Ocean Park Advisors has filed its 11th monthly bill in the SCO bankruptcy, for $15,831, 80% of the bill for August, plus $196.13 in expenses. That's for 68.6 hours. According to the bill, they spent most of their time in August working on: "Analysis, Preparation and Execution of Restructuring Plan", 19.5 hours, $6,157.50.
There's a restructuring plan?? And they're *executing* it?
Actually, all kidding aside, they define restructuring on page 4 of the filing as "headcount reductions and non-payroll expense rationalizations." That's one of the saddest parts of the SCO story, all the employees whose lives have been impacted negatively. I gather from the bill, most of the headcount reductions in August were in the foreign subsidiaries. The August SCO story was shrinkage. It must be so depressing to work for SCO in 2010.
Here it is, their 11th bill:
09/29/2010 - 1176 - Monthly Application for Compensation of (Eleventh) of Ocean Park Advisors, LLC for the period August 1, 2010 to August 31, 2010 Filed by Ocean Park Advisors, LLC. Objections due by 10/19/2010. (Attachments: # 1 Notice # 2 Exhibit A # 3 Exhibit B # 4 Certificate of Service) (Fatell, Bonnie) (Entered: 09/29/2010)
Several entries mention Japan restructuring, also India, where an entry on 8/11 shows the distributor litigation is still going on. Japan also has "corporate governance issues". And on 8/13, an entry mentions winding down a subsidiary. One sub moved to a new office. Probably not nicer, I'm guessing. On 8/25 an employee drew up a list "of operating and commercial issues to be discussed with legal counsel". And there's an entry about review of professional fees at a subsidiary. The filing says, "This is an ongoing process and OPA expects to continue executing on the restructuring plan going ahead."
09/29/2010 - 1177 - Certificate of No Objection (related document(s) 1145 ) Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. (Fatell, Bonnie) (Entered: 09/29/2010)
09/29/2010 - 1178 - Certificate of No Objection (related document(s) 1146 ) Filed by Edward N. Cahn, Chapter 11 Trustee for The SCO Group, Inc., et al.. (Fatell, Bonnie) (Entered: 09/29/2010)
Who's left to fire? Presumably in the subsidiaries they will find still more.
The second biggest item was interfacing with management, and then the third was interfacing with lawyers and the Ch. 11 Trustee. Then came analyzing and preparing budgets and reports. Short-term cash flow projections, natch, and a "1-year cash forecast model" -- they're kidding, right? Oh, wait. I know. Beellions from IBM. What could be a more practical plan than that?
But who might "JV" be? On page 5 of Exhibit A, the breakdown of hours spent, JV shows up repeatedly. "... letter to JV partner"on August 6, for example.
The expense, we see in Exhibit B, was for "Telecom/Conference Bridge". There are at least two entries regarding calls to tell employees things. Like they're going to be "restructured", I suppose.
They also spent 5.1 hours working on fee/expense applications "under the guidance of counsel to the Trustee", who presumably will also be billing for that. And why would you need a lawyer to write up your bill? Maybe to discuss those corporate governance issues, whatever they turn out to be. One item says that they had to review and respond to emails about "collections and foreign subsidiaries."
I see by Exhibit A, the breakdown of help provided, that Ocean Park had zero contact ... well, billable contact anyway... with "Lenders" in August or with the Board. Also zero time on "Analysis and Preparation of Financial models."
They act in faith, these efficient folks at OPA. I see that they haven't been paid yet for the last two bills for June and July for around $60,000, but hey, one doesn't wish to become unduly cynical. I'm sure the judge will see that they get paid somehow, even if Novell never gets any blood from this turnip. But this is by far the most somber bill yet. It must be truly depressing to work for SCO right now.