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10K Filing Suggests Grim Outlook for SCO
dacarr writes "SCO has filed their 10K with the SEC — and according to this, their own assessment of the company's outlook is pretty grim. As usual, PJ of Groklaw has a good synopsis of the filing highlights. In short, it boils down to one thing: unless there's a miracle, even SCO doesn't think they're going to come out of this. 'As a result of the Chapter 11 filings, realization of assets and liquidation of liabilities are subject to uncertainty. While operating as debtors-in-possession under the protection of Chapter 11 of the Bankruptcy Code, the Debtors may sell or otherwise dispose of assets and liquidate or settle liabilities for amounts other than those reflected in the consolidated financial statements, in the ordinary course of business, or, if outside the ordinary course of business, subject to Bankruptcy Court approval. In addition, under the priority scheme established by the Bankruptcy Code, unless creditors agree otherwise, post-petition liabilities and prepetition liabilities must be satisfied in full before stockholders are entitled to receive any distribution or retain any property under a plan of reorganization.'"
Rest in Pieces
Looks like my "America's Sleaziest Companies" mutual fund is going to take another hit this year.
We hope.
The simple truth is that interstellar distances will not fit into the human imagination
- Douglas Adams
Enough already. You "won".
Things are looking grim for SCO? I obviously missed something. When did this happen?
This guy's the limit!
...and SCO confirms it.
Took SCO that long to go bye bye? I can't wait until they go completely broke. SCO thought that, since they bought Unix from AT&T in the 1990s, that they should own Linux as well and sued everyone. About time they fell as a result of that! Rest in Pieces, SCO :)
"...in full before stockholders are entitled to receive any distribution or retain any property under a plan of reorganization..."
All 3 of them?
Bearded Dragon
How can I miss you if you won't go away.
Microsoft is dead? :DDDDDDD
:(
*dances around before reading the summary again*
Oh, wait.. it was just the witch's bitch
which is totally what she said
...for all those greedy son's of bitches who sought to get rich riding this patent troll corporation to the winner's circle.
Maybe next time they will think twice about making money from the labor of others.
Unless this includes all the SCO management doing a stint in some medieval debtor's prison, it's not nearly grim enough.... On the other hand I think this is a great opportunity to start a Linux distro with SCO personality to provide all the remaining SCO user base a less painful transition after the death of SCO. We could even call it Pescadero Linux, because we all know how well the last project with that name turned out.
Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.
For me, one of the interesting facts in the report is the amount they've spent on litigation since Oct 31, 2004: a massive $13,167,000. At least they're honest about their chances of survival: "Our limited cash resources may not be sufficient to fund continuing losses from operations and the expenses of the SCO Litigation."
Phoenix, Boston, Little Rock, see a pattern?
I swear I can hear a fat lady singing...
I want a new quote. One that won't spill. One that don't cost too much. Or come in a pill.
They were delisted at the end of December.
Patrick Doyle
I mod down every jackass who puts his moderation policy in his sig. Oh, wait a sec....
All the fuss, efforts, time and money wasted had one objective, and that objective was reached.
For many years they messed up the Open Source community, pusshing us back and jeopardizing the software market. For cheap.
The SCO`s neck is a small price to be paid: the damage is already made, and the ones that REALLY were responsible for all this sh*t will stand unpunished.
...Debtors may sell or otherwise dispose of assets... Dibs on the Unix code!Those who believe the Internet is private,
find their privates are on the Internet.
Others, Lord, others!
Let this my motto be:
Let me push and shove and trample
as long as it's for me!
Just out of curiosity ... has anyone ever totaled up an estimated dollar-amount or dollar-equivalent for the damage SCO has causes?
If you haven't been down-modded lately, you aren't trying.
Sacred cows make the best hamburger.
All they have left is ten thoudand bucks? Dammit Jim, I'm a nerd, not a banker!
mcgrew's razor: Never attribute to stupidity that which can be explained by greedy self-interest
So we won't have to wait for Netcraft this time?
The cesspool just got a check and balance.
From Maximizing Chapter 11 Success:
"A staggering 85% of Chapter 11 Bankruptcy cases never make it to a confirmed plan of reorganization. In fact, lack of cash causes many companies to liquidate within a few weeks after filing."
Maybe it's not all bad...
Several companies has come out of it: United, Dow, Texaco, Delta, Toys R Us, Macy's and others.
How to Download YouTube Videos
In other words: "Our outlook reeks to high heaven and we are afraid that people will dump their stock as quickly as possible. In order to slow this down, we're limiting shareholders in how much they can sell at once. Hopefully, this helps keep our stock from going to worthless (instead of the near-worthless that it is right now)."
The share price right now is 6 cents. It should be interesting to see how low it falls today.
