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| Catching up on the bankruptcy filings |
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Wednesday, May 07 2008 @ 11:55 PM EDT
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SCO's accountants, Tanner, have applied to the bankruptcy court for compensation for the seventh month. Amazing, isn't it, this story without an end? This monthly bill is for April, and Tanner would like only $8,574 plus $71 in expenses. That's the lowest monthly bill ever. October 5-November 5 was $28,499; November 6 - December 5 was $19,001; December 6 - January 4 was $65,955; January 5-February 1 was $98,095; February 2 - March 3 was $32,868; and March 4 - March 31 was $28,441.
They seem to be running out of things to do, which may explain why Tanner has applied to the court for permission to audit SCO's 401K next.
Here are the filings:
05/02/2008 - 463 - Monthly Application for Compensation (Seventh) for Services and Reimbursement of Expenses as Accountants to the Debtors for the Period from April 1, 2008 through April 30, 2008 Filed by Tanner LC. Objections due by 5/22/2008. (Attachments: # 1 Notice # 2 Exhibit A # 3 Certificate of Service and Service List) (Werkheiser, Rachel) (Entered: 05/02/2008)
05/05/2008 - 464 - Certificate of No Objection (No Order Required) Regarding Fifth Monthly Fee Application of Dorsey & Whitney, LLP, Special Counsel to the Debtors and Debtors-in-Possession for the Period February 1, 2008 through February 29, 2008 (related document(s)433 ) Filed by Dorsey & Whitney LLP. (Schnabel, Eric) (Entered: 05/05/2008)
05/05/2008 - 465 - Certificate of Service of No Objection (No Order Required) regarding Fifith Monthly Fee Application Filed by Dorsey & Whitney LLP. (Schnabel, Eric) (Entered: 05/05/2008)
05/07/2008 - 466 - Certificate of No Objection (No Order Required) Regarding Sixth Monthly Application of Pachulski Stang Ziehl & Jones LLP, as Co-Counsel to the Debtors and Debtors in Possession, for the Period from February 1, 2008 through February 29, 2008 (related document(s)442 ) Filed by The SCO Group, Inc.. (Attachments: # 1 Certificate of Service and Service List) (Werkheiser, Rachel) (Entered: 05/07/2008)
05/07/2008 - 467 - Certificate of No Objection (No Order Required) Regarding Sixth Interim Application of Berger Singerman, P.A. for Compensation for Services and Reimbursement of Expenses, as Co-Counsel to the Debtors in Possession for the Period from February 1, 2008 through February 29, 2008 (related document(s)444 ) Filed by The SCO Group, Inc.. (Attachments: # 1 Certificate of Service and Service List) (Werkheiser, Rachel) (Entered: 05/07/2008)
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| Authored by: BehindBlueEyes on Thursday, May 08 2008 @ 12:17 AM EDT |
| Off topic stories here... [ Reply to This | # ]
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- Who... - Authored by: Anonymous on Thursday, May 08 2008 @ 12:50 AM EDT
- Who... - Authored by: Anonymous on Thursday, May 08 2008 @ 07:11 AM EDT
- Who... - Authored by: BehindBlueEyes on Thursday, May 08 2008 @ 07:13 AM EDT
- Who... - Authored by: julian on Thursday, May 08 2008 @ 10:20 AM EDT
- Who... - Authored by: Anonymous on Thursday, May 08 2008 @ 10:34 AM EDT
- Who... - Authored by: wvhillbilly on Thursday, May 08 2008 @ 11:09 AM EDT
- Toxic! - Authored by: BehindBlueEyes on Thursday, May 08 2008 @ 11:19 AM EDT
- Who... - Authored by: Anonymous on Thursday, May 08 2008 @ 12:04 PM EDT
- Who... - Authored by: Anonymous on Thursday, May 08 2008 @ 01:41 PM EDT
- More DRM from your favorite monolopy - Authored by: bb5ch39t on Thursday, May 08 2008 @ 09:25 AM EDT
- Comic strip on Darl's "Linux is copy of Unix" claim - Authored by: lordshipmayhem on Thursday, May 08 2008 @ 12:13 PM EDT
- "Yahoo Trades Like there's something Else in the Works" - Authored by: jplatt39 on Thursday, May 08 2008 @ 12:53 PM EDT
- Pulitzer winner Charlie Savage going to NY Times (n/t) - Authored by: SpaceLifeForm on Thursday, May 08 2008 @ 08:47 PM EDT
- Bilski Hearing - Authored by: hasbeard on Thursday, May 08 2008 @ 09:12 PM EDT
- Yes - Authored by: Anonymous on Thursday, May 08 2008 @ 09:27 PM EDT
- Thanks - Authored by: hasbeard on Thursday, May 08 2008 @ 09:41 PM EDT
- Bilski Hearing - Authored by: PJ on Thursday, May 08 2008 @ 09:52 PM EDT
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| Authored by: BehindBlueEyes on Thursday, May 08 2008 @ 12:18 AM EDT |
| Please include the name of the article in the title [ Reply to This | # ]
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| Authored by: BehindBlueEyes on Thursday, May 08 2008 @ 12:19 AM EDT |
| So that they can be fixed! [ Reply to This | # ]
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| Authored by: DodgeRules on Thursday, May 08 2008 @ 12:42 AM EDT |
SCO's accountants, Tanner, have applied to the bankruptcy court for
compensation for the seventh month. Amazing, isn't it, this story without an
end? This monthly bill is for April, and Tanner would like only $8,574 plus
$71 in expenses. That's the lowest monthly bill ever.
