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SCO Files for Chapter 11 Bankruptcy

Zonk posted more than 6 years ago | from the a-true-catastrophy dept.

Caldera 421

Can you say "the SCO, the" in German? writes "Trading of SCO's stock has been halted on news that SCO has filed for Chapter 11 Bankruptcy. This move just so happens to fall on the eve of SCO's trial with Novell. One would think that their prior boasts were mostly bluster, that they believe they have almost no chance of prevailing at trial, and that they're now desperate to protect their executives from SCO's creditors while seeking yet another delay. From the release: 'The SCO Group intends to maintain all normal business operations throughout the bankruptcy proceedings. Subject to court approval, SCO and its subsidiaries will use the cash flow from their consolidated operations to meet their capital needs during the reorganization process. "We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations," said Darl McBride, President and CEO, The SCO Group. "Chapter 11 reorganization provides the Company with an opportunity to protect its assets during this time while focusing on building our future plans."'"

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Sad, sad news (5, Funny)

eln (21727) | more than 6 years ago | (#20608199)

I know I'm going to be crying myself to sleep tonight.

Re:Sad, sad news (5, Funny)

snowgirl (978879) | more than 6 years ago | (#20608267)

YAY! Party at my place everyone! Champange for all! :)

Re:Sad, sad news (1)

computechnica (171054) | more than 6 years ago | (#20608353)

Karmas a Bitch

Re:Sad, sad news (0, Offtopic)

inode_buddha (576844) | more than 6 years ago | (#20608397)

Damn... not only did I *just* use up all my mod points, I also submitted a similar story just minutes before this one...

Rep John Boehner: A Lying Thief +1, Helpful (-1, Offtopic)

Anonymous Coward | more than 6 years ago | (#20608489)


Together you WON'T you lying bunch of thieving cocksuckers [youtube.com]

BEST STORY EVER (-1, Offtopic)

tacokill (531275) | more than 6 years ago | (#20608205)

And I got first post.

:)

Re:BEST STORY EVER (-1, Offtopic)

Anonymous Coward | more than 6 years ago | (#20608247)

Ooops, Try Again ;)

uhhh (-1, Offtopic)

Anonymous Coward | more than 6 years ago | (#20608249)

actually you failed it pretty hard.. are you proud now?

Get out the violin (5, Funny)

ackthpt (218170) | more than 6 years ago | (#20608209)

And tell the fat lady to start warming up.

It's been a long time coming, but still they had to know this day would arrive. If shareholders weren't really in it for the crapshoot of beating IBM and Novell for $Billion$ they'd have a case against Darl and his lot for running the business into the ground pursuing frivolous lawsuits.

SCO's income from normal opperations must be down to a trickle with Linux and Windows Server vying for most of the market.

Emerge from Chapter 11? I can't see how, unless somehow there was a reversal of court decisions and they're doing nothing to grow their product market.

Re:Get out the violin (1)

sconeu (64226) | more than 6 years ago | (#20608323)

Emerge from Chapter 11? I can't see how, unless somehow there was a reversal of court decisions and they're doing nothing to grow their product market.

Duh! Haven't you listened to Darl? Their mobile SCO Me scam is going to make BILLIONS!!! It's to teh moon!

Re:Get out the violin (1)

Duhavid (677874) | more than 6 years ago | (#20608371)

My take...

SCO is doing this to make Novell into a creditor with respect to the
money SCO owes to Novell.

I dont know if this is something to celebrate or not.

Re:Get out the violin (5, Insightful)

trolltalk.com (1108067) | more than 6 years ago | (#20608517)

"SCO is doing this to make Novell into a creditor with respect to the money SCO owes to Novell."

Won't work. Novell's claim isn't as a creditor. Their claim is "equitable", meaning that SCO is holding theor property ($$$), not that SCO owes them money. When you go bankrupt, anyone who can show that they own property you're holding on to can claim it from the trustee.

This happens a lot with vending machines, for example, when a plant goes bust. The owner proves that the machine is theirs (not leased or anything - it really is theirs), and they then get to pick it up.

Since Novell already has a judgment saying that SCO is guilty of conversion, and the question is "how much", they have a prior claim to the property (money) in question. SCO is dead.

