01.10.09
SCO is Having a Yard Sale
SCO memorabilia not out yet, except for the gavel
WHILST NOT everything must go, SCO is beginning to disintegrate a little more, starting with the shedding of some core assets.
The bankrupt SCO Group is planning to hold an open auction of its OpenServer product line and mobile business in an effort to separate its controversial intellectual property litigation from its product business, the Lindon company announced in a Chapter 11 reorganization plan filed Thursday.
The plan is the second one filed after New York private equity firm Stephen Norris Capital Partners and a group of Middle Eastern investors last year backed off their initial $100 million offer to fund SCO’s comeback. York Capital Management, another New York private equity firm, also failed in its efforts to buy the company.
[...]
If and once the two assets are sold, SCO will focus entirely on its ongoing litigation over the disputed Unix code with IBM, Novell and others, which is now stayed because of SCO’s bankruptcy filing, he said.
So the strategy is… more litigation.
Norris, are you listening [1, 2, 3, 4, 5, 6, 7, 8, 9]?
According to this new report from SD Times, SCO refuses to just die. It requests another extended deadline, aiming for next week.
The legally embattled SCO Group has requested an extension on the submission of its Chapter 11 bankruptcy reorganization plan. SCO has asked for the deadline for handing in its reorganization plan to be extended to Jan. 16, in what is the company’s fourth extension request. The company filed for bankruptcy in 2007.
Whatever the situation, Groklaw might sooner or later return to being active. And Novell will hopefully stop hiring Microsoft employees for top positions. █
“…Microsoft wished to promote SCO and its pending lawsuit against IBM and the Linux operating system. But Microsoft did not want to be seen as attacking IBM or Linux.”
–Larry Goldfarb, Baystar, key investor in SCO
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Shane Coyle said,
January 10, 2009 at 3:25 pm
Groklaw might sooner or later return to being active.
"Just when I thought I was out… they pull me back in."
—
So, they’re actually auctioning off the last productive pieces of the business to specialize in expensive, fruitless litigation?
It reminds me of the old dot-bomb business model: We lose money on every transaction, but we make it up in volume!
Brilliant, these folks are. How can I invest?
Roy Schestowitz said,
January 10, 2009 at 3:30 pm
I got some mail (fingers crossed). News Picks is likely to carry on.
It’s a real bargain now at 14 cents.
http://finance.yahoo.com/q?s=SCOXQ.PK
Shane Coyle said,
January 10, 2009 at 3:58 pm
Hearing their strategy, I don’t think that’s a bargain.
Roy Schestowitz said,
January 10, 2009 at 4:00 pm
Their stock soared on Friday — up 8% (or one penny).
The Mad Hatter said,
January 11, 2009 at 10:45 pm
Stubborn, aren’t they?