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The information on Groklaw is not intended to constitute legal advice. While Mark is a lawyer and he has asked other lawyers and law students to contribute articles, all of these articles are offered to help educate, not to provide specific legal advice. They are not your lawyers.

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Novell's money? -- What about the 401K | 155 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Novell's money? -- What about the 401K
Authored by: Anonymous on Tuesday, August 07 2012 @ 03:34 PM EDT
I don't have time to go look it up to be sure, but my memory seems to recall
that the 401K money was separated out early on in the bankruptcy proceedings,
and the winding down is probably going to be in the form of forcing the
ex-employees who still have any funds in the plan to take it out as a rollover
to another 401K or IRA retirement plan.

Likewise, on Novell's money. They were apparently making their required license
revenue payments to Novell all along, with a brief 6 month period early on when
they had stopped, but Novell complained to the court and they started up again.
Much later, at a certain point they stopped collecting the license fees from the
licensees, and so had no more of Novel's money to pay them, so they stopped
paying at that point, but I believe that they did pay Novell all of their
license fees that they had collected (minus SC's 95% administration fee, of
course).

[ Reply to This | Parent | # ]

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