Linked by Thom Holwerda on Sat 29th Dec 2007 21:54 UTC
The Nasdaq market has delisted The SCO Group, the Linux-seller-turned-Linux-litigant now in Chapter 11 bankruptcy protection. The company's shares were taken off the Nasdaq because of the bankruptcy proceedings, the company said Thursday in a statement. The company had appealed Nasdaq's decision to do so but lost its appeal on December 21, the company said in a regulatory filing with the Securities and Exchange Commission.
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Member since:
2006-01-04
The bankruptcy judge has lifted the stay in SCO v. Novell and as soon as they can set a date for the hearing the trial will proceed so that SCO's assets and liabilities can be determined and then the BK can proceed on sound footing, i.e. conversion to Ch. 7 liquidation.
The hearing was supposed to start the day after the BK was declared and last several days, less than a week. It only remains to drag them, kicking and screaming, back into the courtroom in Utah so that Judge Kimball can determine how much they owe Novell for suing them. OK, it's not quite that simple but that is the net outcome ; the suit against Novell will kill them and the IBM suit may simply proceed with the Trustee (once one is appointed) simply admitting to all counterclaims so that a ruling may be entered upon the ashes of the corporate corpse. After that they (IBM, maybe the stockholders, maybe others) may seek to nail the execs (and their lawyers too!!).