Re:Get out the violin (1, Insightful)

Anonymous Coward | more than 6 years ago | (#20608403)

Finally the question is answered: why didn't IBM just buy SCO? Because SCO's liabilities exceeded its worth! Why pay for something of negative worth?

w00t!!!! (4, Informative)

sconeu (64226) | more than 6 years ago | (#20608231)

I think PJ needs to send the red dress to the cleaners, so it will be ready when she needs it!

Re:w00t!!!! (0, Troll)

Neanderthal Ninny (1153369) | more than 6 years ago | (#20608375)

What about the blue dress Monica?

Re:w00t!!!! (1, Interesting)

Anonymous Coward | more than 6 years ago | (#20608689)

For those of us who aren't regular Groklaw readers, what is the red dress?

Oh man... (5, Funny)

Anonymous Coward | more than 6 years ago | (#20608241)

Where's my tiny violin?

Dear Darl, (2, Funny)

middlemen (765373) | more than 6 years ago | (#20608257)

Good things come to those who wait !
Regards, Destiny

Re:Dear Darl, (5, Insightful)

IP_Troll (1097511) | more than 6 years ago | (#20608649)

I don't want to rain on anyone's parade, but this is not good. Bankruptcy is like a protective cocoon that keeps businesses with cash problems safe from creditors. It is a way for SCO to stall further.

Bankruptcy prevents an entity's creditors from forcing liquidation of the entity's assets. If Novell won it's case against SCO, Novell could enforce it's judgment against SCO and force SCO to dissolve. If SCO was dissolved the case against IBM would disappear. Now that SCO has filed for bankruptcy it is protected from its creditors. Therefore Novell cannot get the licensing fees SCO owes it, and SCO can continue to exist.

Filing for bankruptcy is not SCO tossing in the towel, it is more like SCO knows it is going to lose, and is now trying to bite off Novell's ear to get Disqualified instead of Knocked Out.

Let me be one of the first to say (0)

Anonymous Coward | more than 6 years ago | (#20608269)

It couldn't happen to better people. SCO has a long history of being run by crooks (the original Doug and Larry Michaels boys were complete crooks, even screwing the original employees when they could), and Daryl and company are cut from the same cloth.

I wish that I could say that this was the last that we've seen of SCO, but I doubt it.

Re:Let me be one of the first to say (1)

compro01 (777531) | more than 6 years ago | (#20608349)

I wish that I could say that this was the last that we've seen of SCO, but I doubt it.

the evil that corporations do...

Re:Let me be one of the first to say (1)

MightyMartian (840721) | more than 6 years ago | (#20608605)

Let the SEC investigation and the shareholder lawsuits begin! Actually, I think the shareholders are getting their just deserts. Maybe in the future they won't invest in a company whose business plan is "We're gonna sue people and extort licensing fees."

One word (4, Funny)

lurker412 (706164) | more than 6 years ago | (#20608273)

Can you say Schadenfreude in English?

Re:One word (4, Informative)

hpa (7948) | more than 6 years ago | (#20608405)

According to Wikipedia [wikipedia.org] the English term is epicaricacy.

Re:One word (2, Insightful)

thsths (31372) | more than 6 years ago | (#20608935)

> According to Wikipedia the English term is epicaricacy.

Isn't that just a Greek word instead of a German word? (And one that nobody understands, too?)

Re:One word (1)

mike2R (721965) | more than 6 years ago | (#20608431)

Yup, you say schadenfreude. Yet another word taken by the Borg.

Re:One word (1, Informative)

Anonymous Coward | more than 6 years ago | (#20608523)

Not exactly, but Gloating [wikipedia.org] is close, and in which schadenfreude appears as a See reference. Also, if not limited to one word, "malicious glee" might fit.

Re:One word (4, Funny)

Mr. Underbridge (666784) | more than 6 years ago | (#20608581)

Can you say Schadenfreude in English?

Yes. It's pronounced "ha HA!", preferably in a high-pitched, somewhat nasal voice reminiscent of a certain cartoon character.

Re:One word (0)

Anonymous Coward | more than 6 years ago | (#20608713)

The way it's written reads like the way Nelson laughed when Homer was tripping.

Yay... (3, Funny)

Inferger (1007151) | more than 6 years ago | (#20608275)

Ding dong the witch is dead!

Re:Yay... (2, Funny)

lottameez (816335) | more than 6 years ago | (#20608921)

[gurgle] I'm not quite dead.

It's Been Fun (5, Insightful)

eldavojohn (898314) | more than 6 years ago | (#20608287)

Wait ... no it hasn't.

