"The ability to build up a 'war chest' of cash was too
compelling to pass up--and so The SCO Group agreed to a $50 million
investment deal, announced yesterday, with investment fund BayStar
"In a media and analyst teleconference Friday, CEO Darl McBride
said he is pleased with the structure of the transaction, which is
favorable to both the company and its shareholders. 'They are
non-voting convertible shares and, once converted, the investors
will own 17.5 percent of the company's outstanding shares,' he
"SCO Chief Financial Officer Bob Bench said there is no timing
on the conversion of the shares, which are immediately convertible
and have to be redeemed in minimum batches of 100,000 common shares
at a time. There is also mandatory redemption once the stock price
reaches 150 percent of the transaction value or 20 consecutive
trading days at that level..."
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