Linked by Thom Holwerda on Fri 14th Sep 2007 21:36 UTC, submitted by dylansmrjones
SCO, Caldera, Unixware Yahoo reports that SCO has filed [.pdf] for bankruptcy in order to protect assets. "The SCO Group today announced that it filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code. 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." Groklaw has a story on it, too.
Thread beginning with comment 271370
To read all comments associated with this story, please click here.
Wrong chapter
by emarkp on Fri 14th Sep 2007 21:52 UTC
emarkp
Member since:
2005-09-10

They should be filing unter chapter 7. That's when the court sells off your assets. Chapter 11 might allow them to stick around.

Reply Score: 7

RE: Wrong chapter
by mcduck on Fri 14th Sep 2007 21:54 in reply to "Wrong chapter"
mcduck Member since:
2005-11-23

They should be filing unter chapter 7. That's when the court sells off your assets. Chapter 11 might allow them to stick around.

After Novell makes it claim, thats whats going to happen.

Reply Parent Score: 1

RE[2]: Wrong chapter
by justin.68 on Sat 15th Sep 2007 10:00 in reply to "Wrong chapter"
justin.68 Member since:
2006-09-16

They should be filing unter chapter 7. [...] Chapter 11 might allow them to stick around.

If they ever were to stick around after that their name would be a memento.

Reply Parent Score: 1

RE[3]: Wrong chapter
by Geoff Gigg on Sat 15th Sep 2007 14:04 in reply to "RE[2]: Wrong chapter"
Geoff Gigg Member since:
2006-01-21

Isn't SCO doing this as a legal ploy? By filing under Chapter 11, the lawsuit is postponed. The only issue left was to determine how much SCO owes Novell from the money they withheld from licencing fees they got from Sun. Microsoft, etc.

So doing this allows SCO to delay the day of reckoning. I bet it was recommended to their board by their legal team. Pretty smart move on their part.

I'm afraid we'll be hearing from SCO for quite a long time yet, given their expertise at delaying tactics. Don't pop those champagne corks yet.

Reply Parent Score: 1