For those of you who bought SCOX stock in hopes that they would win this case, you had better sell it. In the past 20 minutes, it has dropped from $0.66 to $0.37 cents (and still is dropping).

We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations.
Would you care to list those products, support & services?

According to your market data your net income was a $16.6 million loss. And when your total revenue was under $30 million, you really shouldn't even try to keep operating. Why is this Chapter 11? I guess it's going to come down to one unkillable lawyer with SCO tattooed on his chest. At that point, we'll have to call an exorcist.

Re:It's Been Fun (1)

arth1 (260657) | more than 6 years ago | (#20608377)

For those of you who bought SCOX stock in hopes that they would win this case, you had better sell it. In the past 20 minutes, it has dropped from $0.66 to $0.37 cents (and still is dropping).

I thought chapter 11 protection included an immediate halt on stock trade?

Re:It's Been Fun (1)

veganboyjosh (896761) | more than 6 years ago | (#20608425)

yeah, apparently reading the first few words of the summary is above some...

Re:It's Been Fun (5, Funny)

MBGMorden (803437) | more than 6 years ago | (#20608897)

Damn. I read the post and figured I could by out the company tommorow for $15-20. Not that I want it but wouldn't it ROCK to give someone SCO as a gag gift for Christmas?

Re:It's Been Fun (0)

Anonymous Coward | more than 6 years ago | (#20608925)

I thought chapter 11 protection included an immediate halt on stock trade?

Not according to google finance.

There was a trade of 100 shares at $0.61 at 13:08 pm (worth $61) and then somewhere after 15:30 people started unloading (and other people were foolish enough to buy) tens of thousands of shares as the price fell to $0.37/share (10,000 shares at $0.37/share would be worth $3,700). The total volume traded was 490,000 - which at the closing price would be worth $181,000.

Pump and dump (4, Interesting)

l2718 (514756) | more than 6 years ago | (#20608529)

From the point of view of SCO's execs, this has been a pump-and-dump scheme: they filed the IBM (and Novell) lawsuits, got the stock to soar on the hype and in the years since have been quietly selling their stock. But there are others with a stake here (remember all the cash infusions MS arranged?), who probably want the lawsuits to continue. I wonder what the judge thinks now about Novell's motion for a constructive trust?

Re:It's Been Fun (4, Informative)

jonbryce (703250) | more than 6 years ago | (#20608693)

Too late. Your stock price feed most likely has a time delay built in. Trading will have been halted as soon as the news comes out. This is the insiders dumping their stock before the news gets out.

OMG FIRE THAT MAN (0)

Anonymous Coward | more than 6 years ago | (#20608289)

They haven't fire Darl yet?!

What SCO told the court (4, Interesting)

rewt66 (738525) | more than 6 years ago | (#20608291)

I seem to recall[*] that SCO told the court that there was no need for a constructive trust to protect Novell's money, since they (SCO) were in no danger of bankruptcy.

Now SCO is facing the exact same judge on Monday morning over the issue of how much money they owe Novell. I predict an interesting day in court ;-)

* OK, I was reminded of it by something someone (anonymous, so I can't give credit) said on Groklaw.

Re:What SCO told the court (2, Informative)

LouisJBouchard (316266) | more than 6 years ago | (#20608563)

There will be no court case on Monday. The Bankruptcy filing effectively stays the lawsuit until SCO is reorganized or the Bankruptcy judge removes the stay.

I am thinking the later will happen. I am sure the Novell will file that SCO is really a fiduciary for their assets under the contract and as such, they get first dibs on SCO's assets. In order to find out how much Novell gets though, the case will have to be heard and ruled on. Therefore, the Bankruptcy court judge will lift the stay on the trial.

Re:What SCO told the court (1)

rewt66 (738525) | more than 6 years ago | (#20608827)

I doubt it. I suspect that there's a court case on Monday unless Judge Kimball says that there isn't, and I suspect that he is quite unlikely to do so. Remember, about all that's left of the case is how much of Novell's money is SCO holding and refusing to give to Novell. SCO going bankrupt doesn't alter the case, it merely adds more urgency to it.

Judge Kimball has next week off (4, Insightful)

overshoot (39700) | more than 6 years ago | (#20608885)

I suspect that there's a court case on Monday unless Judge Kimball says that there isn't,
Bankruptcy automatically stays all other civil proceedings. Which is, when you get down to it, what today's filing is all about.

