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SCO Files for Chapter 11 Bankruptcy
Can you say "the SCO, the" in German? writes "Trading of SCO's stock has been halted on news that SCO has filed for Chapter 11 Bankruptcy. This move just so happens to fall on the eve of SCO's trial with Novell. One would think that their prior boasts were mostly bluster, that they believe they have almost no chance of prevailing at trial, and that they're now desperate to protect their executives from SCO's creditors while seeking yet another delay. From the release: 'The SCO Group intends to maintain all normal business operations throughout the bankruptcy proceedings. Subject to court approval, SCO and its subsidiaries will use the cash flow from their consolidated operations to meet their capital needs during the reorganization process. "We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations," said Darl McBride, President and CEO, The SCO Group. "Chapter 11 reorganization provides the Company with an opportunity to protect its assets during this time while focusing on building our future plans."'"
I know I'm going to be crying myself to sleep tonight.
And tell the fat lady to start warming up.
It's been a long time coming, but still they had to know this day would arrive. If shareholders weren't really in it for the crapshoot of beating IBM and Novell for $Billion$ they'd have a case against Darl and his lot for running the business into the ground pursuing frivolous lawsuits.
SCO's income from normal opperations must be down to a trickle with Linux and Windows Server vying for most of the market.
Emerge from Chapter 11? I can't see how, unless somehow there was a reversal of court decisions and they're doing nothing to grow their product market.
A feeling of having made the same mistake before: Deja Foobar
Where's my tiny violin?
For those of you who bought SCOX stock in hopes that they would win this case, you had better sell it. In the past 20 minutes, it has dropped from $0.66 to $0.37 cents (and still is dropping). We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations. Would you care to list those products, support & services?
According to your market data your net income was a $16.6 million loss. And when your total revenue was under $30 million, you really shouldn't even try to keep operating. Why is this Chapter 11? I guess it's going to come down to one unkillable lawyer with SCO tattooed on his chest. At that point, we'll have to call an exorcist.
My work here is dung.
Don't Fuck With Tux
Free the Quark 3 from asymptotic confinement! Bring your charm! Don't get down! All colours and flavours welcome!
This is the internet...you can say "FUCK" here. In fact, when discussing SCO, I believe it's mandatory.
Momentarily, the need for the construction of new light will no longer exist.
Actually, it plummeted as the insiders and people with inside knowledge traded out- trading is halted as soon as chapter 11 is filed. It might be interesting to see who actually sold today in the minutes prior to the announcement. The SEC has been known to take a close look at that in the past.
What a strange bird is the pelican, his beak can hold more than his belly can.
I don't want to rain on anyone's parade, but this is not good. Bankruptcy is like a protective cocoon that keeps businesses with cash problems safe from creditors. It is a way for SCO to stall further.
Bankruptcy prevents an entity's creditors from forcing liquidation of the entity's assets. If Novell won it's case against SCO, Novell could enforce it's judgment against SCO and force SCO to dissolve. If SCO was dissolved the case against IBM would disappear. Now that SCO has filed for bankruptcy it is protected from its creditors. Therefore Novell cannot get the licensing fees SCO owes it, and SCO can continue to exist.
Filing for bankruptcy is not SCO tossing in the towel, it is more like SCO knows it is going to lose, and is now trying to bite off Novell's ear to get Disqualified instead of Knocked Out.
That in their press release, they say "SCO owns the core UNIX operating system..." ? Maybe they missed what happened in August? Link to the article on Groklaw
And in unrelated news, SCO has filed to trademark any portrayal of water swirling around in a toilet bowl, as that is their new corporate logo.
"Do you think we should drive a stake through his heart just in case?" — Peter Lorre to Vincent Price at Bela Lugosi's funeral
//Information does not want to be free; it wants to breed.
The "red dress" reference pertains to a comment that Groklaw's PJ made a long time ago, saying she was looking forward to putting on her red dress and partying when SCO loses their case in court.
I'm afraid a "black dress" for wearing to the upcoming SCO funeral will be more useful now.
The problem with this theory is that Novell is not a creditor.
The court ruled that the money *belongs* to Novell. That's a far different legal issue than SCO owing money to Novell.
It's like a burglar trying to claim bankruptcy in order to keep the stuff he stole. Since the stuff isn't actually his (and in this case has been declared so in a court of law), bankruptcy doesn't protect it.
But since Bart is male, shouldn't it be "der Bart, der"?
Unless he's talking about several Barts, but then you'd have to conjugate the noun as well and it'd become something like "die Barten, die". Or "die Bärte, die"?
Actually Bärte means "beards" in German, with the singular "Bart" which is masculine. So my best guess is that the tattoo was a badly written German version of "the beards, the".
So what's Sideshow Bob's interest in beards anyway? As possibilities we have Jasper Beardly, the Sea Captain, but most interestingly, Krusty's father: Rabbi Hyman Krustofski.
My guess is that Sideshow Bob is either a latent Nazi with a hatred for Hyman, or he is one of these wusses who cannot grow a decent beard and is taking it out on Krusty.
An alternate theory is that I have too much time on my hands.
'If SCO was dissolved the case against IBM would disappear.'
That would be a bad thing, we don't want the IBM case to disappear, we want IBM have a very strong favorable ruling. Any other outcome means this was all a waste of time with no precedents set.
By Daniel Lyons, 06.18.03, 12:00 PM ET
[ ... ]
In other words, like many religious folk, the Linux-loving crunchies in the open-source movement are a) convinced of their own righteousness, and b) sure the whole world, including judges, will agree.
They should wake up. SCO may not be very good at making a profit by selling software. But it is very good at getting what it wants from other companies. And it has a tight circle of friends.
[ ... ]
MOD THE CHILD UP!
Cross-post from Groklaw... I did a quick Google of "bad faith" in regards to bankruptcy filings, and there is apparently precident regarding exactly the same situation as SCO is in. Using bankruptcy just as a tool to thwart other litigation is apparently a BIG no-no. From a non-authoritative source: http://touchngo.com/lglcntr/usdc/bnkrptcy/briefs/bnk45.htm "One area ripe for a bad faith dismissal is when the debtor is using a bankruptcy filing as a litigation tactic to either forestall litigation or seek a forum perceived to be more friendly. In Marsch, the court upheld a 'bad faith' dismissal where the chapter 11 petition was filed solely to delay collection of a judgment and avoid posting an appeal bond where the debtor had the financial means to pay the judgment." Also, in addition to dismissing the bankruptcy case, the bankruptcy courts may well impose the "nuclear" sanction - barring SCO from asserting another bankruptcy claim in the future. This would leave them totally exposed to the full wieght of any other judgements, with no way out at all - not even Chapter 7 liquidation. In other words... "you're on your own, Darl..." Is anyone with any expertise in bankruptcy proceedings around to help the community figure out exactly how this works? Something tells me the bankruptcy filing is not going to fly for long, but may expose SCO's legal team to some serious malpractice liability. And... maybe after this little road bump is resolved we'll finally see Kimball bring some real sacnctions down on the SCO side too. This is just getting beyond ridiculous.