My sci-fi novel, Ghost Thief, is now available from Amazon.com.
We have this story every freaking quarter (and I post the same comment every freaking quarter): 10K's are always written that way, stuffing any imaginable disaster into the text to ward off liability.
For heaven's sake, nerds, if you don't believe me, at least believe Neal Stephenson's lengthy explanation in Cryptonomicon!
What I'm listening to now on Pandora...
# Springtime for Linux and opensource
/#
Hackers are smiling and glad.
Linus can give his code away
SCO's sinking day by day!
Springtime for Linux and opensource
- Winter for mister McBride!
Springtime for Linux and opensource
- Coming to the end of the ride...
What happens to the debt with Mellisa Gates^w^w Baystar, or was that one of these famed "charitable" contributions we hear so much about?
This company spent $12M on sales and marketing in '05, and $12M in '06. Meanwhile, RESEARCH AND DEVELOPMENT was $8M / year in 05 and 06.
In 07 they slashed all spending by about 20-30%.
They've been losing 20% / year in UNIX revenue since 06, in spite of price increases.
Obviously, in '07, someone in charge got a realistic expectancy of the company and started cutting cost (as they should), given the fact they had no chance to sustain their business model.
This is how business works. It is fucking cut-throat, and if you can't get your shit together, afford the lawyers, and sustain an operational model, you fail.
We are one consciousness experiencing itself subjectively. Back to you with the weather, Bob!
What are they waiting for, christmass?
Here be signatures
I guess the "Can't make money on your own? Try to get it in court" business model didn't work out so well.
Liquidation, the final answer.
"To those who are overly cautious, everything is impossible. "
Slashdot really shouldn't be poking fun here. Sourceforge (the owners of Slashdot) is bleeding money, and makes money now only from from Google AdSense and selling crap on thinkgeek.com. (http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001144204-07-066697&Type=HTML)
Not that anyone wants to save them, but the only way they could save themselves is to open source SCO Unix. Not that they'll do this, or anything.
1. Launch mindlessly stupid litigation doomed from start
2. Stock price tanks
3. Then a miracle occurs
4. Profit!
"Don't belong. Never join. Think for yourself. Peace." V.Stone, Microsoft Corporation
Darl funnelled shareholder's money into lawyers' pockets under the thinly veiled ruse of defending something that he alleged SCO owned when the whole world knew that this was nothing short of a moronic claim.
If I were an SCO shareholder, I'd be wanting Darl to get jail time for misusing the money we put into the company. CEOs have a duty of care and custodianship, which he manifestly ignored.
Ding, dong the witch is dead.
There are a thousand forms of subversion, but few can equal the convenience and immediacy of a cream pie -Noel Godin
...is the quality of the office furniture they'll soon be selling off.
I could use a good desk or two, and maybe a nice office chair.
Alcohol, Tobacco and Firearms should be the name of a store, not a government agency.
I never understood why SCO didn't sell their Unix business very early on during the legal proceedings with IBM. What sane IT manager would buy their product? My suggestion for the world's toughest job is a saleman for SCO - you need a real snappy comeback when your prospective customers ask if SCO is going to sue them like SCO sued their other clients.
You may as well try to run a catering business under the "Septic Services" brand.
I can only imagine that there were legal reasons for holding on to the Unix business.
Although that was a Reduction In Force...
Oh PLEASE! I have ZERO sympathy for any loser that has stayed with SCO this long. In fact, in the history of IT I can't think of any group of employees that deserve to be laid off more.
Anyone who has continued with SCO after all these years of FUD, lies and litigation deserves nothing but heartache. In addition I *highly* recommend they avoid applying where I work, if I see SCO on a resume that continues past 2003 they can take a hike.
In my view they were complacent in a lie. Besides that the writing was on the wall long ago so they shouldn't be shocked that they're out of work.
It's true no man is an island, but if you take a bunch of dead guys and tie 'em together, they make a good raft.
Would be a bitch if they respawned on top of all of us during our victory dance. Yeah, been playing too many MMOs lately, but that's the first thing that came to mind.
"And I would have gotten away with it if it weren't for those meddling kids."
Scox was dead before the scam. If not for the scam, scox would have gone belly up three years ago. All that msft money is all that kept scox alive.
No matter, plenty more b!tches where they came from. Now msft is using novl and acacia to continue fudding linux.
1) scox doesn't own the UNIX code, scox only sells Unix for novell, and scox keeps a 5% kickback.
2) even if scox did own unix, there are numerous contracts (HP, IBM, Sun, etc.)that forbid the open sourcing of UNIX.
3) UNIX has already been open sourced, for the most part. There is very little, if any, UNIX code left that has been open due to AT&T v Berkeley.
