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More Lawyer/Accountant Bills for SCO - Updated with the Doomsday Clock |
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Tuesday, January 15 2008 @ 03:35 AM EST
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More bills from lawyers and accountants in the SCO bankruptcy are on the docket. Is anyone keeping a running tab? Wouldn't that be a good idea now that Novell has mentioned SCO has spent over a million dollars already in the bankruptcy on lawyers and financial advisors? If so, send it to me, and we'll have a kind of SCO tally. You know, like a Doomsday Clock.
Here are the filings:307 -
Filed & Entered: 01/14/2008
Application for Compensation
Docket Text: Monthly Application for Compensation (Third) and Reimbursement of Expenses, as Co-Counsel to the Debtors and Debtors in Possession, for the Period from November 1, 2007 through November 30, 2007 Filed by Pachulski Stang Ziehl & Jones LLP. Objections due by 2/4/2008. (Attachments: # (1) Notice # (2) Exhibit A# (3) Certificate of Service and Service List) (Werkheiser, Rachel)
308 -
Filed & Entered: 01/14/2008
Certificate of No Objection
Docket Text: Certificate of No Objection (No Order Required) Regarding First Interim Application of Tanner LC for Compensation for Services and Reimbursement of Expenses as Accountants to the Debtors for the Period from October 5, 2007 through November 5, 2007 (related document(s)[285] ) Filed by The SCO Group, Inc.. (Attachments: # (1) Certificate of Service and Service List) (Werkheiser, Rachel)
309 -
Filed & Entered: 01/14/2008
Certificate of No Objection
Docket Text: Certificate of No Objection (No Order Required) Regarding Second Interim Application of Tanner LC for Compensation for Services and Reimbursement of Expenses as Accountants to the Debtors for the Period from November 6, 2007 through December 5, 2007 (related document(s)[286] ) Filed by The SCO Group, Inc.. (Attachments: # (1) Certificate of Service and Service List) (Werkheiser, Rachel)
310 -
Filed & Entered: 01/14/2008
Affidavit/Declaration of Service
Docket Text: Affidavit/Declaration of Service of Notice of Filing of Fee Application and the Second Interim Application of Dorsey & Whitney LLP, Special Counsel to the Debtors and Debtors-In-Possession, for Compensation and Reimbursement of Expenses for the Period November 1, 2007 Through November 30, 2007 (related document(s)[305] ) Filed by Dorsey & Whitney LLP. (Schnabel, Eric)
Update: OK. Here's our first version of the SCO Doomsday Clock, showing how much SCO has been billed since the start of the bankruptcy in mid-September. Mesirow reduced what it would take immediately, but not what it is ultimately billing, so we left the original figure intact. If you have corrections or additions, please let me know, but this is accurate, we think:
Docket # | Firm | Fees | Expenses | Total |
163 | Berger Singerman | $65,331.00 | $2,526.40 | $67,857.40 |
224 | Berger Singerman | $175,516.00 | $5,177.33 | $180,693.33 |
238 | Dorsey & Whitney | $57,585.75 | $6,139.29 | $63,725.04 |
274 | Pachulski | $29,983.00 | $5,696.82 | $35,679.82 |
280 | Mesirow | $449,888.30 | $48,702.11 | $498,590.41 |
285 | Tanner | $28,499.00 | $450.00 | $28,949.00 |
286 | Tanner | $19,001.00 | $1,534.00 | $20,535.00 |
287 | Berger Singerman | $296,323.25 | $13,072.33 | $309,395.58 |
295 | Pachulski | $66,340.00 | $7,833.30 | $74,173.30 |
300 | Tanner | $65,955.00 | $1,523.00 | $67,478.00 |
305 | Dorsey & Whitney | $26,456.50 | $527.93 | $26,984.43 |
307 | Pachulski | $50,118.00 | $6,577.01 | $56,695.01 |
___ |
Total | $1,330,996.80 | $99,759.52 | $1,430,756.32 |
Boies Schiller have been paid millions since day one of the SCO saga up to the bankruptcy and are also a creditor, but this is a chart of the bankruptcy figures only. I'm thinking to make it a real Doomsday Clock we should add the amount that SCO started with in the way of assets, cash assets, and then show it going down.
Update 2: Here's a fascinating look at the state of Delaware, the capital of the bankruptcy universe in the US, where bankruptcies are a booming business: For the year, Chapter 11 activity rose 23 percent to 220 filings from 179 filings in 2006, according to data provided by the court. ...Bird said the filing activity has continued into the first two weeks of 2008 and the court is bracing for an active year.
"We are very busy," said Laura Davis Jones, managing partner of Pachulski Stang Ziehl & Jones in Wilmington, a national firm specializing in bankruptcy.
