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SCO Reorganizes its Reorganization Plan

One of SCO's many critics Al Petrosky was at the short 20-minute hearing
By Maureen O'Gara
Article Rating:
April 7, 2008 03:45 PM EDT
Reads:
 4,580
SCO turned up in bankruptcy court the other day to say that it was withdrawing its latest reorganization plan – the one where a mystery Arab moneybags was going to put $100 million at its disposal – and submit another one that has the same mystery Arab moneybags pumping even more money into SCO.

According to what SCO told us, and has yet to detail to the court because they’re still working on it, it’s a result of the due diligence.

Things are supposedly looking even brighter than before.

The new plan abandons the idea of giving SCO a $95 million line of credit to draw on to chase its legal anti-Linux ambitions against Novell and IBM et al and substitutes a straight infusion in support of its Unix and mobile interests as well as its myriad court cases – and no matter what they tell the bankruptcy court on or about May 11 when they file the new plan you should probably consider that legal fund a blank check.

They want blood drawn and heads to roll.

One of SCO’s many critics, Al Petrosky, who was at the short 20-minute hearing, reminded us to tell you that Stephen Norris, the co-founder of the Carlyle Group and more recently Norris Capital Partners, the billionaire facilitator behind the deal, is himself a lawyer – and besides all the legal talent he can buy – should be able to appraise SCO’s case himself.

Oh, yes, IBM and Novell object to this and that.

Published April 7, 2008 – Reads 4,580
Copyright © 2008 SYS-CON Media, Inc. — All Rights Reserved.
Syndicated stories and blog feeds, all rights reserved by the author.

About Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.

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Most Recent Comments
Maw-ream O'Garish 04/16/08 01:43:59 PM EDT

Sys-Con says (after Maureen is found to be a PJ Stalker): "We will no longer use Maureen's articles on our sites."

The Public says: "How many lies does it take for Sys-Con to support a stalker?"

Hey Sys-Con... the public will never forget your participation in this stalking she did. The fact that you're still running this stalker's articles after you stated publicly that you would never do so again just proves how much you were a willing participant in the stalking of PJ.

"One of the most respected technology reporters in the business" - Name one person that respects her.

That doesn't work for Sys-Con or SCO, that is.
vhc61 04/09/08 10:01:44 PM EDT

One thing not in this article, that other sites are saying, is that the DoJ has had it with SCO now, and may dismantle the corp. if the currect restructuring fails. This is reported on both Ars Technica and E Commerce Times (Maurine, just go to Google News and search for "SCO DOJ" to get this info) and why it is not included here is beyond me, unless the article is designed to offer some glimmer of hope. Other than that, the point that Norris is a lawyer is relevant, but possibly not in the way that O'Gara thinks. Norris is representing his clients, not SCO, and has the unnamed "moneybags" interests foremost. As long as this unnamed individual/group makes money, Norris could care less about what happens to SCO or SCO's chances of winning the lawsuits. It could well be that Norris et al hope that a small infusion of money, with a promise of more, could force IBM/Novell to buy SCO from Norris, when they take posession, thereby making a profit for unamed person/group. However, believing that Norris is buying this because he thinks SCO has a case is crazy! There is way to much risk in that line of reasoning for anyone to sink money into it. I guess time will tell, but I still expect all of this to come to naught. If it does, I guess Maureen can begin championing RIAA, or if that fails, some of these patent trolls...
William Hart 04/07/08 05:20:42 PM EDT

Shouldn't SCO get approval from the bankruptcy court before they start blithely announcing yet another variation on the re-org plan?
SCO News Desk 04/07/08 12:58:36 PM EDT

One of SCO's many critics, Al Petrosky, who was at the short 20-minute hearing, reminded us to tell you that Stephen Norris, the co-founder of the Carlyle Group and more recently Norris Capital Partners, the billionaire facilitator behind the deal, is himself a lawyer - and besides all the legal talent he can buy - should be able to appraise SCO's case himself.