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."
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RE: D/\MN IT!
by umccullough on Thu 14th Feb 2008 21:19 UTC in reply to "D/\MN IT!"
umccullough
Member since:
2006-01-26

Just as I was starting to think there might be a shred of justice in the cosmos, some group of turd-burglers comes along and ruins it for all of us.


Well, we can hope anyway:

"<snip>SNCP will gain a controlling interest in the company<snip>"

Maybe they'll fire all the idiots ;)

edit: (would anyone be left?)

Edited 2008-02-14 21:20 UTC

Reply Parent Score: 2

RE[2]: D/\MN IT!
by FellowConspirator on Fri 15th Feb 2008 12:42 in reply to "RE: D/\MN IT!"
FellowConspirator Member since:
2007-12-13

"Controlling Interest" ?!

WTF - The market cap is $2M, if they've got $100M, they could buy it outright and take it private at a tiny fraction of the cost...

Reply Parent Score: 1

RE[3]: D/\MN IT!
by IanSVT on Fri 15th Feb 2008 15:33 in reply to "RE[2]: D/\MN IT!"
IanSVT Member since:
2005-07-06

Taking it private would probably set them up as being liable. And seeing as SCO has Novell's foot on its neck, that's not a good position to put yourself in.

Reply Parent Score: 2