For a state as small as Delaware, the return of the bankruptcy business has enormous economic consequences. It has been estimated that cases in Bankruptcy Court generate more than $50 million annually to the local economy, which includes money spent on hotels, caterers, document services and fees to Wilmington lawyers.
The bankruptcy bar in Delaware includes about 200 lawyers. Big cases can generate huge fees to lawyers and consultants. Legal scholars said fees to firms can range from 0.5 percent to 20 percent of the company's assets, depending on the size of the company. But what is really interesting is that the article explains that most companies choose Delaware because it is so fast: The court in Delaware created the quickie bankruptcy proceeding known as the "pre-packaged" case. A company using a pre-packaged bankruptcy could have its reorganization plans confirmed at a median rate of 57 days from 1999 to 2001, according to LoPucki. Procedures developed in the Delaware courts streamlined and standardized rules for the most complex cases, bankruptcy experts said.
As a result, by 1996, the state's share of bankruptcy filings by large public companies had risen to 87 percent of large public company filings nationwide, according to LoPucki. After that, it goes on, New York took over the lead for a while, because Delaware became a victim of its own success, and so many cases went there, they didn't have enough judges, so it slowed down and with visiting judges helping out, it all got chaotic. Then they put more judges on the bench, and now Delaware ranks number one again. So. 57 days. Normal is to try to go fast through to reorganization. Here we are at 3 1/2 months in the SCO Chapter 11, and nothing. Well. Lotsa fees. And we have not yet seen the bills from Jackson Hole Advisors, or the UK firm, Elkington & Fife handling the UK trademark issue, or the firm advising SCO on employee claims [PDF], Landman Corsi, or the PR firm ramped up to handle the bankruptcy, or the Indian law firm, Thakker & Thakker, or the law firm, Madson & Austin, that says it advises SCO on intellectual property matters, or the Korean firm, Kim & Cho, handling some kind of trademark thing. All of these professionals are working away on SCO's behalf, presumably, since they all filed applications to do so. Wait, I almost forgot the firm of Donohue & Associates, who advised SCO about the Nasdaq matter. And then there is the money for the German litigation. But even without their bills, the figure is already nearly a million and a half since September 14.
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Authored by: kinrite on Tuesday, January 15 2008 @ 04:03 AM EST |
Clickable links please.
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Authored by: Erwan on Tuesday, January 15 2008 @ 04:05 AM EST |
If any
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Erwan[ Reply to This | # ]
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Authored by: Aladdin Sane on Tuesday, January 15 2008 @ 04:32 AM EST |
Discuss Groklaw News Picks here.
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Authored by: itsnotme on Tuesday, January 15 2008 @ 04:48 AM EST |
The totals for the first three come out to $86655.41. So that's approximately
another 100k gone from the estate. The last filing for Dorsey (310) oddly
didn't have the amounts or anything other than saying they were filing for
payment.
At the rate the bills are coming in, I wonder if the judge is going to have
writers block with all the signing he's going to be doing.[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 06:22 AM EST |
How about sending that tab and our calculations
to Darl and tSCOG ? Maybe he just dosent know how much this
is all costing him .. Or that someone notices ..
:D
Ric [ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 07:36 AM EST |
SCO continues to simply bleed away all assets to lawyers and advisors without
filing any meaningful plan for reorganization (which is the purpose of chapter
11). It would seem that by now the judge should be able to see through this
nonsense and the need to stop this bleeding and simply convert to chapter 7.
This company clearly is going nowhere, and has no reasonable plan for how
to recover
from its present disastrous state. It's the court's and trustee's
responsibility
to
see that value owed to creditors and shareholders is
protected, not washed
away.
J [ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 08:53 AM EST |
Wot? No html table tags ;-)
Docket__Firm____Fees____________Expenses________Total
163_____BS______$65,331.00______$2,526.40_______$67,857.40
224_____BS______$175,516.00_____$5,177.33_______$180,693.33
238_____DW______$57,585.75______$6,139.29_______$63,725.04
274_____PSZL____$29,983.00______$5,696.82_______$35,679.82
280_____Mesirow_$499,883.00_____$48,701.22______$548,584.22
285_____Tanner__$28,499.00______$450.00_________$28,949.00
286_____Tanner__$19,001.00______$1,534.00_______$20,535.00
287_____BS______$296,323.25_____$1,072.33_______$297,395.58
295_____PSZL____$66,340.00______$7,833.30_______$74,173.30
300_____Tanner__$65,955.00______$1,523.00_______$67,478.00
305_____DW______$26,456.50______$527.93_________$26,984.43
307_____PSZL____$50,118.00______$6,577.01_______$56,695.01
________Total___$1,380,991.50___$87,758.63______$1,468,750.13
[ Reply to This | # ]
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Authored by: stats_for_all on Tuesday, January 15 2008 @ 11:02 AM EST |
A call to a new law firm is detailed on Page 5, Attachment A of the new bill,
307ExA.
