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| Hearing Agenda and Novell Asks for All Notices |
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Wednesday, October 03 2007 @ 08:04 PM EDT
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More bankruptcy filings. No objections have been filed, so some matters don't need a hearing, but others will be continued and heard later, either at the omnibus hearing in November, or when events make it appropriate. For example, SCO's request for privacy and to be able to keep certain things from the creditors has to wait until there is a creditors' committee set up. I don't exactly see how the creditors have had time to object to anything, but if I represented SCO, I'd want to hurry up and get things sped through like lightning myself. In any case it looks like Friday's hearing will be mighty uneventful, looking at the schedule. However, there are a couple of issues raised by the trustee or the court, like the incentive bonus, but they'll be handled at later hearings.
Here's the list of filings on the docket:72 -
Filed & Entered: 10/03/2007
Notice of Matters Scheduled for Hearing (B)
Docket Text: Notice of Agenda of Matters Scheduled for Hearing Filed by The SCO Group, Inc.. Hearing scheduled for 10/5/2007 at 01:30 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware. (Attachments: # (1) Certificate of Service and Service List) (O'Neill, James)
73 -
Filed & Entered: 10/03/2007
Notice of Appearance(B)
Docket Text: Notice of Appearance and Request for Service of Papers Filed by Novell, Inc.. (Nestor, Michael)
74 -
Filed & Entered: 10/03/2007
Application to Employ (B)
Docket Text: Application to Employ Debtors' Application for Approval of Employment of Mesirow Financial Consulting LLC as Their Financial Advisor Mesirow Financial Consulting LLC as Financial Advisor Filed by The SCO Group, Inc.. Hearing scheduled for 11/6/2007 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #3, Wilmington, Delaware. Objections due by 10/22/2007. (Attachments: # (1) Notice # (2) Exhibit A # (3) Proposed Form of Order # (4) Certificate of Service and Service List) (O'Neill, James) As you'll see, Novell is like HP -- it wants *all* notices, pleadings, motions, objections, plans, whatever. Every move SCO makes, every step it takes, they'll be watching SCO. You'll notice in Exhibit A, that Mesirow Financial Services has already been paid a retainer of $35,000. The entity's customary rates are as follows: -
Senior Managing Director and Managing Director = $650-690/hr
- Senior VP = $550-620
- VP = $450-520
- Senior Associate = $350-420
- Associate = $190-290
- Paraprofessional = $150
"With respect to this engagement," they tell the court, "assistance with the preparation of Schedule of Assets and Liabilities and the Statement of Financial Affairs shall be billed at a fixed fee of $35,000. All other services, as requested by the Company and agreed to by MFC, shall be billed at the normal and customary rates listed above, less a 10% discount to our fees as determined under the above rate structure." Of course expenses have to be covered too. This is bankruptcy for the rich and famous. I got an interesting email from a reader who says if we wish to learn about such bankruptcies, we could do worse than to read up on the Marvel Comics story. It turns out that Laura Davis Jones, now representing SCO, was involved in that saga. By the way, here's a description of her and her work: “Bright, committed and determined,” Laura Davis Jones rises to the top tier in Chambers’ rankings this year in acknowledgement of her growing reputation as “a player on the national scene who is responsible in many ways for putting Delaware on the map.” Her recent Chapter 11 representations include those in Trans World Airlines, W.R. Grace & Co, and Federal-Mogul, and she is also experienced in representation of creditor committees, bank groups and acquirers. Sources agree that she was instrumental in “giving Delaware the reputation of being a friendly place in which to file Chapter 11 cases and rehabilitating businesses.” We've seen her effectiveness at the first hearing already. And no doubt we'll be seeing more. There is always an advantage if a lawyer is already known by a judge. And I gather she is known. There's a book on the Marvel litigation, called Comic Wars. The subtitle is "How Two Tycoons Battled over the Marvel Comics Empire -- And Both Lost". Of course, that was before Spiderman, the movie. Here's Marvel Entertainment's 10K for 1997, which tells a bit about the legal proceedings at that point. Troubled Company described it as a real knock-down, drag-out fight, quoting an article in 1998 in the Toronto Financial Post. Here's the opening paragraph: It reads like a story line lifted from a comic book: two
superheroes do battle, blurring the line between virtue and
villainy. In the process they lay waste to their
surroundings and a few innocent bystanders are rubbed out.
For Marvel Entertainment Group Inc., this was no fantasy.
The superheroes at war were billionaire financiers and
sometime corporate raiders Ronald Perelman and Carl Icahn.
In their legal struggle for control of comic-book king
Marvel, two of the world's richest men may have speeded its
demise. The innocent bystanders in this story were the
common shareholders of Marvel stock....
In the case of Marvel, Icahn's High River LP owned about
US$40 million of the company's bonds, which pitted him
against equity- holder Perelman for control of the flailing
company. Icahn contested a reorganization by Perelman,
which he said would diminish bondholders' investment, and
eventually seized control of the company's equity, which
had been offered as collateral on the bonds. His first move
was to send Perelman packing and try to take control of
Marvel himself.
