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SCO Possibly Delisted from NASDAQ
canfirman writes "Reuters is reporting that SCO could be delisted from the NASDAQ because "it has not filed its annual 10-K report with the SEC". The company claims it's because "it is examining matters related to stock issued as part of its compensation plans". SCO Stock is sitting at $4.30 at opening today. It'll be interesing to see where it goes from here."
SCO Lawyer: Ladies and gentlemen of this supposed jury, I have one final thing I want you to consider: Ladies and gentlemen, this is Chewbacca. Chewbacca is a Wookiee from the planet Kashyyyk...
Judge: Wait a minute! I'm not going to let you use the Chewbacca defense. This is a carny-like head game from the television show South Park.
SCO Lawyer: But Chewbacca lives on the planet Endor. Now, think about that. That does not make sense! Why would a Wookiee--an eight foot tall Wookiee--want to live on Endor with a bunch of two foot tall Ewoks? That does not make sense! But more important, you have to ask yourself, what does this have to do with this case? Nothing. Ladies and gentlemen, it has nothing to do with this case! It does not make sense! "Look at me, I'm a lawyer defending SCO, and I'm talkin' about Chewbacca. Does that make sense? Ladies and gentlemen, I am not making any sense. None of this makes sense! And so you have to remember, when you're in that jury room deliberating and conjugating the Emancipation Proclamation... does it make sense? No! Ladies and gentlemen of this supposed jury, it does not make sense. If Chewbacca lives on Endor, IBM must have stolen our code we GPL'ed and put on our public FTP site. [pulling a monkey out of his pocket] Here, look at the monkey. Look at the silly monkey! [Judge's head explodes]
- Just my $0.02, take with a grain of salt, your mileage may vary.
SCO is dying...
In the USA, we like stuff watered down, like beer, television, and freedom.
While I'm no fan of SCO, particularly after their get-rich-quick plan to sue IBM and license code-which-may-or-may-not-be in Linux, this whole story seems little more than gloating and hardly worthy of a /. post. Is the news that slow today?
A feeling of having made the same mistake before: Deja Foobar
... when you don't fill your TPS Report.
Since SCO has stocks issued to the public, aren't they required to fill out the proper paperwork? How does one who own SCO stock supposed to sell his stock? Can they do this w/o getting sued by their share holders?
I mod down so you can mod up. Your welcome.
SCO Stock is sitting at $4.30 at opening today. It'll be interesing to see where it goes from here.
It will go up. Where else would it go? Afterall they own linux code. And very soon every linux user will be paying them $699 license fees
They just don't want people to be able to watch their stock anymore, so they've made this move to change their stock symbol. Security through obscurity, indeed.
Ryan Fenton
Here is the story: http://ca.us.biz.yahoo.com/prnews/050217/lath062_1 .html
-- these are only opinions and they might not be mine.
Knock! Knock!
Who's there?
SCO!
SCO who?
Symbol change tomorrow:1 .html
http://ca.us.biz.yahoo.com/prnews/050217/lath062_
Flourescent (adj): smelling like ground wheat.
You're getting ahead of yourself. We're still at the part where the which is saying "I'm melting! I'm melting!"
Only after the witch is well and truly gone do you sing that. In the meantime, we stare in simultaneous horror, awe, and delight.
Inconceivable!
...to use the new cover sheet on their 10-K report. Did SCO get that memo?
It'll be interesing to see where it goes from here.
I predict it'll be going downhill....if there's any downhill left, that is.
/\ \o/
\ | <--- Darryl
\^
\
\
An Indian-American Hindu committed to non-violent thought/speech/action alarmed by the global explosion of radical Islam
The rules that lead to being delisted are pretty cut-and-dried. However, a company with a solid business plan to rescue themselves will more often than not be given a break and allowed to remain listed while they work things out. Failing to file your 10-K is almost never an "accident". Add to that the fact that SCO really has no business plan beyond lawsuits and I think we'll likely be seeing them de-listed fairly rapidly.
It's simple: I demand prosecution for torture.
Yes, I'm serious.
.nosig
If the nasdaq adds an 'e' to the symbol then SCO will have 30 days to file the 10-k before they are delisted. Also the nasdaq routinely allows companies to extend the 30 day deadline if the company can make a case for why they are late in filing....so while they are likely to get an e I find it unlikely they will allow themselves to be delisted.
