What Happened to the SCO/York Deal?
Nov 26, 2007, 00:00 (2 Talkback[s])
(Other stories by Steven J. Vaughan-Nichols)
"Earlier this week, it seemed that the only thing between York
Capital buying SCO was the U.S. Bankruptcy Court in Delaware
turning the proposed sale down. Then, in a surprise move on Nov. 20
SCO withdrew its emergency motion asking the court to allow it to
sell its assets to York. The question of the day: why?
"The deal that York, a New York-based private investment firm,
was offering would have paid up to $36 million for SCO's
properties. Only $10 million of the deal would have been in cash.
SCO would also have gotten a $10 million line of credit to use in
its Novell and IBM court battles. If SCO/York actually won any
money from its suits, SCO would only get 20 percent of any
court-ordered awards up to $10 million..."