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SCO's Lawyers Analyzed
byteCoder writes "Today's Wall Street Journal has an article (subscription required) which highlights the arrangement disclosed by this freely available SEC filing made between SCO and its law firm (run by lawyer David Boies) giving the law firm of Boies, Schiller & Flexner LLP 20% of the proceeds from the settlement or of "a sale of SCO during the pendancy of litigation." (Search down for "Arrangement with Counsel".) Apparently, if SCO is taken over while litigation is pending, Mr. Boies' law firm could stand to earn 20% of yesterday's market cap of $247M = $49.4M plus the premium associated with the increase in stock price due to the takeover. Of course, if SCO is successful in getting any part of their requested $3Bn in damages from IBM, the payday to the lawyers would be much greater."
Geez, cut the guy a little slack. He's obviously not in the business, and just wanted to tell the story. What do you ask he do, call up this old contact to get the terminology straight? I do appreciate your informative post however. I don't fault laypeople for mistaking terminology not in their particular field. Most people still call CIA case officers "agents", though the agents are actually the informants they manage.
"No, no, no. Don't tug on that. You never know what it might be attached to."