Obvious (1)

morgan_greywolf (835522) | more than 6 years ago | (#20608297)

They're trying to avoid get dismantled bit-by-bit by the Novell suit. The Chapter 11 reorg will protect them from getting decimated by Novell when they win their countersuit. So even if Novell wins, they don't get to take it out of SCO's hide until and unless the bankruptcy judge says os.

Wrong word (2, Informative)

R2.0 (532027) | more than 6 years ago | (#20608755)

"The Chapter 11 reorg will protect them from getting decimated by Novell when they win their countersuit"

"Decimated" means destroying 1 in 10. IIRC, if a unit in the Roman Legion was cowardly|treasonous|bad, they counted off by 10's, a number was picked, and whoever had that number was beaten to death by the otehr 9 "luck ones".

I don't think Novell or IBM want SCO "decimated". I think "obliterated" is more appropriate.

Re:Obvious (2, Informative)

SillySlashdotName (466702) | more than 6 years ago | (#20608829)

Not sure what they are trying to do, but it isn't what you said.

They have already been found to be guilty of conversion - taking something that Novell owns (the royalties they were owed) and keeping it for themselves (TSCOG).

Bankruptcy or no bankruptcy, they have to give Novell what ALREADY belongs to Novell.

They were obligated by contract to give the royalties to Novell BEFORE any bankruptcy, they are still required to give them AFTER any bankruptcy.

The only point to be determined by the court is HOW MUCH TSCOG kept that they should not have kept. Whatever that amount, bankruptcy has not effect on their LEGAL REQUIREMENT to GIVE IT BACK TO NOVELL.

If - which is NOT the case - Novell had gone for punatitive damages or any other kind of damages, then the bankruptcy would have had some effect. As it is, it doesn't (at least not in reguards to Novell).

Re:Obvious (3, Informative)

Todd Knarr (15451) | more than 6 years ago | (#20608833)

Not quite. In the case of the royalty money, the rulings thus far are that the royalties are Novell's, not SCO's, money. There's a question of the dollar amount to be determined, but that money isn't a debt owed to Novell so bankruptcy doesn't shield it. Read up on "conversion", which is the term the judge used. If you steal money from someone, you can't use bankruptcy protection to retain it since it's not yours in the first place.

Darn . . . (1)

div_2n (525075) | more than 6 years ago | (#20608301)

Does this mean I'll have to change my sig soon?

Re:Darn . . . (2, Funny)

kryten_nl (863119) | more than 6 years ago | (#20608637)

May I suggest:
"Don't just bitch about OOXML and patent trolls, put your money where your mouth is.
Donate to Groklaw today."

And now, ladies and gentlemen... (3, Funny)

Spy der Mann (805235) | more than 6 years ago | (#20608309)

the tune you've all been waiting to hear.

*drum rolls*

Ding Dong! The Witch is dead. Which old Witch? The Wicked Witch!
Ding Dong! The Wicked Witch is dead.
Wake up - sleepy head, rub your eyes, get out of bed.
Wake up, the Wicked Witch is dead.

Chapter 11 (3, Informative)

arth1 (260657) | more than 6 years ago | (#20608319)

Chapter 11 is bankruptcy protection. A company can emerge from chapter 11 (SGI did), but it's usually a preamble to a chapter 7, which means liquidation and game over, pal.

Re:Chapter 11 (4, Informative)

Anonymous Coward | more than 6 years ago | (#20608657)

No, it's not. Chapter 11 is reorganization of credit, usually done by businesses or individuals with large assets. It's in no way a preamble to chapter 7. If you can't prove that you will be able to reorganize your credit / business and keep your financial obligations, you cannot file chapter 11. It's not like you pick chapter 11, give it a shot, and when you fail, liquidate. It's one or the other. The only thing you said that makes any sense is the word protection - chapter 11 is commonly referred to as protection because you are being protected from involuntary bankruptcy (i.e. your creditor initiated the proceedings after non-payment) while you determine a strategy for payment / growth.

Re:Chapter 11 (4, Interesting)

peragrin (659227) | more than 6 years ago | (#20608691)

This is because Novell recently claimed that it should recieve 100% of the Sun & MSFT Sco Source deals plus 7% interest. The APA SCOX loves so much says Novell recieves 100% with Novell refunding 5% back as adminstrative fees.

