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Linux Online: The SCO Ship Is Listing

Dec 13, 2003, 05:30 (12 Talkback[s])
(Other stories by Michael J. Jordan)

[ Thanks to Lucas for this link. ]

"I'm sure that back in late winter, Darl McBride felt confident that SCO would be quickly bought out or some sort of settlement would be reached with IBM. Back then, their catch phrase was 'Damn the torpedoes, full speed ahead.' Now, after a very large torpedo was fired by a Utah Court, we're seeing rats abandoning a ship that is surely destined to sink. What a difference two winters make. This one is shaping up to be the winter of SCO's discontent.

"Monday, The Royal Bank of Canada, to avoid getting royally chiseled, (for lack of a more descriptive word) revised the terms of its capital-injecting contract, as did BayStar Capital, another of SCO's fair-weather friends. They can now veto that lovely 20 percent that David Boies, et al get if SCO were to win or be bought out. A Royal Bank spokesman was coy, only commenting that their investment in SCO was "made to hedge an economic exposure resulting from client transactions." While I'm still waiting for the plain-English translation from a Wall St. friend of mine, I think you'll notice the key word 'hedge' in the statement..."

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