SCO Proposes Sale of Assets To Continue Litigation 290
gzipped_tar sends in this excerpt from the Salt Lake Tribune:
"The embattled SCO Group Inc. is proposing to auction off its core products and use proceeds to continue its controversial lawsuits over the alleged violations of its copyrights in Linux open-source software. The Lindon company has filed a new reorganization plan with the federal court in Delaware where it sought bankruptcy protection from creditors after an adverse ruling in the Linux litigation. If approved by a bankruptcy judge, the plan could mean SCO's server software and mobile products lines are owned by other parties while SCO itself remained largely to pursue the lawsuits under the leadership of CEO Darl McBride. 'One goal of this approach is to separate the legal defence of its intellectual property from its core product business,' McBride said in a letter to customers, partners and shareholders. Jeff Hunsaker, president and COO of The SCO Group, said the litigation had been distracting to the company's efforts to market its products. 'We believe there's value in these assets and in order for the business to move forward it's imperative we separate it from our legal claims and we allow our products business to move forward,' he said Friday."
Yup. That's right. (Score:3, Informative)
And this time it'll be more than one step removed from the real source of the money. [zdnet.com]
Re:if no sale, 10% cut in 280K salary (Score:1, Informative)
Oh and there are only 66 employees. I would bet your nearest grocery store is larger than that.
Not taking away from the other stuff you said but a 66 employee tech company isn't that small. I mean there is a difference in paying 100 employees minimum wage versus $50k+ tech salaries. I have worked at several companies with as little as 30 employees but they probably made enough money that they could have bought several grocery stores every year.
Isn't filing lawsuits the SCO "core business" ? (Score:1, Informative)
I wasn't aware that SCO did much outside of filing lawsuits. They have allowed their Unix product to atrophy, and their licensing service flopped. It's pretty apparent that SCO amounts to little more than a lawsuit factory.
Re:They don't want to be able to pay Novell/IBM (Score:5, Informative)
That's one of the reasons so many companies incorporate in Delaware.
Re:Ok what do they have exactly now... (Score:1, Informative)
Obviously, the smart things is to migrate the mortgage book to something which is supportable, but that would be sensible...
Posted anonymously, because I work at one of said large financial institutions with some mortgage systems on SCO...
Re:Is groklaw aware of this new development? (Score:5, Informative)
Facts are SETTLED in the trial court. Once the trial court enters its judgment, those facts are set in stone.
Facts can be undone on appeal only if no reasonable factfinder could have found the challenged facts AND if the party appealing has complied with all the procedural requirements. Thanks to the lawyers, Groklaw, and others, that just isn't going to happen in this case because there is too much evidence supporting the decision of the trial court.
Facts almost NEVER get rewritten on appeal. The rules are tremendously slanted against that. If a fact gets undone on appeal, the issue gets sent back to the trial court for a new fact determination.
Groklaw's purpose was help in the development of a factual record in the trial court against SCO. As discussed above, there is no need for factual development on appeal. If the trial court must in the future decide some new facts, Groklaw will doubtless spring into action, but that isn't likely.
I had to look that up (Score:1, Informative)
For others unversed in US law,
http://en.wikipedia.org/wiki/Delaware_corporation [wikipedia.org]
(appropriate captcha: surreal)
Re:McUnix (Score:2, Informative)
SCO has a market cap of just over $3 million [yahoo.com]. IIRC, McDonald's Corp is one of their major customers. That $3mil is pocket change for the $66.95 billion [yahoo.com] market cap McD's Corp.
What if McDonald's buys SCO? McD's could hire a couple devs (since that is all SCO needs, apparently..) for maintenance and some support personnel, then service their own stores as well as other existing customers. Maybe they'd wind up saving, if not making, some money in a few years. Perhaps give Darl a store to manage...
Heh. :)
Point being, with a market cap of only $3mil, SCO and anything they have/own are basically chump change for a real corporation. So, if the judges (have) let this happen, then, and I hate to even think of it, we'll see this zombie keep stumbling forward...
The UNIX systems are being replaced (yes, I admit I work at one of the new stores in the US). The new system is NewPOS. http://www.computerweekly.com/Articles/2008/02/14/229409/mcdonalds-takes-epos-system-in-house.htm [computerweekly.com] It's a Windows Server 2003 environment with Windows XP embedded workstations. So I doubt they'd be interested in SCO.
Re:Wow. Just wow. (Score:3, Informative)
Re:Wow. Just wow. (Score:3, Informative)
How about him dieing a homeless, disease ridden prostitute?
How about somebody spelling "dying" properly, just once in this thread?
Re:I predict... (Score:3, Informative)