Either way 95% is roughly 5 million dollars more than all of SCO's value Liquidated. I wonder if the bankruptcy trustee can declare Darl Mcbride's million dollar bonus for those two sales as invalid and ask for it back? I do hope so.

They're buying a bit of time (0)

Anonymous Coward | more than 6 years ago | (#20608717)

They had the choice of going into chapter 11 now or being forced into chapter 7 next week. The advantage to them of chapter 11 is that the management team stays intact. I'm not sure how much good this will do them though. It's a pretty transparent move and the judge in the IBM and Novell cases has indicated that he is fed up with them.

My guess is that he will grant Novell's request for a constructive trust on Monday or Tuesday. That basically means that Novell owns all the money that SCO has. Bankruptcy doesn't protect against a constructive trust. It isn't money that SCO owes to Novell, it is actually Novell's money that SCO is holding for them. It's like you lent your friend your car for a day and he went bankrupt. It's your car and the bankruptcy trustee can't touch it. Anyway, the moment the constructive trust is granted, Novell will sue SCO into chapter 7. The trustee will then kick Darl and co. out the door and change the locks.

How much time has this little trick bought SCO. Not much I'll bet. Oh yes; just going into bankruptcy doesn't stop the court cases although we may or may not see some delay. Monday's trial may turn into a hearing about the constructive trust.

This whole thing will be over when the bankruptcy trustee settles with IBM and Novell on whatever terms they dictate. Then the judge will slap sanctions on SCO's lawyers and the SEC will finally step in to investigate a possible pump and dump stock fraud and Darl has to worry about Lanham act violations and ...

FSCK YEAH! (0)

Anonymous Coward | more than 6 years ago | (#20608343)

The following is completely uninformative, but I have waited quite a while to post this:

FSCK YEAH! Knew this was going to happen the first moment SCO started claiming Linux. Bite me SCO!

Re:FSCK YEAH! (5, Funny)

QRDeNameland (873957) | more than 6 years ago | (#20608461)

This is the internet...you can say "FUCK" here. In fact, when discussing SCO, I believe it's mandatory.

Ahhhh.... Good times. (1)

mpaque (655244) | more than 6 years ago | (#20608347)

Good times. Bankruptcy, so SCOX stock gets written down as worthless, and I never have to cover.

DFWT (5, Funny)

sayfawa (1099071) | more than 6 years ago | (#20608351)

Don't Fuck With Tux

Since there's many distros out there... (0)

Anonymous Coward | more than 6 years ago | (#20608661)

...it would more properly (and politely) be said:

"Don't Mess With Tuxes"

(sorry, couldn't resist... and yes, I am in the Lone Star State ;-)

Who are these people? (4, Funny)

mcmonkey (96054) | more than 6 years ago | (#20608357)

We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations

Aside from the lawyers for whom SCO is a source of billable hours, who relies on SCO for any products, support, or services? Are these the same folks looking to George W. for stategic planning? The masses going to Michael Vick for pet care tips? OJ for public relations?

Re:Who are these people? (4, Interesting)

Bill Dimm (463823) | more than 6 years ago | (#20608591)

Just two weeks ago:
Sberbank (Savings Bank Of The Russian Federation) Chooses SCO's OpenServer 6 to Upgrade Thousands of Servers [yahoo.com] .
They must be feeling really good about that decision now.

Re:Who are these people? (1)

mcmonkey (96054) | more than 6 years ago | (#20608763)

Sberbank (Savings Bank of the Russian Federation) is the leader of the Russian banking industry, accounting for over a quarter of national banking assets and remains the largest bank in Russia and Central and Eastern Europe in terms of Tier I capital and assets.

Wow. That's just...wow.

Thanks for the mods. (1)

mcmonkey (96054) | more than 6 years ago | (#20608677)

I appreciate the 'Funny' mods for my snarky comment, but seriously, does this company have any customers left?

I guess you have MS using SCO as a proxy for fighting Linux, but other than that?