4) if there is any UNIX that has not been open sourced, it isn't worth anything technically. Open sourcing UNIX may help stop the bogo litigation, but that's it.
Since a federal judge has already ruled that scox does not own unix, the lawsuit is now officially a joke. Which means that scox is no longer useful as a fud tool for msft. Scox has not been a real company since the msft sponsored scam began. Scox was nothing but a msft PR stunt.
Considering that scox officially does not own linux, and that scox has filed for bankruptcy, and scox has been delisted, and msft doesn't need scox: yeah, I think we can stick a fork in it.
...Please sing! When will it end?
One ring to bind them - should probably have more fiber and less rings in their diet.
More like this:
1. Arrange a deal with msft to fud linux for big money.
2. Launch strategic litigation doomed from start - but "winning" is not the point.
3. Accept $17 million directly from msft - and $12 million directly from Sun.
4. Accpet $50 million in msft arranged "loan."
5. Stock price skyrocket
6. Some Execs dump insanely inflated stock - then resign
7. Execs that are left give themselves extremely generous pay and bonus for over 5 years
8. Profit! (for those in on the scam)
9. Reality sets in
10. Stock takes a dump
11. Loss! (for the suckers left holding the bag)
Stock price, scox profits, etc, are just a distraction. The real point of the scox-scam is to put a legal cloud over linux. Msft wants everybody to know that if you contribute to linux, you better have $50 - $100 million to fight msft in 5 year long bogus lawsuit.
thats a shame.
When I saw "grim" I thought that meant SCO had somehow found a way to survive.
Run and catch, run and catch, the lamb is caught in the blackberry patch.
If they are split up into pieces, it increases the likely hood that some well funded patent troll will pick up part of them and resume the lawsuits. I'd like it if the court just rules that all of SCO belongs to Novell. Then Novell should just release any of the things that SCO claimed were UNIX code, or ideas as GPL.
Well.. maybe. Or Maybe not. But Definitely not sort of.
Your constant patent trolling HAS NOT paid off. Now die the death reserved for legal predators like yourself.
You've contributed sod all in the past 5 years, why? Because you couldn't be bothered to innovate.
I don't want to hear the name SCO mentioned again, they're a bunch of jumped up layabout lawyers, who are quite happy to take with the left and sue with the right. Fuck them, they won't be missed.
You feel sleepy. Close your eyes. The opinions stated above are yours. You cannot imagine why you ever felt otherwise.
s/thinks/claims
Ignore this signature. By order.
1. wildly optimistic legal research
2. sue everybody including star customers
3. hunker down for duration of battle to ultimate victory.
4. crash and burn against wall of common sense and law
5. ???
6. liquidation in disgrace.
if this is supposed to be a new economy, how come they still want my old fashioned money?
I think you might be wrong, if I remember the movie correctly the east and west each had a wicked witch. So if we are drawing parallels to the movie we should be looking for the magical ruby slippers to prevent the other witch from becoming more powerful. http://en.wikipedia.org/wiki/Wicked_Witch_of_the_East
"...die motherf-cker, die motherf-cker..."
The date on the Groklaw article is Jan 30, 2008, about a week ago. I read it then ... why is it considered news today?
I'll have a party when they are dead, buried, and go away. Not before.
This is P.R.
If you had bought $225,483.87 worth of SCO stock at $20 per share (11274 shares) you could now sell it at $0.062 per share to pay for your $699 license fee for a single processor... Or you could have shorted 36 shares back then and actually made enough money to pay the fee.
There were just following orders.
Everybody does.
IANAL but write like a drunk one.
Well, he took care to not be caught by SCO shareholders before now, and as for custodianship, maybe the ship he was custodian of was the Titanic.
It's a small world and it smells funny; I'd buy another if it wasn't for the money; Take back what I paid (SoM)
...Billy and Mandy decided Darl would make a good substitute reaper for that episode.
It's a small world and it smells funny; I'd buy another if it wasn't for the money; Take back what I paid (SoM)
I wanted a smoking crater not a smoking hole...
"Everyone is entitled to their own opinion, but not their own facts." ~The Honorable Daniel Patrick Moynihan
No problem. Just said GPL cause thats what the license of linux is. Therefore it couldn't possibly be a problem to have Gpl'd cod in a program that was licensed under GPL. But BSD works as well. Really looking forward to putting BSD 7 through its paces. Much love for BSD.
Well.. maybe. Or Maybe not. But Definitely not sort of.
Good riddance.
I believe I can find him a solid and stable position within my firm with good benefits and fair pay. We haven't had a full janitorial staff on hand for a long time and if he'd like, we can start him at an entry level position where he can progress to chief toilet scrubber in the first 6 months and within 5-10 years, I'm sure he can be head janitor since the current janitor looks like he's getting ready to keal over.