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SCO Proposes Sale of Assets To Continue Litigation

Posted by Soulskill on from the know-when-to-fold-'em dept.

gzipped_tar sends in this excerpt from the Salt Lake Tribune: "The embattled SCO Group Inc. is proposing to auction off its core products and use proceeds to continue its controversial lawsuits over the alleged violations of its copyrights in Linux open-source software. The Lindon company has filed a new reorganization plan with the federal court in Delaware where it sought bankruptcy protection from creditors after an adverse ruling in the Linux litigation. If approved by a bankruptcy judge, the plan could mean SCO's server software and mobile products lines are owned by other parties while SCO itself remained largely to pursue the lawsuits under the leadership of CEO Darl McBride. 'One goal of this approach is to separate the legal defence of its intellectual property from its core product business,' McBride said in a letter to customers, partners and shareholders. Jeff Hunsaker, president and COO of The SCO Group, said the litigation had been distracting to the company's efforts to market its products. 'We believe there's value in these assets and in order for the business to move forward it's imperative we separate it from our legal claims and we allow our products business to move forward,' he said Friday."

3 of 290 comments (clear)

  1. Wow. Just wow. by DurendalMac · · Score: 5, Interesting

    So Darl is going to basically sell off most of what the company has to continue a lawsuit he has no hope of winning? What the HELL is wrong with this guy? Worst. CEO. EVAR.

  2. Correction and prediction by OpenSourced · · Score: 4, Interesting

    Where is reads :

    Jeff Hunsaker, president and COO of The SCO Group, said the litigation had been distracting to the company's efforts to market its products.

    it should read :

    Jeff Hunsaker, president and COO of The SCO Group, said the efforts to market its products had been distracting to the company's main litigation activity

    There, that's it.

    Now a prediction. I predict that they are going to find a very generous buyer, that will pay much, much more than the market value of the actives, allowing the new, rather hollowed-out SCO to keep on litigating for years. Call it a hunch.

    --
    Rome taught me patience and assiduous application to detail. Virtues which temper the boldness of great, general views.
  3. if no sale, 10% cut in 280K salary by RichMan · · Score: 4, Interesting

    Ah but if the sale fails to raise sufficient cash the company directors will take a 10% cut in their salaries.

    Is $280k a year a good salary for a CEO of a company that is in bankruptcy and has so far burned through $0.25B of investor capital.

    Oh and there are only 66 employees. I would bet your nearest grocery store is larger than that.