Well, SCO missed yesterday's deadline. No 10K, no nuttin. Bob Mims has an article explaining what happens next:
"The annual report remained unfiled, apparently still being scrutinized by SCO auditors, when the markets closed with SCO shares at $4.11, up 5 cents. A first-quarter report for the 2005 fiscal year, expected this past Wednesday, also remained unfiled.
"'All I can say is SCO declines to comment at this time, pending any securities filings on Friday,' company spokesman Blake Stowell said."
Of course, the stock is up 5 cents. It seems to always go up on bad news, something I assume someone will be analyzing someday. Look for an 8K today, Mims says.
But for sheer fun, I suggest you read analyst Robin Bloor's piece on "Captain McBride and the SCO Titanic". He writes about SCO steering straight into the iceberg deliberately:
"And this is the point. From a legal perspective, Open Source licenses and intellectual property may be a valid point for debate and legal action, but from a fashion perspective, taking on Linux and Open Source is a stupidity, and severely damaging to an organization's brand – as SCO has proved quite comprehensively. Open Source is an idea whose time has come. Whether it turns out to be a positive commercial force remains to be seen, but there is no doubt that it is a driving trend in the software business. It is the iceberg that Darl McBride steered SCO into."
One reader, who sent me the link, says in his view, SCO is actually steering the iceberg. Anyway, it's very funny, and I will have to be careful from this day forward not to lump all analysts into the same category.
The 8K was filed, and the hearing is set for March 17, according to It Manager's Journal. Here's what the 8K says:
"Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously announced by The SCO Group, Inc. (the " Company "), on February 16, 2005, the Company received a notice from the staff of The Nasdaq Stock Market indicating that the Company is subject to potential delisting from The Nasdaq SmallCap Market for failure to comply with Nasdaq's requirement to file its Form 10-K for the fiscal year ended October 31, 2004 in a timely fashion. The Company also previously announced that it expected to make a request for a hearing with the Nasdaq Listing Qualifications Panel on the matters.
"On February 21, 2005, the Company submitted its request for a hearing with the Nasdaq Listing Qualifications Panel. On February 22, 2005, the Company received a notice from the Nasdaq Listing Qualifications Panel indicating that the Company’s application for an oral hearing had been accepted. The hearing is scheduled to take place on March 17, 2005."
PC Pro says that this will be enough time for the accountants to get in gear. So... a stay of execution.