Slashdot Mirror
SCO Springs a Prospective Buyer
clemenstimpler sends a link to Groklaw, which has been following the proceedings dealing with the conversion of SCO's bankruptcy to Chapter 7 (i.e., liquidating the company). SCO has announced a prospective buyer. "...SCO has suggested it has a buyer. That doesn't mean it will avoid Chapter 7 of course, nor does it mean that the bankruptcy court will OK the suggested sale. But it likely does mean more delay, which is what this is likely all about. SCO very much wants to wait until the appeals court rules in SCO v. Novell. ... Hearing set for July 16 with backup for July 27. SCO has already moved to make it July 27. combo hearing on convert and sale. Frankly, it would not totally amaze me if the three entities that filed motions to convert were to appeal this. If not, SCO got its desired delay."
They're dragging it out so we can savor it.
"decomposing zombie clawing its' way up out of the ground" ....
.... Darl of the Dead?
They're getting a bailout! The government will now own Linux.
Health Freedom is almost as popular as Freedom itself.
I very much hope the Office of the US Trustee, IBM, Novell and others do not appeal the delay. Of course, they have excellent grounds for doing so, but the result would likely just be a longer delay. SCO has successfully gamed the system, and will probably gain a six week delay in the process. If this is appealed, it will probably take longer than six weeks just to argue and get a decision. Meanwhile, SCO will argue that the purchase agreement cannot go forward with the Chapter 7 conversion hanging over their head (BS, of course, but prove it).
So this is an attempt to get the remaining cash and Unix assets out of reach of Novell, and leave the shell of SCO (plus some mobile products that most likely have no value) to continue the lawsuit, with no money left over for Novell and IBM when they eventually run out of appeals.
I doubt it. A bankruptcy judge's job is essentially to ensure that SCO's creditors get the maximum amount of money back under the law. From that perspective, liquidation tends to be a fairly lousy solution, particularly for companies deeply in debt. A buyer is, of course, the best solution: Somebody willing to assume that debt and, hopefully, turn the company around to making some money again. Then it can start to pay back its creditors and if it falls apart again, well, you're just right back at the liquidation stage -- little lost but time.
So unless the judge can determine this is nothing but a bullshit stalling tactic on the part of SCO--and I doubt any judge would do so without at least a hearing or two on the matter--they're almost certain to let it pass.
in this day and age...after the credit implosion and GM's bankruptcy..after Madoff....there's someone still stupid^H^H^H^H^H^Hbold enough to buy SCO? Man....can someone get me his number? I've got a few dozen bridges and landmarks to sell him, not to mention a few automobiles.
Yes sure, he's the guy that's managing your retirement account.
There is no indication that the decision of the appeals court will occur in the next six weeks. SCO is stalling because that is the tactic they've adopted from the very first "suitcase of proof" and "millions of lines of code" and "MIT deep-divers."
FUD works when it lasts for a very long time, not when it's immediately dispelled.
E
One hop :
http://www.infoworld.com/t/platforms/sco-strikes-gold-verizon-just-strikes-728
Microsoft bought $6 million of "licenses" to SCO in 2003.
The Wise adapts himself to the world. The Fool adapts the world to himself. Therefore, all progress depends on the Fool.
I almost bought SCO. But I spent the $10 at McDonalds instead.
I don't really think there is any serious buyer. Previously SCO tried to launch an emergency sale to York management only to have the bankruptcy court and all its creditors object to the deal. What SCO never made clear (or tried to hide) in that deal was who would get the liabilities from the Novell judgment against them. If the sale had gone through, Novell would have had to spend years figuring out who owed them the money. This is just another ploy to stall for time.
Well, there's spam egg sausage and spam, that's not got much spam in it.
Right now, realistically, the best the creditors can hope for is liquidation and for someone to buy up "substantially all the assets" of the company. That probably amounts to zero, but at least it allows them to finally write off the bad debt and be finished with the litigation. Zero all they can expect in any case, the only question is whether it is zero now or zero later.