SCO Plans Rebound Thanks to $100M Lifeline Feb 15, 2008, 13 :00 UTC (18 Talkback[s]) (13662 reads) (Other stories by Sean Michael Kerner)
"Embattled Unix vendor SCO may get a new lease on life, thanks to a $100 million infusion aimed at helping it emerge from bankruptcy and pursue its controversial legal claims.
"The financing comes from Stephen Norris Capital Partners (SNCP), which will take a controlling interest in SCO as part of the deal.
"'Not only will this deal position us to emerge from Chapter 11, but it also marks an exciting future for our business,' said Jeff Hunsaker, the company's president and COO of SCO Operations, in a statement..."
Linux-Watch: SCO CEO Darl McBride is on His Way Out
"While The SCO Group may go on to pursue its plans with a $100 million buyout, it will do so without its longtime CEO Darl McBride.
"Buried in the proposed MOU (Memorandum of Understanding) between Unix vendor and Linux litigator SCO and SNCP (Stephen Norris & Co. Capital Partners) is the note that 'upon the effective date of the Proposed Plan of Reorganization, the existing CEO of the Company, Darl McBride, will resign immediately...'"