11/28/07 JEO Call from Dan DeFranceschi
regarding Cattleback Motion. [Time] 0.20 [Rate] 475.00 [Billing]
$95.00
The attorney works for Richards, Layton & Finger,
who was SCO's lawfirm in the initial stages of the Red Hat case, but was dropped
in October, 2003.
Daniel J. DeFranceschi is a senior attorney at the
Delaware bankruptcy practice of "Richards, Layton & Finger". This may
indicate the mysterious purchaser of the patent operating under the recently
coined "BlackMaple, LLC" moniker is a well heeled corporate entity, or
BlackMaple has ties to SCO circa 2003.
Mr. DeFranceschi's bio from his firms
site below:
Daniel J. DeFranceschi
Experience
Daniel J. DeFranceschi is a director in the firm's
Restructuring and Bankruptcy Group. His practice focuses on representing debtors
and creditors in Chapter 11 cases. He has represented clients in all aspects of
Chapter 11 cases.
Mr. DeFranceschi has served as counsel to numerous
Chapter 11 debtors in several business segments including telecommunications,
high tech, retail, manufacturing, natural resources, flexible office solutions,
and healthcare. Representative clients include: Nextel International; Montgomery
Ward; USG Corporation; Kaiser Aluminum and Chemical Corporation; Slater Steel;
Oglebay Norton Company; Burlington Industries; HQ Global; Liberate Technologies
and PHP Healthcare.
Mr. DeFranceschi also has an active creditor
practice, with recent representations including numerous creditors in some of
the largest Chapter 11 and Chapter 7 cases in the country.
Mr.
DeFranceschi is actively involved in the American Bankruptcy Institute and the
Turnaround Management Association, and is a Bencher in the Delaware Bankruptcy
Inn of Court.
Mr. DeFranceschi is a member of the State Bar of
Delaware, 1989 United States District Court, District of Delaware; Third Circuit
Court of Appeals.
Education
JD, Widener University School of Law,
1989
magna cum laude
BS, Pennsylvania State University,
1985
Source:
Attorney directory on RLF.com page
Richards, Layton
& Finger, a Delaware professional association, is Delaware's largest law
firm and one of its oldest. The firm provides a wide range of legal services for
the benefit of its clients in Delaware and beyond. Richards, Layton & Finger
is located in Wilmington – Delaware's business and financial center located
midway between New York City and Washington, DC.
[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 12:49 PM EST |
Is it possible to format the table cells so that the amounts are right-aligned?
[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 01:15 PM EST |
But don't we also have to balance this against the companies earnings to get a
true picture of when they'll go belly up?[ Reply to This | # ]
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Authored by: electron on Tuesday, January 15 2008 @ 01:17 PM EST |
To make the doomsday clock look better you'll want the figures right-justified
in their colums.
A little bit of CSS for the table should fix that. :o)
---
Electron
"A life? Sounds great! Do you know where I could download one?"[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 01:22 PM EST |
One correction for the table created in the parent post -- Docket # 287 is a
bill for services from Berger-Singerman, not Boies-Schiller.[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 01:28 PM EST |
...SCO lost in Utah and that essentially was game, set and match for SCO. This
to me, was the "Red Dress" day. While it would be nice to see Novell
get some of their money back, this will probably not happen. SCO will run out of
money shortly before the bench trial if the bankruptcy judge does not intercede.
The only issue left will be if Novell is interested in trying to get some of the
money back from the various law firms that are currently bleeding SCO dry. In
the end it looks like none of the senior SCO management are going to be held
accountable for their actions.
What I don't understand is why Novell signed an interoperability agreement with
Microsoft when Microsoft funded the SCO/Novell lawsuits with the license
purchase?[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 01:31 PM EST |
I dunno what figure you'd use for the start of the clock, so I looked at the
last 10Q. Here's what I've got:
SCO Assets as of Q3 2007 10Q = 15,794,000
163___Boies Schiller___________15,726,143
224___Boies Schiller___________15,545,449
238___Dorsey & Whitney_________15,481,724
274___Pachulski________________15,446,044
280___Mesirow__________________14,897,460
285___Tanner___________________14,868,511
286___Tanner___________________14,847,976
287___Boies Schiller___________14,550,581
295___Pachulski________________14,476,407
300___Tanner___________________14,408,929
305___Dorsey & Whitney_________14,381,945
307___Pachulski________________14,325,250
[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 03:34 PM EST |
May I suggest a different layout and sort
order:
Docket#...Firm.............Fees........Expenses.... Total......
