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More on BayStar Request for SCO

Apr 16, 2004, 20:45 (55 Talkback[s])
(Other stories by Stephen Shankland)

SCO: BayStar Requests Redemption of 20,000 Stock Shares

[ Thanks to brewerlinux for this link. ]

"The SCO Group, Inc., the owner of the UNIX operating system, received a letter on April 15, 2004 from BayStar Capital II, L.P. requesting that SCO immediately redeem BayStar's 20,000 shares of SCO's Series A-1 Convertible Preferred Stock.

"The letter asserts that BayStar is entitled to the redemption of its shares under Article VII.A(vii) of the Certificate of Designation, Preferences and Rights of the Series A-1 Convertible Preferred Stock because SCO has allegedly breached Sections 2(b)(v), 2(b)(viii), 2(b)(viii) and 3(g) of the Exchange Agreement dated February 5 2004 among SCO, BayStar and Royal Bank of Canada, which also holds shares SCO's Series A-1 Convertible Preferred Stock..."

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CNET News: BayStar Seeks to Retrieve Investment in SCO

"BayStar Capital is seeking to get back the $20 million it invested in the SCO Group, raising issues for SCO's expensive and controversial legal campaign that argues Linux infringes its Unix copyrights.

"The move means at a minimum that SCO has more legal wrangling in its future, but it also raises the possibility that the Royal Bank of Canada, which chipped in $30 million alongside BayStar's investment in October, could follow suit..."

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