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.
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Its not fair, but...
by srhardy on Sun 16th Sep 2007 21:58 UTC
srhardy
Member since:
2007-07-11

Its odd that consumer laws on bankruptcy have been tightened to the point you DO have to pay back your creditors (usually loans & credit cards) but companies under chapter 11 get away with it. How you ask? Easy they do a dead of arrangement & offer to pay back everyone (inc tax) a few cents on the greenback! Now you try getting away with that, good luck!

Toxic debt is funding the booming US debt to amazing records, the merry go round of margin lending & on selling debt will in the next year reach crisis point (you have seen nothing yet!), but back to SCO...

Investors were never told how bad things were, no new products or clear direction, just US patent trolling, but i have a question??

All the dills that made payments to SCO, they were basically mafia'ed into paying money they didn't owe, why dont they sue to get it back, then chapter 11 can be chapetr 7 & i will know that justice was not only done but seen to be done! Amen, here endth the quest.

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