Like the slow realization that all of their income was just sent to David Boies and now there's nothing left to pay the temps that put together the filing for the SEC?
I'm not tense. I'm just terribly, terribly, alert.
If SCO dies during the trial , where does that leave the whole Linux IP issue ? Not proven ? Wouldn't it be better if they can at least survive until they get totally defeated in court, as a deterrent against other legal attacks ?
the wolves at his door
are starting to snarl
this is a sad day
for our dear ol friend darl
We hoped and we prayed
we would see this day come
now the world shall see
suing linux is dumb
The stock on the nasdaq
is being delisted
I hope darls ass
is feeling quite fisted
writing this poem
has been so much fun
under my bosses nose
so I am under the gun
thank you for allowing
my poetic roll
now go ahead and mod me
a useless old troll
Obama is a twitter sock puppet
After Enron crashed, their stocks certificates actually became worth more as souvenirs than any possible redemption value (little or none.)
The article said they are having difficulties with reporting their stock based compensation. There are new (and quite ridiculous) laws concerning stock option expensing. There are various methods to calculate the value of stock options, and every way is more "correct" than the others, and even more "wrong." They are probably having a disagreement with their auditors on their estimates of the value of their stock options.
There is probably nothing wrong with the Accounting department.
In Soviet Russia, asses suck this joke.
It is now official. Netcraft confirms: SCO Unixware is dying
One more crippling bombshell hit the already beleaguered SCO community when IDC confirmed that SCO Unixware market share has dropped yet again, now down to less than a fraction of 1 percent of all servers. Coming on the heels of a recent Netcraft survey which plainly states that SCO has lost more market share, this news serves to reinforce what we've known all along. SCO is collapsing in complete disarray, as fittingly exemplified by failing dead last in the recent Sys Admin comprehensive networking test.
You don't need to be an amazing psychic random number generator to determine SCO's future. The hand writing is on the wall: SCO faces a bleak future. In fact there won't be any future at all for SCO because SCO is dying. Things are looking very bad for SCO. As many of us are already aware, SCO continues to lose market share. Red ink flows like a river of blood.
SCO Unixware is the most endangered of them all, having lost 93% of its core developers. The sudden and unpleasant departures of long time SCO developers Ben Dover and Rod Inasse only serve to underscore the point more clearly. There can no longer be any doubt: SCO is dying.
Let's keep to the facts and look at the numbers.
GNU leader Richard Stallman states that there are 20 users of NetBSD. How many users of OpenBSD are there? Let's see. The number of NetBSD versus OpenBSD posts on Usenet is roughly in ratio of 5 to 1. Therefore there are about 20/5 = 4 OpenBSD users. SCO posts on Usenet are about 1/200,000 of the volume of homoerotic love story posts. Therefore there are about 5 million gay geeks. A recent article put homoerotic geeks at about 80 percent of the SCO market. Therefore there are (40+20+15)/2*(X+i^5) = 37.5 SCO users. This is consistent with the number of SCO Usenet posts.
Due to the troubles of SCO, abysmal sales and so on, SCO went out of business and was taken over by Sun who sell another troubled OS. Now Sun is also dead, its corpse turned over to yet another charnel house.
All major surveys show that SCO has steadily declined in market share. SCO is very sick and its long term survival prospects are very dim. If SCO is to survive at all it will be among OS dilettante dabblers. SCO continues to decay. Nothing short of a miracle could save it at this point in time. For all practical purposes, SCO is dead.
Fact: SCO is dying
zosxavius photography
anyone else notice that under "products and services", SCO lists its court cases?
very funny and depressing at the same time.
SCO's paying their lawyers in stock, which explains their entire strategy: keep the stock price elevated, and cash them in, before they inevitably lose the case and it all collapses. Delisting SCO right away could castrate that strategy, if the lawyers haven't sold any stock yet. Maybe those sharks won't be able to afford to defend themselves from an SEC investigation of that criminal strategy, and get disbarred.
--
make install -not war
bid: 3.88 ask: 3.91 They're not doing so hot today...
If religous zealots don't believe in Evolution, then why are they so worried about bird flu?
Okay, so next up, SCO tries to sue the NASDAQ small cap exchange for their delisting policies.
The current shareholders of SCO sue them for failing to file the necessary paperwork to maintain the listing and thereby affecting their ability to trade the stock.
And I'll be sued for pointing out the obvious demise of this company. Finally.
