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Creditor Objects To SCO's Plans
I Don't Believe in Imaginary Property writes "It seems that SCO is never without a trick up its sleeve. In the new '$100 million' reorganization plan, $5 million of which is cash and $95 million credit, one of the creditors is protesting because SCO is hiding the Definitive Documents until there's no time to object. In their own words, 'The debtors are proposing to file the Disclosure Statement 33 days before the hearing, in compliance with the requirement that it be filed at least 25 days before the hearing (F. R. Bankr. P. 3017). However, it is clear that this Disclosure Statement will be inadequate for evaluating the Plan, because it will not include any of the Definitive Documents. The Debtors are proposing to file the Definitive Documents separately, and to do so a mere five business days before the hearing, which is zero days before objections are due.'"
that's when it will end.
if this is supposed to be a new economy, how come they still want my old fashioned money?
It's still news because the LP offering to buy them is doing so in order to continue the linux litigation that got SCO into this current situation. No surprise, there's a lot of speculation that Microsoft is somehow behind the sudden desire of this LP to acquire SCO and continue the litigation since it helps to continue a FUD campaign that Microsoft would love to see continue.
Legitimate businesses are dying for venture capital. And here it is, being wasted.
And anyone with two neurons left to rub together to make a spark would know that. You'd think anyone investing 100 million dollars would be a little more careful about where their money's going, wouldn't you? But they're not really investing a 100 million, they're investing 5 million.
So someone is willing to put up five mil to SCO in exchange for nothing. That same someone thinks that five million is not being wasted. Since they're getting nothing from SCO, what are they getting? Not that this bizarro world plan has any chance getting past the trustee, but where do they keep finding collaborators to go along with this fraud?
Another line of questioning might ask who could get someone do go along with flushing 100 million, or even five million down the toilet? That's a shorter list. Because if SCO goes begging for dollars, they'd get laughed out of the room. So it's not SCO. That would leave Microsoft. They have lots of money. People with money usually have friends with money. But what's Microsoft getting at this point? Nothing. This case exhausted its value to them years ago. Vista is a giant, steaming turd and everyone knows it. Linux and Apple are feasting on their entrails and the EU is hitting them with billions in fines.
So, what's the five million for?
That's our life, the big wheel of shit. - The Fat Man, Blue Tango Salvage
You would be surprised to see how a board can reward inept management. Board members and top management are often members of the same country club. Over time, a CEO becomes chairman of the board and is given oodles of stock.