Use SCO's bandwidth... (2, Informative)

zoikes (182347) | more than 6 years ago | (#20608399)

read about the Chapter 11 filing here:
    http://ir.sco.com/releasedetail.cfm?ReleaseID=264124 [sco.com]
...and put a *wee* bit more pressure on their dwindling bankroll. ;)

Re:Use SCO's bandwidth... (1)

e6003 (552415) | more than 6 years ago | (#20608709)

Minor nitpick but SCO's Investor Relations site is outsourced so you won't directly use SCO's bandwidth:

host ir.sco.com
ir.sco.com is an alias for cald.client.shareholder.com.
cald.client.shareholder.com is an alias for webcenter360.shareholder.com.
webcenter360.shareholder.com has address 170.224.5.57
ir.sco.com is an alias for cald.client.shareholder.com.
cald.client.shareholder.com is an alias for webcenter360.shareholder.com.
ir.sco.com is an alias for cald.client.shareholder.com.
cald.client.shareholder.com is an alias for webcenter360.shareholder.com.

host sco.com
sco.com has address 132.147.63.12
sco.com mail is handled by 10 mail.ut.sco.com.

come back? nah (4, Insightful)

PureCreditor (300490) | more than 6 years ago | (#20608407)

even if SCO emerges from Chp 11 with a nice updated product line, they've already lost their credibility, good will, and confidence of customers. Who wants to buy anything from a company who might ending up suing you for no particular reason?

There are tons of good Unix and Linux distributors out there... no reason to choose SCO anymore.

You want free and good? Linux and BSD. You want enterprise level? IBM and Sun. You want Windows-based? Dell and HP. You wanna convert your entire revenue stream into attorney fees billed at $400/hr? Take SCO.

Re:come back? nah (0)

Anonymous Coward | more than 6 years ago | (#20608823)

Correction,

You want Enterprise UNIX? IBM, Sun, _AND_ HP Dammit!

Thanks,
A Certified HP-UX System Administrator

HP-UX lives, you know, on those big ass servers?

Everything I know I learned in kindergarden... (1)

linuxwrangler (582055) | more than 6 years ago | (#20608453)

Why does this remind me of the little sister who smacks her big brother then immediately crys "mommy, he's picking on me" when he pushes her back?

We scrapped all our remaining SCO stuff and completed converting to Linux. There will be no tears here when SCO is dead and buried.

Re:Everything I know I learned in kindergarden... (2, Funny)

sconeu (64226) | more than 6 years ago | (#20608627)

That happened to me all the time, but it was my big sister, who took shameless advantage of my dad's ironclad rule, "You don't hit girls. Period."

Re:Everything I know I learned in kindergarden... (2, Funny)

Pojut (1027544) | more than 6 years ago | (#20608789)

"I would never....EVER hit a woman, man, never...but I'll shake the shit outta a woman." -Chris Rock

customers? (1)

Sczi (1030288) | more than 6 years ago | (#20608457)

We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations

I'm sure both customers are greatly comforted by those kind words of encouragement.

I imagine more of the low level workers must have to drink themselves to sleep at night.. and I bet they're having an epidemic of office supply theft right about now =]

Too bad they ruined the name of SCO (2, Informative)

ishmalius (153450) | more than 6 years ago | (#20608477)

The original SCO, the Santa Cruz Operation, made some good software. We had several servers running it many years ago, along with a few with re-branded "Dell Unix." It's a shame that the original company will be forgotten because of this current abomination.

Re:Too bad they ruined the name of SCO (0)

Anonymous Coward | more than 6 years ago | (#20608839)

Agreed. I designed a system using XENIX and we got uptimes of 1 year or more at dozens of sites on Dell 483/33 machines well before Microsoft had ANY 32-bit O/S (early 90's). The old SCO products were excellent, if not a bit pricey. It is a shame that The SCOG is dragging the name SCO through the mud but "the evil that men do lives after them, the good is oft buried with their bones".

Acronym... (2, Funny)

BUL2294 (1081735) | more than 6 years ago | (#20608483)

SCO = Someone Cashed Out

Caldera?! (1, Interesting)

Anonymous Coward | more than 6 years ago | (#20608495)

Hmm, can /. finally get rid of that Caldera logo? Maybe the articles that are only in that category can be archived somewhere. Now what would be a good spot? Me thinks /dev/null will do fine -.-'

"The SCO" auf Deutsche, bitte... (0)

Anonymous Coward | more than 6 years ago | (#20608501)

should be translated as "Die Strittigen Bastarde"

One Liners (1)

Eberlin (570874) | more than 6 years ago | (#20608505)

1) I guess I was the only one who sent my $699 for my copy of Kubuntu.

2) They can sell their furniture to Microsoft -- I hear they could always use more chairs.

