Bonum Certa Men Certa

SCO is Having Money Issues

Case with dollars



Summary: SCO is broke, not just bankrupt; however, it keeps suing to death

Groklaw laughs at SCO this week. To quote the reason:

SCO's professional fees since it entered bankruptcy are $5,768,232 plus $469,501 in expenses. Guess how much cash in hand SCO Operations had in October of 2007? $6,438,789. Guess what it had at the end of November, keeping in mind that we are now in February to boot? $948,320. Amazing. Not a single creditor paid off.

By the way, keep in mind that SCO is holding $2 million in a loan from Ralph Yarro, the terms of which on default are that he gets all the assets, I think, as well as all the proceeds if they sell all the assets, if I've understood the document, with only half going to pay off the loan, and if SCO sells only some assets he takes half with none of it paying off the loan.

Well, it's over my head, so check my math, but I get the overall picture, all right. Yarro gets money no matter what happens.


Another quick update on the SCO case takes it further. It says that "SCO has responded to Novell's Objection to the proposed sale of most of SCO's assets. Novell's objection is irrelevant, SCO claims, because SCO doesn't intend to assume and assign the 1995 APA.

"Novell argued that "It follows by the Debtors' own admission that to operate the Business as defined [by] the unXis APA, unXis (or any other buyer) needs access to the copyrighted material that the Debtors licensed from Novell. In other words, any buyer of the Business must have the Debtors assume and assign their Novell copyright licenses.... Finally, and of the utmost importance, Original APA Section 9.5(c) expressly prohibits its assignment by SCO without Novell’s consent."

"Here's SCO's workaround."

SCO is all about workarounds, including allegedly its bankruptcy claims.

"On the same day that CA blasted SCO, Open Source evangelist Eric Raymond revealed a leaked email from SCO's strategic consultant Mike Anderer to their management. The email details how, surprise surprise, Microsoft has arranged virtually all of SCO's financing, hiding behind intermediaries like Baystar Capital."

--Bruce Perens



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