Linked by Thom Holwerda on Thu 14th Feb 2008 21:06 UTC
SCO, Caldera, Unixware Having almost disappeared completely late last year, SCO says it has been resuscitated by a new financing plan. Under the terms of the deal, Stephen Norris Capital Partners and "its partners from the Middle East" will supply up to $100 million, enabling SCO to reorganize and launch a new series of products. SNCP will gain a controlling interest in the company, and take it private, allowing it to slip out of Chapter 11 bankruptcy protection. Update: As part of the reorganisation, Darl McBride will be let go. Buried in the proposed MOU (Memorandum of Understanding) between Unix vendor and Linux litigator SCO and SNCP is the note that "upon the effective date of the Proposed Plan of Reorganization, the existing CEO of the Company, Darl McBride, will resign immediately."
Permalink for comment 301116
To read all comments associated with this story, please click here.
Member since:

But SCO isn't being dissolved, it's merely in bancrupcy. So what will happen with the SCO stock? I think it'll probably be cancelled and a new stock will be issued when the company emerges from bancrupcy.

It's in chapter 11 and trying to avoid chapter 7. I thought that "private" meant no publically traded stock?

But then, SCO Group has always been privately owned, for most practical purposes. The investors have traditionally been a small, close knit group. Any resemblance that SCO's maneuvering might bear to 1980's TV series like Dallas, Falcon Crest, and Dynasty are purely *not* conincidental.

In this season's cliff hanger, J.R.^WDarl has gotten the boot. Miss Elly is still tied up in a basement somewhere. Angela just got the winery back, after living at the Del Oro spa for most of a season. Southfork is on fire. And we are all praying that this is really just Pam's dream.

Reply Parent Score: 2