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SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Thursday, August 12 2010 @ 09:16 PM EDT

SCO Group's Chapter 11 Trustee, Edward Cahn, has now filed the monthly operating reports for June, as well as bills for Ocean Park Advisors for June and July. And take note: there's no hearing in bankruptcy court on Monday. Once again, it's called off.

So, Ocean Park wants more money for advising SCO about its way forward and its obligations. I will provide my own analysis for free: SCO has fallen and it can't get up. It can never pay off all the folks it owes, even if it suddenly tried. The litigation history is rather clear, is it not, that SCO's stories in court rooms don't actually get believed? There's a reason for that, one SCO's current leadership might want to look into. As a result, SCO is now a serial loser.

Extrapolate. The way forward seems clear enough to me. There is no way forward.

There. I suggest my analysis is worth at least 5 cents. I'll assume my check is in the mail.

The filings:

08/11/2010 - 1142 - Certification of Counsel Regarding Omnibus Hearing Dates Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. (Fatell, Bonnie) (Entered: 08/11/2010)

08/11/2010 - 1143 - Debtor-In-Possession Monthly Operating Report for Filing Period As of 6/30/10 (The SCO Group, Inc.; 07-11337) Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. (Attachments: # 1 Certificate of Service) (Fatell, Bonnie) (Entered: 08/11/2010)

08/11/2010 - 1144 - Debtor-In-Possession Monthly Operating Report for Filing Period As of 6/30/10 (SCO Operations, Inc.; 07-11338) Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. (Attachments: # 1 Certificate of Service) (Fatell, Bonnie) (Entered: 08/11/2010)

08/11/2010 - 1145 - Monthly Application for Compensation of (Ninth) Ocean Park Advisors, LLC for the period June 1, 2010 to June 30, 2010 Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. Objections due by 8/31/2010. (Attachments: # 1 Notice # 2 Exhibit A # 3 Exhibit B # 4 Certificate of Service) (Fatell, Bonnie) (Entered: 08/11/2010)

08/11/2010 - 1146 - Monthly Application for Compensation of (Tenth) Ocean Park Advisors, LLC for the period July 1, 2010 to July 31, 2010 Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. Objections due by 8/31/2010. (Attachments: # 1 Notice # 2 Exhibit A # 3 Exhibit B # 4 Certificate of Service) (Fatell, Bonnie) (Entered: 08/11/2010)

08/12/2010 - 1147 - Order Setting Omnibus Hearing Dates. All hearings will be held at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware . Omnibus Hearings scheduled for 9/24/2010 at 09:30 AM., 10/20/2010 at 11:30 AM., 11/3/2010 at 09:30 AM., 12/1/2010 at 10:30 AM. Order Signed on 8/12/2010. (JNP) (Entered: 08/12/2010)

08/12/2010 - 1148 - Notice of Adjournment // Notice of Hearing Cancellation Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. Hearing scheduled for 8/16/2010 at 10:30 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware. (Fatell, Bonnie) (Entered: 08/12/2010)


  


SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled | 176 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Corrections Thread
Authored by: darksepulcher on Thursday, August 12 2010 @ 09:28 PM EDT
Typo fixes and the like go here, please.

---
Had I but time--As this fell Sergeant, Death
Is strict in his arrest--O, I could tell you--
But let it be.
(Hamlet, Act V Scene 2)

[ Reply to This | # ]

News Picks Thread
Authored by: darksepulcher on Thursday, August 12 2010 @ 09:30 PM EDT
Comments about News Picks go here, please. Also, please cite which news story
you are commenting about so we can all follow along. Thank you.

---
Had I but time--As this fell Sergeant, Death
Is strict in his arrest--O, I could tell you--
But let it be.
(Hamlet, Act V Scene 2)

[ Reply to This | # ]

SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Authored by: Anonymous on Thursday, August 12 2010 @ 09:30 PM EDT
Can they really keep cancelling hearings like this? They have not yet told the
bankruptcy court that they lost the appeals have they?

[ Reply to This | # ]

Off Topic Thread
Authored by: Jimbob0i0 on Thursday, August 12 2010 @ 09:31 PM EDT
Off is on here ;)

[ Reply to This | # ]

A little extrapolation
Authored by: Anonymous on Thursday, August 12 2010 @ 09:35 PM EDT

Extrapolating from the June figures, given a net cash burn of around 1M$/month and cash on hand of 1.2M$/month at the end of June, SCO should run out of money a week into August. Oops.

[ Reply to This | # ]

And suicide is painless (from the theme from MASH)
Authored by: The Mad Hatter r on Thursday, August 12 2010 @ 09:57 PM EDT

Again, as I have said before none of this makes any sense. There has to be
something somewhere that explains it, and I'd really like to see a RICO
investigation carried out on TSCOG.



---
Wayne

http://madhatter.ca/

[ Reply to This | # ]

SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Authored by: Anonymous on Thursday, August 12 2010 @ 10:32 PM EDT
Why are all those filings dated November & December?


[ Reply to This | # ]

Bad Numbers, really bad
Authored by: Anonymous on Friday, August 13 2010 @ 12:03 AM EDT
Accounts Payable > 90 days
$998,849
Bad SCO.
BK company is not supposed to run anything payable > 90 days.

Total Assets
$5,603,529
Total Postpetition Liabilities
$6,751,110
Bad SCO. A BK company is not supposed to run into the red. The cash book keeping
is supposed to keep them current and they are supposed to fold first.
And they have fudged the total assets by a $2M goodwill number.

RealAssets-PostPetitionDebts = approx ($3M)
They are in quite a hole.

They have real cash flow problems.
Unrestricted Cash $1,155,689
AccountsPayable $1,248,539
There is not enough in the bank to pay the simple bills they already have.

