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US Trustee Asks To Send SCO Into Chapter 7

Posted by kdawson on Tuesday May 5, 2009 @03:33PM from the long-dark-teatime-drawing-to-a-close dept.

Several readers including Pop69 inform us that the US Trustee's office has asked to convert SCO's Chapter 11 bankruptcy to Chapter 7 — a.k.a. liquidation. Groklaw has the text of the filing: "...not only is there no reasonable chance of 'rehabilitation' in these cases, the Debtors have tried — and failed — to liquidate their business in chapter 11."

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Re:Liquify what? by nairnr · 2009-05-05 15:47 · Score: 5, Informative

Everything! Furniture, chairs, computers, bookcases. You name it, it goes. This is not so anyone can reorganize it into anything meaningful, this is so creditors get every last stinking dime out of them.
If you have ever been to a liquidation of a store, after they sell you what is left on the racks, they sell you the racks,display cases, lights, left over toilet paper...