Notice of Agenda for SCO Bankruptcy Hearing on the 27th
Jan 26, 2010, 14:04 (0 Talkback[s])
(Other stories by Pamela Jones)
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"The Notice of Agenda [PDF] is up, letting us know what will be
handled on the 27th in bankruptcy court. All that is on the
schedule is the motion [PDF] by Edward Cahn, SCO's Chapter 11
trustee, to approve SCO board members issuing some stock options to
themselves after they forgot to timely do so, without first seeking
approval or apparently even telling Mr. Cahn first. The story is
they voted in August to issue them, but then they forgot to
actually do so for some months.
"I don't know why they bother with all the paperwork. In
bankruptcy court in Delaware, the corporate debtor always wins and
creditors get nothing, from what we've seen, or at least 99% of the
time. They seem to like it that way. Approving this motion ...
well, it sticks in my craw, for all the reasons I painstakingly
outlined when SCO filed this beaut of a motion, mainly because of
SCO's 2004 Change of Control Agreement, which I believe means this
motion will drain money from the company, not pull it in, when it
comes to the end of the almost impenetrable plan, but I'm not the
one who gets to decide."