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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.'"
Looks like my "America's Sleaziest Companies" mutual fund is going to take another hit this year.
Things are looking grim for SCO? I obviously missed something. When did this happen?
This guy's the limit!
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
I feel sympathy for the employees who were unable to find other employment already. They will soon be without jobs. I mean, if they are still THERE, their prospects are certainly not any better once unemployed.
Bearded Dragon
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?
...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.
Yup. Her name is Karma, and she's a real bitch.
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...
Actually SCO didn't buy UNIX from AT&T. Novell did. And that's the whole problem. SCO thinks they bought it from Novell, but they didn't.
I'm starting to think GNU is the problem with "GNU/Linux" these days.
Leave SCO alone right now! I mean it! Anyone that has a problem with them you deal with me, because them is not well right now.
Holy hell, they're employees at a tech industry, not genocidal anti-Semetic soldiers for a facist dictator. Somewhere, Mike Godwin is rolling around in his gra-- err, bed.
And if you think a receptionist, or even many engineers, are going to have a farking clue what abhorrent decisions the board of the company was involved in, you don't understand people (especially non-nerds), big companies, or reality very well. And to suggest that former or present SCO underlings are scum whose children deserve to go hungry for the sins of their fathers, in some epic divine retribution, is hateful, callous and unthinking.
Appended to the end of comments you post. 120 chars.
Do you mind ? We are entitled to all the gloating we can get out of this.
morcego