3) Two words, guys -- "bake sale"

I'm just glad these extortion deals about copyrights and patents are sorted out -- I mean after this, nobody's going to strongarm linux distros into signing patent protection agreements...ever...right? Um...right?

Incidentally, where are the folks from Yankee Group (Laura Didio, etc) who were so damn sure SCO was right? Wonder if their credibility has been appropriately damaged in all of this.

In their own words .. (1)

talexb (223672) | more than 6 years ago | (#20608507)

And here it is, in their own word [sco.com] . SCOX is now trading at $.37, down from an open of $.65. Geez, and the whole thing seemed like such a good idea almost five years ago.

what about their not bankrupt statements? (1)

poetmatt (793785) | more than 6 years ago | (#20608561)

I'm questioning how this comes into play after statements like this one [networkworld.com] or this one? [groklaw.net] ?

Is Novell going to have an even stronger case against them since they never said once anything about bankruptcy? Beyond the judge having to make some calls on monday due to this, does this get SCO off the hook? (I'd hope not)

Um.... what? (1)

MrToast (789068) | more than 6 years ago | (#20608569)

Title: "SCO Files for Chapter 11 Bankruptcy" Quote from SCO CEO: "We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations." Have I missed something?

Good Job Darly! (4, Funny)

SloWave (52801) | more than 6 years ago | (#20608573)

Now he's available for the Head of FEMA position.

Stock plummetage (1)

dacarr (562277) | more than 6 years ago | (#20608575)

Note too that the stock plummeted by nearly half at the tail end of today's trading day owing to the news, and at last report it is at thirty seven cents.

Re:Stock plummetage (5, Informative)

jenkin sear (28765) | more than 6 years ago | (#20608633)

Actually, it plummeted as the insiders and people with inside knowledge traded out- trading is halted as soon as chapter 11 is filed. It might be interesting to see who actually sold today in the minutes prior to the announcement. The SEC has been known to take a close look at that in the past.

MOD PARENT UP (1)

dacarr (562277) | more than 6 years ago | (#20608837)

Ah, OK. Thank you for the insight. If I had mod zorch, I'd +1 informative you. =)

Re:Stock plummetage (0)

Anonymous Coward | more than 6 years ago | (#20608899)

Actually, that's not true. See here: SEC Bankruptcy FAQ [sec.gov]

It says:

A company's securities may continue to trade even after the company has filed for bankruptcy under Chapter 11. In most instances, companies that file under Chapter 11 of the Bankruptcy Code are generally unable to meet the listing standards to continue to trade on Nasdaq or the New York Stock Exchange.

NEWSFLASH (3, Funny)

thrillbert (146343) | more than 6 years ago | (#20608599)

Emerald City, Oz. - It was announced today that Darl McBride, President and CEO, The SCO Group has conceded his defeat regarding the Copyright Infringement case against IBM a few years ago and will file for Chapter 11 protection. Mr. McBride was quoted as saying "Chapter 11 reorganization provides the Company with an opportunity to protect its assets during this time while focusing on building our future plans."

When asked about these future plans, Mr. McBride announced his intention to sue every single internet user, based on the fact that the Internet became as popular as it did due to traffic running on products that were based on SCO intellectual property. "I personally was the creator of these tubes and filed for a patent back in 1956". Mr. McBride became irritated when this reporter informed him that the Internet did not in fact run through tubes, rather through optical lines and copper cables. "Where have you been? You must have missed my good friend Ted Stevens describing how the internet was a series of Tubes, just stick to what you know, which is ... ah.. whatever it is you reporters do.."

Reporting live from Emerald City, this is T. Bert signing off.

How about they do something to suprise us all? (1)

drspliff (652992) | more than 6 years ago | (#20608665)

When SCO goes into insolvency and eventually gets liquidated - what happens to the operating systems they've developed.

Ideally they could do something to suprise us all and release everything under a BSD or MIT style license (or even public domain), but presuming no executive there is sane enough to do that... what will they do?

I know it's just speculation, but it'd be nice to have another real UNIX derivative open up to the community along the same lines as Solaris and (I know it's not UNIX and not really open source) QNX.

Just my two pence :) - Dr.

Re:How about they do something to suprise us all? (1)

e6003 (552415) | more than 6 years ago | (#20608883)

Apart from OpenServer, which is SVR3.2-based, they don't have much. The Court ruling is that Novell owns the copyrights to SVR4 and the general consensus on Groklaw and Investor Village SCOX board is that SCOs old and new added very little new to UNIXWare post-1995 that they can claim copyright on. Even if they did, part of their whole problem is that SVR4 is a mess copyrights-wise with lots of Intel, Microsoft and even unattributed BSD code in there. Forget open-sourcing it, it's not going to happen.

