SCO's bankruptcy hearing scheduled for Monday in Delaware has been cancelled. The next one will be on July 12 at 1:30, or so they say, so if you were planning to attend on Monday, please rearrange your plans.
This is the third time in a row that SCO has cancelled a bankruptcy hearing. They cancelled in May, and they cancelled in April, and now again they cancel in June. Is there perchance something they'd rather not tell the judge? Something they don't want the creditors to bring up? You think?
I have a question for him. Why isn't SCO in Chapter 7? What is the plan to pay off the Yarro loan so all the assets don't end up in the hands of the man who started this whole fiasco?
I guess Judge Gross will just have to wait to find out SCO not only lost the jury trial, which he knows already, but also SCO's laughable effort to get the copyrights given to them as a present from the judge in Utah anyway. What to do? What to do now? How to stay protected in bankruptcy (so IBM can't eat them alive) while they try to figure out if they can appeal and if so, how. A hearing might be a tad awkward at the moment, I'm guessing.
Well, Ocean Park wants to get paid, and no one complained about
the sale of the mobile assets to Darl McBride for $100,000, $60,000 of which goes to Ocean Park, not to mention their regular bills, so there you are. Who needs hearings? A happy ending for them.
Can you think of a single reason why the public should know what's going on with a public company like SCO? They aren't timely filing with the SEC either. Their most recent filing was an amended 8K about the Yarro loan in March. Was this their favorite paragraph, perchance?
The Loan is secured by a lien on substantially all of the assets of the Company. Pursuant to applicable bankruptcy law and the Bankruptcy Court Order approving the Secured Credit Agreement, the Lenders’ lien is senior in priority to all other liens and claims and administrative expenses of the Company.
Can you imagine if the jury had awarded the copyrights to SCO? Can you figure out the plan? But they didn't win. So now what? What's the plan to pay off that loan? With what? Who knows? SCO's most recent monthly operating report is for March.
So the SEC doesn't know they lost before Judge Stewart either. Shouldn't the public know that? I'd call that material info, how about you? I'd call that near total stealth, actually. Perfect. Hide in the closet. Public companies are allowed to do that, right?
Kidding. I suspect they are desperately trying to invent a new strategy. How to stretch this out further is the goal, I'd opine, and in a perfect SCO world, how to snatch victory from defeat in the end. Their lawyers are likely looking over every ruling from Judge Ted Stewart before or during or after the jury trial to see if there is anything they can appeal. Or maybe they are going over the Federal Rules of Civil Procedure looking for another route to the top of the mountain, like fraud or newly discovered evidence? Hahahaha. That'd be so like SCO. But I'm not sure it'd be wise to bring up the subject of fraud, now that I think of it. Here's the time frame: according to the applicable section of the Federal Rules of Appellate Procedure, they have 30 days from the final judgment to file a notice of appeal. June 10th is the date of Judge Stewart's order on their request for the copyrights or a new trial and on the items from the trial that the jury didn't decide. So I think that's the relevant date to begin counting.
Meanwhile, no press release. Not a peep from the company that used to have a mouth as big as the sky.
Here's the text of the notice:
And here's the notice itself:
"PLEASE TAKE NOTICE that the omnibus hearing scheduled in the above-captioned
case for June 21, 2010 at 3:00 p.m. has been cancelled. The next omnibus hearing is currently
scheduled for July 12, 2010 at 1:30 p.m."
06/17/2010 - 1127 - 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 6/21/2010 at 03:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware. (Fatell, Bonnie) (Entered: 06/17/2010)