Well duh!
SCO doesn't have all that much money left to count, so it shouldn't take very
long.[ Reply to This | # ]
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| Authored by: bezz on Thursday, May 08 2008 @ 12:59 AM EDT |
Another great catch by PJ. It may not be important, but the timing is
interesting.
If SCO does not come up with an acceptable New and Improved
SNCP asset purchase plan, the US Trustee (through Mr. McMahon) has indicated she
may ask for an independent fiduciary. The implication is that the independent
fiduciary would have oversight of assets that do not belong to SCO. In this
case, the attempt to sell Novell property is the primary concern. But ERISA
assets are a primary concern for independent fiduciaries; bankruptcy courts need
to protect employee-owned assets from being used to operate a bankrupt
company.
I do not understand ERISA audits, but here is a quick overview.
There are reporting implaications for small vs. large plans, and SCO may now be
a small plan.
It looks like an attempt to retain control over the auditing
process in the event an independent fiduciary is assigned. I'm not saying SCO
has been using ERISA-covered funds to operate and there is no evidence to
suspect or prove they have.
We shall see what SCO brings to the table in
Delaware shortly. If its asset purchase agreement falls short again, expect the
Trustee to object, request an independent fiduciary and assignment of ERISA
auditing to the independent fiduciary. [ Reply to This | # ]
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| Authored by: Anonymous on Thursday, May 08 2008 @ 09:10 AM EDT |
If I'm reading things right, SCO have just 3 more days to file a plan before
other people are able to step in and file one for them. I don't believe there is
a plan currently on the table, so they had better get their acts together.
Seeing as it's SCO, we can expect them to wait until at least the last minute,
of course.
Will they file in time? Anyone want to place a bet?
And, more interestingly - how long will it take for someone else to file a plan?[ Reply to This | # ]
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- My guess - Authored by: Anonymous on Thursday, May 08 2008 @ 09:34 AM EDT
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| Authored by: Anonymous on Thursday, May 08 2008 @ 09:27 AM EDT |
They'll file something half-baked, because they feel that they have to. It will
buy them some time, because in four days, the status will be "discussing
SCO's plan" rather than "anyone can now file a plan", and it will
take a month or two and a hearing or two to shred SCO's plan.
Then the trustee will file for... I forget what it's called, but to take control
away from McBride, Yarro, and friends. That will be granted, but only in the
July to September timeframe.
The trustee will be aided in this decision by the Novell ruling. In the same
timeframe, either the trustee or the judge will move this to Chapter 7.
Note well: My track record as a prognosticator on this case is terrible.
MSS2[ Reply to This | # ]
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| Authored by: sproggit on Thursday, May 08 2008 @ 02:29 PM EDT |
Let's get this right. SCO have just submitted more filings with the Bankruptcy
Court that includes sets of legal fees from 3 - that's right, count 'em -
different sets of lawyers. Not only that, but the law firms concerned here do
not include BSF [ who of course already received that enormous wedge of cash in
the up-front deal ].
It's transparently clear now that BSF will walk away from this with more than
Novell. Add all the legal fees together, and it's apparent that SCO will spent
several multiples more on legal fees than on paying creditors or settling debts.
I have to admit to being a little curious as to the "no objection"
reference here - or perhaps a little disappointed that the US Trustee is not
starting to question why a company that seems to be so artistically circling the
great drain of destiny feels the need to spend yet more money on three different
teams of lawyers.
While we're on the subject of lawyers... here's a side question. Way back, when
the BSF deal was struck, it was originally structured to be part cash and part
options - with BSF being offered restricted stock as part of the deal [obviously
to give them an incentive to continue]. Shortly afterwards, however, the deal
was renegotiated to be purely cash.
So you all know I love a good conspiracy theory and all... and now I'm wondering
if there was anything interesting in the timing of the decision to move to an
all-cash package and the review of any potential evidence that SCO may have
offered at the time.
I'm not suggesting that anyone hoodwinked anyone else here, but you don't
suppose that BSF took one look at the evidence and decided to opt for the
all-cash deal, do you?
If so, it would be very interesting to understand what was discussed between the
two companies at that point in time. Especially if BSF's advice to Darl was,
"With respect, we have to advise you that we believe you have no case
here..."
I guess the only way we'll know the answer to that question is if an involved
party elects to talk, or if there are subsequent investigations undertaken once
the Novell, IBM and Red Hat cases are closed.[ Reply to This | # ]
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| Authored by: Anonymous on Thursday, May 08 2008 @ 10:03 PM EDT |
You can do this for a while by moving fast and really quickly plugging any
breaches that appear. But sooner or later a big wave is going to come along and
that will be that.
The rising tide in this case is the drop in hardware costs and the relentless
rise in the capability of linux. Microsoft can only defend against it for so
long. Sooner or later they are going to get swamped.[ Reply to This | # ]
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| Authored by: GLJason on Friday, May 09 2008 @ 05:03 PM EDT |
SCO's accountants, Tanner, have applied to the bankruptcy court for
compensation for the seventh month. Amazing, isn't it, this story without an
end?
A bankruptcy doesn't end until they are liquidated under
chapter 7 or emerge under a chapter 11 reorganization plan, right? And the
accountants have to file with the court to get paid, correct? What's so amazing
about this?
[ Reply to This | # ]
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