[sllug-members]: [sllug] SCO in the news (again)

[Nelson H. F. Beebe]

This story just came in:

	http://cwflyris.computerworld.com/t/2768420/419952/98896/2/

It begins:

>> ...
>> SCO to get $100M bankruptcy bailout; McBride out if deal goes through
>> A bankruptcy court will have to approve latest proposal to save the
>> company
>>
>> By Todd R. Weiss
>>
>> February 14, 2008 (Computerworld) Five months after filing for Chapter
>> 11 bankruptcy protection as part of a reorganization effort last
>> September, The SCO Group Inc. today unveiled a potential $100 million
>> cash infusion and a plan to take the embattled company private.
>>
>> In an announcement (download PDF), Lindon, Utah-based SCO said that
>> the cash will come from Stephen Norris & Co. Capital Partners LP
>> (SNCP) and partners in the Middle East who "have agreed to provide up
>> to $100 million to finance a plan of reorganization for The SCO Group
>> Inc."
>>
>> Under the deal, which must be approved by the U.S. Bankruptcy Court
>> judge in Delaware who is reviewing the company's bankruptcy filing,
>> SNCP would gain a controlling interest in the company and take it
>> private.
>>
>> Two notable clauses are present in a 15-page "Memorandum of
>> Understanding" filed with the court by SNCP to outline the proposal:
>> SCO CEO Darl C. McBride, who has led the company since 2002, would be
>> required to "resign immediately" once the deal is completed, and SCO
>> must "continue to pursue aggressively the company's claims in the
>> Novell/IBM litigation and other pending litigation against AutoZone
>> Inc."
>> ...

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- Nelson H. F. Beebe                    Tel: +1 801 581 5254                  -
- University of Utah                    FAX: +1 801 581 4148                  -
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