Subtotals
163.......Boies Schiller...$65,331.00..$2,526.40.
..$67,857.40
224.......Boies Schiller..$175,516.00..$5,177.33.
.$180,693.33
287.......Boies Schiller..$296,323.25..$1,072.33.
.$297,395.58. $545,946.31
238.......Dorsey &
Whitney.$57,585.75..$6,139.29. ..$63,725.04
305.......Dorsey
& Whitney.$26,456.50....$527.93. ..$26,984.43..
$90,709.47
280.......Mesirow.........$499,883.00.$48,701.22.
.$548,584.22.
$548,584.22
285.......Tanner...........$28,499.00....$450.00.
..$28,949.00
286.......Tanner...........$19,001.00..$1,534.00.
..$20,535.00
300.......Tanner...........$65,955.00..$1,523.00.
..$67,478.00.
$116,962.00
274.......Pachulski........$29,983.00..$5,696.82.
..$35,679.82
295.......Pachulski........$66,340.00..$7,833.30.
..$74,173.30
307.......Pachulski........$50,118.00..$6,577.01.
..$56,695.01.
$166,548.13
___.......Total.........$1,380,991.50.$87,758.63
$1,468,750.13
Note: It is very hard to do tables
here. Can't you at least get the <pre> tag implemented? [ Reply to This | # ]
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Authored by: skip on Tuesday, January 15 2008 @ 05:16 PM EST |
Sounds daft I know, but it appears to me that debt has become the new means to
generate wealth.
Have you folk in America heard of the Northern Rock Bank crisis here in the UK?
It hinges on the bank having invested in (what turned out to be unstable) debt.
This is normal practice. Having customers in credit is of no interest to banks,
they like customers with debt. It went sour for them, but only because they
hadn't been in the business long enough to generate a decent amount of reserve
cash. Had it not been for the unsecured mortgage crisis, they would have reeled
in buckets of cash.
From what I understand there is a huge trade in debt sales, selling blocks of
customers in debt makes lots of cash.
As a more personal observation, I had a very odd conversation with a bank cold
caller a few weeks back.
To start with they asked me if I would like to transfer my existing debt to one
of their credit cards. I explained that not only do I have no such debt, I have
no credit cards.
On hearing this, the salesperson then tried to sell me some debt, to whit, a
card with x thousands limit.
This struck me as crazytalk, and I said as much.
It seems to me that banks don't like people who manage their money without debt,
so perhaps a business with debt is equally attractive. after all, the fact that
debt can be sold is well established by now.
With that in mind I wouldn't be surprised if SCO is shifted into this weird (and
yet apparently well established) debt as profit realm, and kept in business.[ Reply to This | # ]
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Authored by: Anonymous on Tuesday, January 15 2008 @ 08:12 PM EST |
If there were 179 bankruptcy cases filed in 2006, and the total brought into the
local economy was $50 million, assuming that the lion's share went to the
lawyers, that works out to an average of less than a third of a million dollars
per case in legal fees. SCO is well beyond that already, and they aren't even to
the point of developing a reorganization plan. Nor are they a very large
company, relatively speaking.
SCO's total assets at the beginning of the bankruptcy proceedings was around $9
million, so their money spent on lawyers so far is over 10% of their total
assets. If this goes on much longer, they may set a new record, as they seem to
be on pace to go well beyond 20% of their initial total assets in legal fees.[ Reply to This | # ]
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Authored by: studog on Tuesday, January 15 2008 @ 09:45 PM EST |
Sadly it's only available at the Wayback Machine
now:
http://web.archive.org/web/*/http://www.scocountdown.com
The
pages after Apr 1, 2004 are GoDaddy ads.
The domain doesn't resolve via
Opera so it's likely available. Please DON'T use a whois search to
check!** If you're going to register it, just do it. If it's taken you'll be
denied.
...Stu
**Some less scrupulous registrars are
auto-registering every whois query and then reselling them. [ Reply to This | # ]
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Authored by: kawabago on Wednesday, January 16 2008 @ 01:46 AM EST |
Scopulence - Throwing money in all directions except where it's supposed to go.
[ Reply to This | # ]
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Authored by: philc on Wednesday, January 16 2008 @ 12:55 PM EST |
The doomsday calculator also has to include SCO's revenue. The costs from these
filings are partially offset by revenue. The rate of depletion of SCO's check
book is likely not as sever as these filings would suggest.[ Reply to This | # ]
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