SCO details bleak future
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Reorganisation may kill it SCO has filed its latest annual report with the Securities and Exchange Commission, and it makes grim reading.â¦
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A month after a devastating legal ruling, the SCO Group said Friday it's filed for Chapter 11 bankruptcy protection while it reorganizes.
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The SCO Group has been removed from the Nasdaq Stock Market because&#160;the company declared bankruptcy in September.The stock market delisted SCO and suspended trading of its shares (SCOX) at the beginning of trading on Thursday, SCO said in a filing to the U.S. Securities and Exchange Commission. Nasdaq had told the company in September that it would be delisted, and SCO&#39;s subsequent appeal of that determination was turned down.SCO has been waging an expensive legal battle against IBM for years, claiming the company inappropriately used copyrighted SCO Unix code as part of its support of the Linux operating system. SCO suffered a major loss in that case in August when&#160;a federal judge ruled that Novell, not SCO, owned the Unix copyright. In September, the Lindon, Utah, company said the ruling might cost it US$30 million and that it had just $10.4 million in cash.In October,&#160;SCO said it had a &quot;potential&quot; buyout offer for $36 million from JGD Management, a company affiliated with investment firm York Capital Management. That deal would have to be approved by the bankruptcy court.
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Malicious hackers have once again compromised The SCO Groupâs website, the second time in as many days. The messages on the website appear to mock the companyâs ownership claims over various parts of the Linux operating system.
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The SCO Group Inc. is setting up a Web site to cover the latest happenings in its many legal disputes and as an alternative to the Groklaw.net, a popular Web site that has been highly critical of the company.
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The outlook for small UK firms has worsened in recent months, a survey from Bank of Scotland suggests.
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The Nasdaq stock exchange has threatened to delist SCO next Thursday, due to its Chapter 11 bankruptcy filing.
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In its quarterly 10-Q filing with the US Securities and Exchange Commission on Tuesday, UNIX provider SCO Group expressed its fears that, if it were faced with a judgment ordering it to pay Novell for several years of using UNIX trademarks recently found to have been owned by Novell all this time, it may not be able to continue business.
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SCO is sick and tired of being &quot;dissed&quot; by online bloggers and journalists, and it&#39;s not going to take it anymore. So, it&#39;s launching its own Web site to tell its side of the story concerning its many legal disputes.
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Patent lawyers' benevolent fund 86'd in ticker bicker Battered unix patent warrior SCO has been booted from the Nasdaq after it lost an appeal against delisiting by the New York technology market.â¦
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A DAMNING report into the growing pensions crisis will today warn of stark choices facing the next generation of workers in Wales.
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An anonymous reader writes &quot;SCO has filed for another delay in the case against IBM. The article reports that &#39;According to filings in the case, SCO is looking to buy time until the court can hear its arguments compelling IBM to release more information.
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(InfoWorld) - With its cash reserves running out, the SCO Group has filed for bankruptcy protection. The Lindon, Utah, company made the announcement in a news release issued Friday afternoon. "The Board of Directors of The SCO Group unanimously determined that Chapter 11 reorganization is in the best long-term interest of SCO and its subsidiaries as well as its customers, shareholders, and employees," the statement said. SCO expects to "maintain all normal business operations throughout the bankruptcy proceedings." Once a respected vendor of the Unix operating system, SCO is now best known as the plaintiff inÂ a long-running lawsuit against IBMÂ related to the computer giant's support of the Linux operating system. SCO has claimed that IBM inappropriately contributed to the development of Linux, but SCO's critics say that the lawsuit was simply a desperate attempt to reach a financial settlement from IBM, which has invested heavily in Linux over the years. The lawsuit had proved to be a costly one. SCO has been losing money for years as it has racked up millions of dollars in legal fees and seen its core Unix software business decline. Last month, it suffered a major legal setback asÂ a federal judge ruled that Novell, not SCO, owns the Unix copyright and that SCO would have to pay Novell for past licensing deals it had struck with Sun and Microsoft. The case is due back in court on Monday, when a judge is to begin evaluating how much SCO has to pay Novell. It was unclear Friday how the Chapter 11 filing might affect Monday's proceeding. SCO's stock has been hammered since March of 2003, when it first filed suit against IBM. On Friday it closed at $0.37, down 43 percent on the bankruptcy news. Â
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SCO Group's faltering attack on Linux faces another threat as Big Blue files motion seeking dismissal of contract claims.
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A troubled company in the troubled housing sector.
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SCO, possibly one of the few companies to regard litigation as its main revenue stream, is considering scrapping plans to launch a corporate &quot;pro-SCO&quot; law and review site.
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A month after a devastating legal ruling, The SCO Group says it's filed for Chapter 11 bankruptcy protection while it reorganizes.