Posted on 08/30/2009 9:27:49 AM PDT by Ernest_at_the_Beach
SCO's true situation is here, in the latest 8K:
Item 1.03 Bankruptcy or Receivership. On September 14, 2007, The SCO Group, Inc. and its wholly owned subsidiary, SCO Operations, Inc. (collectively, the “Debtors”), filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases are being jointly administered under Case No. 07-11337(KG).As you know, Darl McBride testified at trial in SCO v. Novell that he always files truthfully with the SEC, so you can take this to the bank: "...the Chapter 11 Trustee will have authority over the Debtors’ assets and affairs and the future course of the Debtors’ litigation against Novell, IBM. et al." So that is who speaks for SCO now.
On July 27, 2009, the Bankruptcy Court held a hearing and took evidence on cross-motions consisting of (a) the Debtor’s Motion for the Sale of Property Outside the Ordinary Course of Business Free and Clear of Interest and for Approval of Assumption and Assignment of Executor Contracts and Unexpired Leases in Conjunction with Sale (the “Sale Motion”), and (b) the Motions of Novell, IBM and the Office of the United States Trustee for conversion of Debtors’ reorganization under Chapter 11 to a liquidation proceeding under Chapter 7 of the Bankruptcy Code (collectively, the “Conversion Motions”).
On August 5, 2009, the Bankruptcy Court issued its Memorandum Opinion, and denied all of the Conversion Motions and the Sale Motion. Instead, the Bankruptcy Court opted to appoint a Chapter 11 Trustee, and entered an Order directing the Office of the United States Trustee to do so. Pursuant to this Order, the Office of the United States Trustee would select, and the Bankruptcy Court would thereafter consider and approve, a Chapter 11 Trustee.
On August 25, 2009, the Bankruptcy Court issued its order approving the appointment of Edward N. Cahn, Esquire, as Chapter 11 Trustee. Mr. Cahn is a former chief U.S. district judge for the Eastern District of Pennsylvania. He has extensive experience in the area of complex litigation, including intellectual property. Mr. Cahn received an honorary doctorate from Lehigh University in 2002. He was a Tresolini Lecturer in Law at Lehigh University. Mr. Cahn holds degrees from Yale Law School and Lehigh University, where he graduated magna cum laude.
Pursuant to the Bankruptcy Code, and subject to the supervision and approval of the Bankruptcy Court, the Chapter 11 Trustee will have authority over the Debtors’ assets and affairs and the future course of the Debtors’ litigation against Novell, IBM. et al.
SCO 8K Acknowledges its New Reality
Yes... that seems to help....
Just a guess, but I bet IBM and Novell will offer to buy all of the claims that SCO is asserting against them. If the Trustee is playing it straight he will take the offer and allow for overbids. A bidding war may ensue with a Microsoft proxy but at the worst the Microsoft proxy will pay more for the claims and proceed with the lawsuits. Best case, IBM and Novell buy the claims and end the lawsuits.
and then go to black banner at he bottom of the specific article and you will see....at the moment there are 125 comments...
Now you can sort thru them ...either oldest first or newest first by adjusting the appropriate boxes and then click refresh....
other options as well....
Maybe this ...reply is interesting:
Click and Scroll down to...My experience working with trustees
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Authored by: relic on Friday, August 28 2009 @ 06:51 PM EDT
| I have worked with a court appointed bankruptcy trustee twice over a span of 35 years. In both cases, I was employed by companies incorporated in Delaware. In both cases, the "super" creditors petitioned for conversion and were denied. One successfully emerged from Ch 11, the other almost immediately liquidated. |
#7 maybe gets to your point.
it’s a standard tactic in bankruptcy court when you have a debtor asserting a lawsuit that you want to go away and a trustee is appointed - you go to the trustee and offer to buy the debtor’s claims. Because trustees’ typically don’t have the emotional attachment to lawsuits that debtors’ do and they don’t have ulterior motives like the debtor has in this case, they are much easier to deal with.
Thanks for the reply!
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