The protracted legal fight was resolved only when the court
appointed a trustee to help steer the company through
bankruptcy protection.
I had no idea bankruptcy could be so exciting.
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| Authored by: Ed L. on Wednesday, October 03 2007 @ 08:24 PM EDT |
Please place a hint in the title of your post. Thanks!
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"OOXML - Not exactly the best standard money can buy."[ Reply to This | # ]
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| Authored by: Ed L. on Wednesday, October 03 2007 @ 08:26 PM EDT |
Far-off topic elsewhere. Thanks!
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"OOXML - Not exactly the best standard money can buy."[ Reply to This | # ]
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- ACLU asks court to review domestic spying case - Authored by: SpaceLifeForm on Wednesday, October 03 2007 @ 08:39 PM EDT
- Is groklaw email broken? - Authored by: Anonymous on Thursday, October 04 2007 @ 12:05 AM EDT
- Off Topic Here Verry !!! - Authored by: Alban Uk on Thursday, October 04 2007 @ 03:58 AM EDT
- An Ubuntu using Mom - Authored by: Anonymous on Thursday, October 04 2007 @ 06:52 AM EDT
- Confusion between "Office Open XML" and "Open Office" - Authored by: luvr on Thursday, October 04 2007 @ 06:59 AM EDT
- PJ, Gordon Sumner loves ya - Authored by: Anonymous on Thursday, October 04 2007 @ 07:36 AM EDT
- MSFT launches yet another anti-piracy program for corporations - Authored by: cjk fossman on Thursday, October 04 2007 @ 08:13 AM EDT
- open.NET? Microsoft To Make .NET Libraries Available Under "Open Source" - Authored by: DannyB on Thursday, October 04 2007 @ 08:20 AM EDT
- Microsoft offers licenses for fake Windows XP copies - Authored by: DannyB on Thursday, October 04 2007 @ 08:27 AM EDT
- sun refuses lgpl - Authored by: Anonymous on Thursday, October 04 2007 @ 08:56 AM EDT
- Never has Lewis Carroll seemed more appropriate - Authored by: Anonymous on Thursday, October 04 2007 @ 11:03 AM EDT
- Cartoon - Authored by: LPrecure on Thursday, October 04 2007 @ 04:40 PM EDT
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| Authored by: SpaceLifeForm on Wednesday, October 03 2007 @ 08:33 PM EDT |
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You are being MICROattacked, from various angles, in a SOFT manner.[ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, October 03 2007 @ 08:35 PM EDT |
I'm really surprised that Novell hasn't filed to have their case unstayed yet,
even after the Judge asked them to file it.[ Reply to This | # ]
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| Authored by: JamesK on Wednesday, October 03 2007 @ 08:52 PM EDT |
I guess we'll have to come up with a super hero outfit for PJ! ;-)
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There are 10 kinds of people, those who understand binary and those who don't.
[ Reply to This | # ]
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| Authored by: jthill on Wednesday, October 03 2007 @ 11:18 PM EDT |
Every move SCO makes, every step it takes, they'll be watching
SCO.
Kyrie Elision. [ Reply to This | # ]
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| Authored by: Anonymous on Wednesday, October 03 2007 @ 11:23 PM EDT |
Admire their lawyering? Sure, helping a known fraud factory.
Give me a break.
[ Reply to This | # ]
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| Authored by: Anonymous on Thursday, October 04 2007 @ 01:58 AM EDT |
I wonder if she's a distant cousin or something?
Of course, Jones is a rather common last name...[ Reply to This | # ]
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| Authored by: DaveCheckley on Thursday, October 04 2007 @ 04:04 AM EDT |
This application was signed by Bert Young, as CFO, on (apparently) 3rd October.
However, he 'left The SCO Group to pursue new opportunities' on September 28th
(or earlier - the Press Release was dated 28th).
I note that the application
was originally dated 3rd September, when Young was still CFO, but September has
been crossed out and October written in by hand.
So, perhaps this application
was prepared on 3rd September, which would suggest bankruptcy plans were already
well in hand at that date. How does this compare with the statements made in
court?
[ Reply to This | # ]
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| Authored by: billyskank on Thursday, October 04 2007 @ 06:39 AM EDT |
SCO certainly could use some Policing. :)
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It's not the software that's free; it's you.[ Reply to This | # ]
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| Authored by: Anonymous on Thursday, October 04 2007 @ 08:57 AM EDT |
| I thought Oct 2 was the deadline for Friday's hearing? Did
not the judge ask
them to file on why the automatic stay
should be listed? Can anyone explain
this? [ Reply to This | # ]
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| Authored by: Anonymous on Thursday, October 04 2007 @ 11:01 AM EDT |
It's amazing how all the BOYS hang out together. Put "W.R. Grace
pollution" into Google and 187,000 URLs come up!
From one:
"W. R. Grace & Company, which two years ago was reported to have paid
$8 million for polluting wells in suburban Woburn, pleaded guilty today to lying
about the amount of a chemical it used at a plant there."
http://query.nytimes.com/gst/fullpage.html?res=940DEED91130F932A35755C0A96E94826
0
When will SCO fess up?[ Reply to This | # ]
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