[ Reply to This | # ]

Revenue of $443k ?!?
Authored by: Anonymous on Friday, August 13 2010 @ 01:22 AM EDT
What are they selling, and who is buying it. Surely there is no one left buying
their Unix Jr.

[ Reply to This | # ]

SCO from money, money for SCO
Authored by: Anonymous on Friday, August 13 2010 @ 05:02 AM EDT
PJ, do you really want money from SCO? LOL, don't answer! They owe you a lot,
a whole lot, even if they think the contrary.

But I would rather pay them some money to stop the whole thing. My rather
difficult calculations tell me, that I could spend 5 cents on this, even though
it's highly overprized.

Earnestly, don't they hear the wheels of their train grind on the bare rocks?


cb

[ Reply to This | # ]

SCO's MORs for June, bad numbers, whence goes SCO?
Authored by: Anonymous on Friday, August 13 2010 @ 05:55 AM EDT
As a previous post noted, the numbers are REALLY bad. As I
and others have commented before, it seems there may be
something going on that has not yet surfaced.

The whole thing long since ceased to have any FUD value.
Cahn and company are not stupid - they have to know that the
litigation isn't going anywhere good, baring a fair number
of neutrino collisions. Blank Rome's ride is about to come
to an end.

So why the legal pursuit? It might just be, as has been
suggested, that as all it is costing is expenses, why not?
I'm not so sure that is the complete picture.

What I think will be telling is, what will happen to the
litigation after either all other assests/liabilities are
sold, (as has been the on-going plan), or finally SCO goes
Chapter 7.

If some new champion (Yarrow?, Darl? Some other member of
the foggy group behind the purported sales?) emerges holding
the litigation reins, and continues it, that would be really
inexplicable.

Thomas Downing

[ Reply to This | # ]

SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Authored by: Anonymous on Friday, August 13 2010 @ 06:15 AM EDT
PJ scripsit:

I suggest my analysis is worth at least 5 cents. I'll assume my check is in the mail.

Sorry, PJ. You know that SCOXQ.PK is in bankruptcy. You can only claim 80% of your fee.

Please re-submit.

[ Reply to This | # ]

Cahn is still saying he "hasn't had enough time"
Authored by: Anonymous on Friday, August 13 2010 @ 07:03 AM EDT

1144 says: As the Trustee and its financial advisors have not had sufficient time to review all of the historical information previously reported by the Debtors,the Trustee reserves the right to amend these Monthly Operating Reports

For Heaven's sake! How much time does he want? He's had more than a year!

Cahn has become part of the problem. It's been clear for at least six months that he's not doing the job he was appointed for. Now, he's not even bothering to pretend he's fulfilling his duties.

It's time for one of the stakeholders to submit a motion to Gross requesting that the bankruptcy law be applied. The law says that MORs should be filed on time. An MOR with a disclaimer does not constitute a proper MOR.

[ Reply to This | # ]

Not so long to wait ...
Authored by: Anonymous on Friday, August 13 2010 @ 07:05 AM EDT
In SCOGBK 1141 (The latest sale motion) we have ...

Objection deadline 8/16/2010 3PM EDT
Hearing data 8/16/2010 4PM EDT

... so unless _nobody_ objects we expect a delaware hearing later this month.

PS - Checking in from family summer vacation 2010 ... amazing, astounding,
dissapointing - it was a year ago that gross ordered appointment of a chapter 11
trustee.

[ Reply to This | # ]

At least Novell got paid!
Authored by: rsteinmetz70112 on Friday, August 13 2010 @ 09:47 AM EDT
The payment to Novell is listed under disbursements.

---
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 MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Authored by: 351-4V on Friday, August 13 2010 @ 09:58 AM EDT
Looks to me that the bones of this carcass are nearly picked clean. The
vultures will be moving on soon?

[ Reply to This | # ]

Cahn acting on behalf of the professionals, not the debtors or creditors
Authored by: Anonymous on Friday, August 13 2010 @ 10:46 AM EDT
I just noticed that all of the earlier post-petition professionals, like Berger
Singerman, and Tanner, LLC, always filed their own applications for
compensation. Here we have the Chapter 11 trustee filing the application for
compensation on behalf of Ocean Park Advisers. Why not let the professionals
file their own application for compensation? Should the trustee be doing their
work for them? It certainly gives the appearance that compensating the
professionals is more important to Judge Cahn than actually paying off any of
the creditors, or settling the affairs of the estate.

[ Reply to This | # ]

SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Authored by: Anonymous on Friday, August 13 2010 @ 12:36 PM EDT
See document 1144, pg 4 -- it states that SCO paid Novell the $625K that had
been previously held in constructive trust by SCO for Novell, pending the trial
outcome.

So -- finally SCO has had to fork over some of the $$ to Novell, before they
could spend every last $$ -- I believe this is a watershed moment.

[ Reply to This | # ]

SCO's MORs for June and Bills from OPA for June and July - Mon. hearing cancelled
Authored by: Anonymous on Friday, August 13 2010 @ 03:12 PM EDT
There was nothing on the agenda, so they cancelled it. Anything else would just
be wasting everybody's time and money. If Novell or the US Trustee want to bring
something to the attention of Judge Gross, they can do so in writing. If it is
something that then requires a hearing, they can have one. I doubt SCO would be
allowed to cancel a hearing if there actually was something somebody wanted to
discuss at it.

[ Reply to This | # ]

Less than arms length?
Authored by: cbc on Friday, August 13 2010 @ 11:40 PM EDT
Or just long enough for a greased palm?
Or a hand in someone else's pocket?

[ Reply to This | # ]

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