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New SCO 8K Documents and Minutes from Friday - Updated
Tuesday, December 09 2003 @ 03:00 PM EST

There are new documents filed with the SEC by SCO, which you can get from EdgarOnline. The SEC doesn't have it up yet, last I checked, or get the highlights here. [Update: Yahoo's link no longer resolves, but the SEC has it up now.] On that page, there is a link to SCO's SEC filings, and if you click on the full report for the most recent filing, you get a choice to sign up free in order to read it. Or just wait until the SEC gets it up on the public page. I will be writing about it in detail later today, but there is no reason for you to wait for that if you want to get started. The filing includes the following exhibits, which are simply eye-opening and answer the question as to why Boies was not at the hearing Friday:

* Exhibit 99.1 - Engagement Agreement dated February 26, 2003 among SCO, Boies Schiller & Flexner LLP, Angelo, Barry & Boldt, P.A. and Berger Singerman

* Exhibit 99.2 - Letter Amending Engagement Agreement dated November 17, 2003 from Darl C. McBride, President and Chief Executive Officer of SCO, to David Boies of Boies, Schiller & Flexner LLP

* Exhibit 99.3 - Letter Agreement dated December 8, 2003 among SCO, BayStar Capital II, L.P., Royal Bank of Canada and acknowledged by Boies, Schiller & Flexner LLP

The biggest surprise, to me, is that the arrangement with Boies was never a straight contingency arrangement, as I thought. It is set up that Boies gets paid no matter what. BayStar has recently hemmed Boies in just a bit, as you will see. And Darl's brother was in on the arrangment from day one. More later.

Meanwhile, the brief minutes from Friday's court hearing are also available here or just read it on Pacer. The meat of it is this:

Court GRANTS motion. Plaintiff is to provide responses/affidavits within 30 days of the entry of this order. All other discovery is to be postponed until the order has been complied with. An order reflecting this ruling is to be prepared by counsel for defendant. A motion hearing is scheduled for 1/23/04 at 10:00 a.m. Court is adjourned. granting [68-1] motion to compel discovery, Motion hearing set for 10:00 1/23/04 for [66-1] motion to Compel Discovery, set for 10:00 1/23/04 for [73-1] motion strike the 5th, 15th, and 19th affirmative defenses asserted by the SCO Grp in its Answers to IBM' Amended Counterclaims, set for 10:00 1/23/04 for [83-1] motion to extend time for pla to respond to dft IBM's third set of interrogatories and third request for production of documents.
This clarifies that the 30-day clock starts ticking not from Friday but from when the order is presented to the judge by IBM, which they are supposed to do tomorrow, signed by her, and entered. That's what I expected, as you'll recall, but now we know for sure.

Update: Here's SCO's press release:
SCO Finalizes Agreements With Investors and Law Firms
Lays Foundation for Shared Interest in Company's Success

LINDON, Utah, Dec 09, 2003 -- The SCO Group, Inc. (Nasdaq: SCOX), a leading provider of UNIX-based solutions, today announced that it has finalized an agreement with institutional investors BayStar Capital Partners, II, L.P. and Royal Bank of Canada, and as previously announced, finalized its amended agreement with Boies Schiller & Flexner LLP, and associated law firms, to further align the parties' interests and to maximize value for all stockholders. SCO's agreement with its institutional investors provides them a right of consent to certain company actions that would entitle the law firms to receive a contingency fee. The agreements were included as exhibits to Form 8-K that SCO filed with the Securities and Exchange Commission today.

"Our strengthened relationship and alignment of interests with Boies Schiller & Flexner will ensure that our intellectual property rights are respected while we pursue every opportunity to grow SCO's business of providing innovative UNIX-based products and services," said Darl McBride, president and CEO, The SCO Group.

"We look forward to continuing our work to help SCO maximize the value of its important and valuable intellectual property assets, and ensure SCO's rights are defended," said David Boies, managing partner, Boies, Schiller & Flexner, LLP.

"We are all very pleased with the finalization of these agreements as they align the interests of SCO and all of its shareholders while adequately incenting the Company's legal firms to continue to zealously pursue the monetization of SCO's intellectual property rights," said Lawrence Goldfarb, managing partner of BayStar Capital.

Forward Looking Statements

This press release contains forward-looking statements relating to SCO's efforts to protect its intellectual property rights, further align its interests with the interests of its stockholders and the law firms engaged to represent it, grow its core business and maximize value for its stockholders. These forward-looking statements are subject to the risks and uncertainties related to SCO's business as described in its filings with the Securities and Exchange Commission.

About SCO

The SCO Group, Inc.(Nasdaq: SCOX) helps millions of customers in more than 82 countries to grow their businesses everyday. Headquartered in Lindon, Utah, SCO has a worldwide network of more than 11,000 resellers and 4,000 developers. SCO Global Services provides reliable localized support and services to partners and customers. For more information on SCO products and services, visit .

SCO and the associated SCO logo are trademarks or registered trademarks of The SCO Group, Inc. in the U.S. and other countries. UNIX is a registered trademark of The Open Group. All other brand or product names are or may be trademarks of, and are used to identify products or services of, their respective owners.

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