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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glarepate
Member since:
2006-01-04

a court order doesn't make them a secured creditor


This is true.

However SCO has been convicted of converting Novell's funds to their own use. This makes them criminally liable. The hearing on April 29th is to determine the amount that they are liable for. That does make them a secured creditor in the anount determined once the trial that they had put on hold resumes. Since the money was acquired through criminal means Novell gets paid BEFORE the other creditors.

Edited 2008-02-18 15:40 UTC

Reply Parent Score: 2