"the SCO, the" (4, Informative)

Scooter[AMMO] (98851) | more than 6 years ago | (#20608675)

For those that don't get the reference to "the SCO, the" in German, it comes from Episode 9F22 "Cape Feare" of the Simpsons.

Sideshow Bob is applying for parole claiming that he wouldn't pose a danger to Bart:

Lawyer: "Don't you have a tattoo that says 'die, Bart, die' on your chest?"
Sideshow Bob: "No! That's German. It means 'the Bart, the'".
Parole Officer 1: "No one who speaks German could be an evil man!"
Parole Officer 2: "Parole granted!"

STILL claiming UNIX in the press release! (4, Interesting)

Tracy Reed (3563) | more than 6 years ago | (#20608743)

The press release http://ir.sco.com/releasedetail.cfm?ReleaseID=264124 [sco.com] says:

"SCO owns the core UNIX operating system, originally developed by AT&T/Bell Labs and is the exclusive licensor to UNIX-based system software providers."

Those SCO guys are a real pantload! Hahahahah

Do they have any customers? (1)

AmazingRuss (555076) | more than 6 years ago | (#20608779)

"The SCO Group intends to maintain all normal business operations throughout the bankruptcy proceedings. Subject to court approval, SCO and its subsidiaries will use the cash flow from their consolidated operations to meet their capital needs during the reorganization process."

I haven't heard of anyone running SCO since the early 90's. Does reorganization mean "moving our stuff out of the building"?

Typos. Re:Do they have any customers? (1)

Erris (531066) | more than 6 years ago | (#20608911)

The press release contained some typos. It should have read:

"We want to assure our customer and partner that they can continue to rely on SCO products, support and services for their business critical operations," said Darl McBride.

You know how these commercial software operations like to hype things.

fuck a Troolkore (-1, Troll)

Anonymous Coward | more than 6 years ago | (#20608785)

About Who can rant

As Ace Ventura Says... (1)

rockabilly (468561) | more than 6 years ago | (#20608795)

YES! YES! YES!

Ummm (1)

pionzypher (886253) | more than 6 years ago | (#20608817)

"We want to assure our customers and partners that they can continue to rely on SCO products, support and services for their business critical operations," said Darl McBride, President and CEO, The SCO Group.

Anyone still running on SCOs stuff is, I'm sorry... either a moron or so deep in legacy systems that they need a snorkle. This isn't a sudden turn of events. So just who is Darl trying to reassure? The people who have migrated away from SCO? Or the people who can't?

Truly the right time... (1)

HerculesMO (693085) | more than 6 years ago | (#20608869)

to use the tag so often used inappropriately.

"haha"

Too bad that Darl has likely pocketed millions. (1)

Maul (83993) | more than 6 years ago | (#20608893)

While it is nice to see that SCO is likely going under after all the crap Darl & Co. have pulled, it is likely that the corporate executives have already pocketed millions while letting the computer crash under the weight of their bogus lawsuit. Hopefully criminal fraud charges can be brought against the SCO execs, but I'm not holding my breath.

Does anybody find it odd... (5, Interesting)

br1an.warner (1089965) | more than 6 years ago | (#20608901)

That in their press release, they say "SCO owns the core UNIX operating system..." ? Maybe they missed what happened in August? Link to the article on Groklaw [groklaw.net]

Executives (1)

the eric conspiracy (20178) | more than 6 years ago | (#20608915)

"and that they're now desperate to protect their executives from SCO's creditors while seeking yet another delay"

Executives have no risk from creditors unless criminal conduct can be shown, or it can be shown that SCO did not operate as a corporation. It is very rare for these conditions to occur. The only thing Darl and his buddies are at risk for is unemployment.

The main reason to form a corporation is to protect the owners and principals of the corporation from personal liability. This is why you see phrases like 'Limited Liability Corporation'.

Bullies begone (1)

geekmansworld (950281) | more than 6 years ago | (#20608919)

Let this be a lesson to Microsoft and all other technologies companies looking to use the legal system to unfairly bully and intimidate the true innovators of the industry.

We make technology, not lawsuits.
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