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Miscellaneous News   Miscellaneous News :  SCO Files for Chapter 11 Bankruptcy
   posted by Raffaele on 17-Sep-2007 13:15:44 (2602 reads)
A communicate from SCO dated last friday stated that:

Quote:

"The SCO Group today announced that it filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code.


Click read more


Three years ago SCO launched a massive attack versus Linux, claiming that some Linux code infringed various copyrighst of SCO Unix, but in a recent court trial a judge stated that Unix and Unixware belongs to Novell and not to SCO.

The communicate continued:

Quote:

SCO's subsidiary, SCO Operations, Inc., has also filed a petition for reorganization. The Board of Directors of The SCO Group have unanimously determined that Chapter 11 reorganization is in the best long-term interest of SCO and its subsidiaries, as well as its customers, shareholders, and employees."


News forwarded from OSNews
    

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Hans 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 18:52:36
#1 ]
Elite Member
Joined: 27-Dec-2003
Posts: 4882
From: New Zealand

I guess that means that the anti-Linux lawsuit really was their only business plan.

Hans


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Fransexy 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 18:56:14
#2 ]
Elite Member
Joined: 8-Jun-2004
Posts: 2328
From: Elche (Alicante), spain

Quote:
I guess that means that the anti-Linux lawsuit really was their only business plan.


That remembers me a certain company that we all know


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OldFart 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 18:56:18
#3 ]
Elite Member
Joined: 12-Sep-2004
Posts: 2918
From: Stad; en d'r is moar ain stad en da's Stad. Makkelk zat!

Quote:
I guess that means that the anti-Linux lawsuit really was their only business plan.

Wasn't Microsoft pulling the strings in that lawsuit?

OldFart


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NomadOfNorad 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 19:05:15
#4 ]
Cult Member
Joined: 2-Jun-2003
Posts: 746
From: Jacksonville, Florida, USA, Earth, Sol system, Milky Way galaxy

Couldn't have happened to a nicer bunch!


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SpaceDruid 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 19:15:34
#5 ]
Super Member
Joined: 12-Jan-2007
Posts: 1748
From: Inside the mind of a cow on a planet that's flying through space at 242.334765 miles per second.

M$ also lost out big today in its Monopoly case in the EU (As an aside).


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fryguy 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 20:27:55
#6 ]
Cult Member
Joined: 6-Dec-2003
Posts: 852
From: Tinytown

Good things do happen :)

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Colin_Camper 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 20:35:34
#7 ]
Super Member
Joined: 6-Jul-2003
Posts: 1188
From: Unknown

Good riddance to bad rubbish....

Look and learn, Scamiga!!

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Hans 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 21:16:14
#8 ]
Elite Member
Joined: 27-Dec-2003
Posts: 4882
From: New Zealand

Quote:
I guess that means that the anti-Linux lawsuit really was their only business plan.
Quote:
Wasn't Microsoft pulling the strings in that lawsuit?


Most likely. Their (cash) incentives were probably factored in the business plan.

Hans


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Darth_X 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 17-Sep-2007 22:51:27
#9 ]
Elite Member
Joined: 1-Jun-2003
Posts: 2997
From: Vancouver Island, Canada

bye bye SCO

I guess good news happens once and a while!


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Hans 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 18-Sep-2007 0:02:03
#10 ]
Elite Member
Joined: 27-Dec-2003
Posts: 4882
From: New Zealand

@Darth_X

Actually, chapter 11 bankruptcy doesn't mean bye bye. IIRC, they get to restructure, and will either be sold off in one piece, with creditors getting the proceeds from the sale; or, they just keep on operating, with their creditors becoming part owners.

Hans


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Colin_Camper 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 18-Sep-2007 0:15:46
#11 ]
Super Member
Joined: 6-Jul-2003
Posts: 1188
From: Unknown

Actually, Scamiga make SCO look like the good guys!

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CodeSmith 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 18-Sep-2007 0:58:35
#12 ]
Elite Member
Joined: 8-Mar-2003
Posts: 3045
From: USA

So, are SCO now bankrupt or insolvent?

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royleith 
Re: SCO Files for Chapter 11 Bankruptcy
Posted on 18-Sep-2007 15:15:45
#13 ]
Cult Member
Joined: 31-Jul-2003
Posts: 765
From: UK

@ CodeSmith
Quote:
So, are SCO now bankrupt or insolvent?

No and no. They have petitioned for Chapter 11 bankruptcy which would allow them to make deals with creditors and reorganise into a viable business. Their most recent report to the SEC shows them as having roughly twice the assets as they have liabilities so they are not technically insolvent.

However, they had just lost a summary judgement, bigtime, to Novell which meant that they had up to $40M of Novell's money (not a debt, actually Novell's dosh). This would dispose of every last dollar of a liquidated SCOG. If that was not enough, the Novell court order left IBM and Redhat free to extract enormous damages in their own court cases. Novell have just asked the bankruptcy court if five of the top US BK lawyers can represent them in the proceedings. They make the IBM and Novell team we have seen so far look like fluffy bunnies.

The smart money is that either they will be refused bankruptcy altogether for gaming the BK system and that would open up the principals of the company to being sued for everything they own or that the BK court would put them straight into Chapter 7 in which the company is liquidated, the assets sold off and the money distributed among the creditors.

SCOG is an ex-company. Just 'cos it's walking about at the moment means nothing.

Regards
Roy Leith

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