. If so, then the creditors should appeal
the case out of BK court and into an "ordinary" federal court.
Now that "the plan" has been pushed into 2009, it will still have to
be approved. It seems unlikely that the creditors will be happy with whatever
SCO eventually dreams up, and that is when the ACTUAL fight will begin. I
wonder how many months that will take.
If SCO is still standing at that point, then SCO will begin executing the plan
under the watchful eye of the trustee. This is when things start to slow down.
Once the plan is under way, every little thing has to be approved by the
trustee. At least that's how it worked out for the company I was with.
Find a comfortable chair...
- jeff -
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| Authored by: Anonymous on Wednesday, September 17 2008 @ 12:22 AM EDT |
| I think the judge can read the writing on the wall. SCO is dead one way or the
other. With the recent financial market turmoil, the money piranhas who might
have wanted to take a bite of this are going to have a hard time finding suckers
with cash to throw down get another speculative hole (and the piranhas aren't
going to put any of their own money into something this).
There might have
been something to salvage from the wreckage of SCO a year ago. There is nothing
left today. The real story can be seen in the collapsing sales figures. SCO did
not have a compelling product. What they had was a legacy Unix product that
customers stayed with simply out of inertia. That customer base would have once
been worth something to a commercial Linux distro (which is why Caldera bought
it). Once sales start to collapse though, it's all over. Nobody is going to
switch back to SCO Unix. That customer base is gone. Anyone who hasn't
switched yet will have plans in the works for doing so.
What will happen to
SCO is that this will end when the money runs out. The court battles that it
would take for Novell to recover their money would probably cost them more than
they could squeeze out of SCO in the end. So long as Novell keeps showing up in
court though, SCO has to spend money they don't have trying to fend off the
inevitable. In the end, the lawyers and the accountants are going to pick this
corpse clean.
The really interesting thing will be what happens to the
remaining assets once the doors close. Those assets may contain a lot of very
interesting papers and e-mails. Some people may pop out of the wood work just to
try to make sure those papers don't end up in wrong (from their view point) set
of hands. That will be something to keep an eye on. [ Reply to This | # ]
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| Authored by: TheBlueSkyRanger on Wednesday, September 17 2008 @ 03:46 AM EDT |
Hey, everybody!
Something about this whole thing is bothering me, and it's not the BK court
allowing this to grind on (this doesn't surprise me, but not out of cynicism.
The judge and trustee simply don't see what is so clear to us. The challenge is
educating them, or rather, Novell and IBM's challenge is to educate them).
SCO is trying to burn through all the cash. Novell didn't put up much of a
fight for ages, and IBM is definitely not putting up a fight. SCO is clearly
trying to spend itself out.
What if that is their big mistake?
If SCO has no money left, what can Novell get in lieu of the money? Can they
get the rights to their Unix biz? That would effectively end any possible
lawsuits, as no company buying SCO would get that key thing that makes the
lawsuits feasible (admittedly, not successful, but still feasible)?
If SCO goes under completely, what happens with the arbitration? If there is no
SCO to bring to arbitration, can a clean bill of health for Linux be given right
there? Or would the rights to stuff under United Linux shift to the other
members at that point?
I know Novell is after something other than money. I'm just trying to see what
it is.
Dobre utka,
The Blue Sky Ranger
battling a killer case of insomnia and will use that as an excuse for the more
egregious errors in this post ;-)[ Reply to This | # ]
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| Authored by: Bill The Cat on Wednesday, September 17 2008 @ 07:06 PM EDT |
Well, the way this has played out for years, SCO almost Always Gets What SCO
Wants. Those that have been harmed by SCO rarely get what they want. It is the
way this game has played out since this fisco started.
So, does this really surprise anybody? The inocent and harmed will never see
any justice or their money and SCO will walk away free and clear.
So, while the whole world laughs at our legal system, the courts continue to do
all they can to keep them laughing! I predicted this a long time ago. As much
as I hate SCO, I hate the courts more.
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Bill The Cat[ Reply to This | # ]
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| Authored by: Anonymous on Thursday, September 18 2008 @ 01:23 PM EDT |
Hey PJ, Where was the Anniversary issue for SCO's filing for Bankruptcy?
Someone mentioned that a bankruptcy can take three years to get resolved. I
just took a look at the Bankruptcy time line, and noticed you posted your first
blog on the bankruptcy, (Excluding the 9 January SCO says bankruptcy is Novell
FUD), on the 16th of Septemeber, 2007.
It has been a year already. My how time files when you are spending someone
elses money.[ Reply to This | # ]
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| Authored by: billyskank on Friday, September 19 2008 @ 06:22 AM EDT |
No transcript yet, huh?
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It's not the software that's free; it's you.[ Reply to This | # ]
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