You are checking your backups, aren't you?
Were it not for /. clearing up the FUD, their stock would probably still be flying high on rampant speculation.
Darryl : "aaarg. And I would have succeeded if it weren't for those pesky slashdotters and their stupid dog!"
Bet this
Couple points:
1. Many brokers don't let you short a stock that is below $5.
2. Delisting a stock decreases liquidity which can make it very difficult to cover your short if the stock rises precipitously.
Unlike buying a stock which has a limited downside potential (the stock goes to $0 in which case you lose your entire investment), shorting a stock has a theoretically infinite downside potential. If you short a stock at $4.30 and it goes up to $1,000,000 per share, you've lost almost a million dollars for each share you shorted. Of course, that's not realistic, but the point is that shorting a stock is not to be taken lightly.
I'm a big tall mofo.
The "10-K" is the backup data behind a company's annual report. It's the single most important disclosure of a company's financial status. The SEC allows 3 months after the close of the fiscal year for a 10-K filing. SCO's year closed at the end of October, and their 10-K was due at the end of January. Late filing of a 10-K or 10-Q (the quarterly report) is considered a major red flag for a stock. When I was following dying dot-coms, a late 10-K or 10-Q was a strong indicator of trouble. Nobody files late because they have unexpectedly good numbers.
SCO filed an NT-12K form with the SEC, asking for a 15-day extension. "The Company currently anticipates that the Form 10-K will be filed by no later than the fifteenth calendar day following the date on which the Form 10-K was due." They missed that date, too.
There has to be something really embarassing in the compensation plan. Really embarassing, if they're willing to risk delisting from the NASDAQ.
Delisting kicks a stock down to the pink sheets. That's where the penny stocks favored by spammers and scammers live.
I prefer them to stay in business but completely disengage from their anti-Linux/anti-Open Source antics. Darl and his goons should leave and people with some damn sense should go in and revive the company and work with Linux and Open Source communities.
Slashdot is read by zillions of people who can not only sell their SCO, but also advise others to do so.
Are there actually any die-hard /. readers holding the stock? I think not, except possibly speculators who put $1000 in and are hoping for a lottery payout, but can afford to write off the loss if SCO dies. As far as advising people who hold SCO stock, if you hold stock it's in your best interests to follow it rather than rely on /.ers to call you up.
"d00d, dr0p ur sc0 st0ck!"
Slashdot is also read by all kinds of mainstream journalists who might not otherwise notice what SCO is up to. One could argue it's been a damned effective campaign so far. Were it not for /. clearing up the FUD, their stock would probably still be flying high on rampant speculation.
Hm. Slashdot has some good information, but a savvy reader looks to it as a starting point, not the endpoint of seeking information.
A feeling of having made the same mistake before: Deja Foobar
Judge: Closing Statements.
SCO Lawyer: Ladies and Gentlemen of the jury, I'm just a caveman. Your world of technology frightens me. I don't understand computers and the devils inside of them that make all those pretty pictures and noises. But the one thing I do know is that SCO owns Linux.
Jury Foreman: Your honor, we find for SCO and their Caveman Lawyer.
So.... Could I wait for the stock to drop to 0.01, then just buy the whole company for like $20.00?
I'm serious. Would this be the vehicle by which someone Pro-Linux could acquire what actual rights SCO had, then choose to release them into the GPL for certain, as well as formally acknowledge that the debated rights had also been GPL'ed?
In short, buy Darl out like he wanted but not at the price he wanted? Then turn what's left of the company into something useful?
Sort of, as a shareholder (even one share) you have full rights to place anything on the company's agenda as something to vote on at the annual meeting. Usually a vote of no confidence comes at the director rather than the managment level. Typically what happens is one big investor buys a decent sized block (say more than 10% and convinces all the little to medium sized investors) to vote with him for his slate of directors who will gut current managment and the company will follow the investor's ideas. Typically big investors only do this if they see some potential to increase the size of their portfolio (usually by splitting up the company). I've never heard of a hostile takeover that didn't involve at least one big investor coalition (Disney was pretty close, but Roy had the name in that case). If you scare managment enough but don't currently have 50% of the vote sealed up, you can sometimes get managment to buy your shares at an iflated value with an agreement you will go away. The term for that is greenmail, it was more common in the 1980s when disclosure was less available, but it does occasionally occur today.
Degaussing scares the bad magnetism out of the monitor and fills it with good karma.