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| SCO's Cahn Wants Tanner to Audit the 401(k) Plan |
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Friday, August 13 2010 @ 04:54 PM EDT
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It's hard to think about SCO today, but Cahn continues to file. Now he wants Tanner to audit SCO's 401(k) plan. I'd prefer that he audit all the professionals' bills, personally.
Tanner has been expanding its role in increments for years in this bankruptcy. Remember the terms of them auditing SCO's annual report, its 4 quarterly 10Qs, and the required Sarbanes-Oxley Act Section 404 audit statements back in 2008? Management is responsible for identifying and ensuring that the Company complies with laws and regulations applicable to its activities, and for informing us of any known material violations of such laws and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the Company involving (a) management, (b) employees who have significant roles in internal control and (c) others where the fraud could have a material effect on the financial statements. Management is also responsible for informing us of its knowledge of any allegations of fraud or suspected fraud affecting the Company received in communications from employees, former employees, analysts, regulators, short sellers or others. There are similar disclaimers and limitations of scope in the Exhibit ALetter of Engagement this time.
Here's the filing:
08/13/2010 - 1149 - Motion to Approve the Further Expansion of the Scope of Retention of Tanner LC to Audit the Debtors' 401(k) Plan for the Year Ended December 31, 2009 in Accordance With Erisa Rules and Regulations for the Debtors Nunc Pro Tunc to March 31, 2010 Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. Hearing scheduled for 9/24/2010 at 09:30 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware. Objections due by 8/31/2010. (Attachments: # 1 Notice # 2 Exhibit A # 3 Proposed Form of Order # 4 Certificate of Service) (Fatell, Bonnie) (Entered: 08/13/2010)
Didn't Tanner already audit the 401(k) in 2008?
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| Authored by: SpaceLifeForm on Friday, August 13 2010 @ 05:04 PM EDT |
If any.
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You are being MICROattacked, from various angles, in a SOFT manner.[ Reply to This | # ]
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| Authored by: SpaceLifeForm on Friday, August 13 2010 @ 05:05 PM EDT |
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You are being MICROattacked, from various angles, in a SOFT manner.[ Reply to This | # ]
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| Authored by: SpaceLifeForm on Friday, August 13 2010 @ 05:07 PM EDT |
Please note which article you are referencing in the
title line, and include a link for future readers
in case it rolls off of the main page.
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You are being MICROattacked, from various angles, in a SOFT manner.[ Reply to This | # ]
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| Authored by: SpaceLifeForm on Friday, August 13 2010 @ 05:08 PM EDT |
Please make any links clickable.
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You are being MICROattacked, from various angles, in a SOFT manner.[ Reply to This | # ]
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| Authored by: Anonymous on Friday, August 13 2010 @ 05:09 PM EDT |
hhhmmm - Maybe i have a suspicious nature - but odds on to a London brick that
something is found, that turns out to be BIG surprise (oh shock) and SCO
announces some change in plan based on whats found. In other words - Is Judge
cahn looking for a credible way out off the path he has allowed so far. ??[ Reply to This | # ]
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| Authored by: Lazarus on Friday, August 13 2010 @ 05:26 PM EDT |
Anyone left at SCO who would be in a 401(k)?
Or are they auditing it to see if the people who have been let go got their
correct disbursements?
[tinfoil hat] Maybe they'll discover that they let too much money go to severed
employees (such as Darl), and they'll try to claw some of it back... so they
can continue to fund this train wreck.[/tinfoil hat]
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Darl McBride: The Uwe Boll of the business management world.[ Reply to This | # ]
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| Authored by: SilverWave on Friday, August 13 2010 @ 05:28 PM EDT |
.
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RMS: The 4 Freedoms
0 run the program for any purpose
1 study the source code and change it
2 make copies and distribute them
3 publish modified versions
[ Reply to This | # ]
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| Authored by: sproggit on Friday, August 13 2010 @ 05:55 PM EDT |
PJ writes,
Tanner has been expanding its role in increments for
years in this bankruptcy.
Reading the submission, however, this is
not the first time that Tanner have been asked to audit SCO's 401k. I do not
know the precise legal requirements, but looking at the track record here, I
would surmise that there is a legal requirement, on behalf of existing fund
holders, to perform this service. Instead, it just looks as though either the
Debtors in Possession or the Trustee would have had to ask the Court for
permission to spend this money, presumably based on the size of the fee. This is
just another annual occurrence of a regular review.
Yes, this is yet
more cash out the door for professional fees, in this case something like
$12,500 by the look of it. Without knowing how much is in the fund or how
many beneficiaries are involved, it is very, very difficult for us to evaluate
the charges being claimed or to determine if the costs are reasonable.
In this particular instance I think the activity we see Cahn seek
permission for here is something that any company, solvent or in Chapter 11, may
be legally required to do.
Yes, it stings. It stings to think that an
ethical Trustee would have wound this up and/or started payments to creditors
before now. It stings that the Trustee is paying money to lawyers that could be
paid to those waiting patiently in turn for what is legally theirs.
But
in this case, there are current and former employees who have their savings and
potentially their retirement pensions tied up in that 401 plan. Based on how
we've seen the SCO Directors act with respect to "other people's money" I'd like
to very respectfully suggest that, in this instance, getting a truly independent
accountant to audit these books is every bit the Good Thing.[ Reply to This | # ]
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| Authored by: Anonymous on Friday, August 13 2010 @ 06:36 PM EDT |
My wife is an accountant, and has had to audit 401k plans. Without an
audit, the plan can lose its tax exempt status, potentially making the
accounts immediately taxable. Audits typically include such things as
making sure the trustees records match the payroll deductions and the
members investment direction. If an employee has more than a
relatively small amount invested, the employeer must allow keeping the
money in the 401k, even if not employed.[ Reply to This | # ]
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| Authored by: kawabago on Friday, August 13 2010 @ 08:50 PM EDT |
The creditors sure aren't getting any closer to being paid nor is the company
fit to resume any kind of business. Should someone be checking these outside
consultants for personal connections to Cahn? I would if I was a SCO
creditor!
[ Reply to This | # ]
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| Authored by: designerfx on Friday, August 13 2010 @ 09:08 PM EDT |
| link patent number, discuss away [ Reply to This | # ]
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| Authored by: sk43 on Friday, August 13 2010 @ 10:42 PM EDT |
>>An initial payment of $6,000 will be due upon execution
of this letter.<<
Dear Tanner:
I would recommend that you ask SCO to deposit the entire $12,500 plus expenses
into a Constructive Trust. SCO is familiar with such an entity, and by doing
so, you may greatly increase your chances of getting paid in full.
Just a suggestion.[ Reply to This | # ]
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| Authored by: Anonymous on Saturday, August 14 2010 @ 01:46 AM EDT |
Obviously not to find anything wrong:
> Management is responsible for identifying and ensuring that
> the Company complies with laws and regulations [...]
> and for informing us of any known material violations [...]
Yes, I read Exh.2 and see they have to
> consider whether there are any material inconsistencies between
> the other information in the Form 5500 and the audited financial
> statements
But that supposes there are financial statements, audited or not...[ Reply to This | # ]
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