| SCO Files For Chapter 11 Bankruptcy - Updated |
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Here's the title of the press release: "The SCO Group Files Chapter 11 to Protect Assets as It Addresses Potential Financial and Legal Challenges", which you can find here. They say reorganization "ensures business as usual." You can find information on Chapter 11 bankruptcy here. Frank Sorenson has found the filings for us. They filed in US Bankruptcy Court in Delaware. It's Cases 07-11337 and 07-11338, for The SCO Group and SCO Operations, Inc. Here are the documents for SCO Operations, Inc. and I'll put up the filings for SCO Group next:
All PDFs. That last is the long list of all the creditors. The Certification Concerning Creditors, second on the list, is the list of the top 20 creditors. And here's the SCO Group filing:
But you know what I don't see yet? An overall statement of assets and liabilities. I believe that is required, so I'll keep looking. Update: Found it. Page 4 of the SCO Group's Voluntary Petition tells us that the assets are $14,800,000 and the debts are $7,500,000. That's not counting the debt the Utah court ruled Novell is owed, amount to be determined at the now postponed trial. And a note says those are approximate values, based on "the Company's consolidated and unaudited balance sheets as of July 31, 2007". Here's the most recent 10Q from April for comparison. And this is interesting. There are 21,782,164 shares of common stock, owned by only 402 holders. That explains a lot. Here's the name of any person who directly or indirectly owns, controls, or holds, with power to vote, 5% or more of the voting securities of debtor: Cede & Co. and Ralph Yarro. SCO Operations, Inc., in the Corporate Ownership Statement, says that the debtor, SCO Operations, Inc., "discloses that The SCO Group, Inc. owns 100% of the Debtor's equity interests." I remember now that when S2 signed a contract with SCO, it was with SCO Operations, described as "a Delaware corporation and a subsidiary of The SCO Group, Inc.". And I do see on the form that they list estimated assets at $1,000,000.001 to $100 million. Not too precise. And estimated liabilities are the same. Update 2: Stephen Shankland reports that this means the trial on Monday is off: IBM didn't comment, but Novell said it is evaluating its options. "U.S. bankruptcy law automatically stays the court case. We're assessing our options for how to pursue our interests," Novell said. Novell sure has had to work hard for their money. And now they will have to row the boat that little bit harder. And for those of you who bought airline tickets to go to the trial, get on the phone or online fast and cancel. |
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