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| Two More Bills in the SCO Bankruptcy |
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Thursday, May 22 2008 @ 10:03 PM EDT
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More bills in the SCO bankruptcy. A little scoop here, a little scoop there, and pretty soon, it'll all be all gone. This scoop is by Mesirow (again? -- they are up to $645,638.11, by the way) and Pachulski Stang. Personally, I've grown to love these bills. They're like a map. Currently they are about the only way to figure out what SCO is up to lately. So, let's dig in and see what we can discern from the hieroglyphics.
Here are the filings: 476 - Filed & Entered: 05/19/2008
Application for Compensation
Docket Text: Monthly Application for Compensation (Fifth) and Reimbursement of Expenses as Financial Advisors to the Debtors for the Period from April 1, 2008 through April 30, 2008 Filed by Mesirow Financial Consulting, LLC. Objections due by 6/9/2008. (Attachments: # (1) Notice # (2) Exhibit A # (3) Exhibit B # (4) Exhibit C # (5) Certificate of Service and Service List) (Werkheiser, Rachel)
477 - Filed & Entered: 05/22/2008
Application for Compensation
Docket Text: Monthly Application for Compensation (Seventh) and Reimbursement of Expenses, as Co-Counsel to the Debtors and Debtors in Possession, for the Period from March 1, 2008 through March 31, 2008 Filed by Pachulski Stang Ziehl & Jones LLP. Objections due by 6/10/2008. (Attachments: # (1) Notice # (2) Exhibit A # (3) Certificate of Service and Service List) (Werkheiser, Rachel)
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| Authored by: RyanEpps on Thursday, May 22 2008 @ 10:17 PM EDT |
If needed?
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| Authored by: RyanEpps on Thursday, May 22 2008 @ 10:19 PM EDT |
Reference the Article you're commenting on.
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| Authored by: RyanEpps on Thursday, May 22 2008 @ 10:21 PM EDT |
Just for fun!
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| Authored by: tqft on Thursday, May 22 2008 @ 10:30 PM EDT |
All I was able to ascertain was that there was a fair amount of time (=money)
spent on helping SCO Mgt with preparation (and updates after revision by SCO
Mgt) of a business plan. Participation in conference calls.
Dates on invoiced work go up to 30 april - so it may not be anything we haven't
heard about.
Probably the "Confidential..." plan referred to in the actual motion.
---
anyone got a job good in Brisbane Australia for a problem solver? Currently
under employed in one job.[ Reply to This | # ]
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| Authored by: Sparhawk on Thursday, May 22 2008 @ 11:44 PM EDT |
Not sure if this has been brought up before, but the time resolution on the
bills seem weird.
Firstly there is excess decimals, as time is listed as 2 decimal places of an
hour, but only uses on decimal place.
Also why is the resolution to only 0.1 of an hour, that means that the time
intervals are 6, 12, 18, etc (they billed at 0.8, that why I assume it's not 10
minutes.
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If Bill Gates had a cent for every time Windows crashed... Oh wait, he does.[ Reply to This | # ]
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| Authored by: LaurenceTux on Friday, May 23 2008 @ 12:08 AM EDT |
"So, let's dig in and see what we can discern from the hieroglyphics"
Dr Jones is now a third party consultant to groklaw??
i know what can be done with both the Gas Mask and that whip of his.[ Reply to This | # ]
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| Authored by: Anonymous on Friday, May 23 2008 @ 01:20 AM EDT |
"Personally, I grown to love these bills. They're like a map."
Isn't that also the purpose of letting the public seeing the court documents? so
that they can see follow the courts actions? Transparency.
______
IMANAL[ Reply to This | # ]
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| Authored by: sproggit on Friday, May 23 2008 @ 02:41 AM EDT |
I don't recall the exact numbers, but I do remember that when SCO filed for
Chapter 11 back in 2007 that their financial statement indicated that they had
more assets than liabilities. We had some discussions here about whether or not
it was appropriate for SCO to file while they were still technically
"liquid". Like they bother about appropriate behavior if/when it
doesn't suit them.
The company has now been in Chapter 11 for something like 8 months, IIRC. Though
it's not easy to say, it's perhaps somewhat reasonable to expect that going to
Chapter 11 might have a negative impact on winning new business or keeping
existing customers, so at best we would expect their assets and cash reserves to
remain flat. But the point is that this is presently difficult to ascertain. As
PJ points out in her article, we have little to go on at the moment except for
these invoices from SCO's army of lawyers.
So what does their present financial status look like?
Surely both the Bankruptcy Court and the United States Trustee would be
interested in maintaining a positive track of the financial health of this
company? SCO went to the trouble of asking for permission to hire in temps to
their Accounting department when they lost their previous CFO, right? Do these
people do anything besides pay lawyers?
Does Judge Gross have a good understanding of how much cash is left in the
bank?
I ask because from this perspective it looks as though we're likely to get to
Chapter 7 before we get to the IBM or Red Hat trials and I really don't see much
evidence of the Bankruptcy Court trying to preserve this business. In fact the
opposite is true - it's as though the court is willing to give them enough slack
to wreck the company.[ Reply to This | # ]
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| Authored by: Anonymous on Friday, May 23 2008 @ 11:14 AM EDT |
34.6 hours billed to "Merger/Acquisition/Divestiture Analysis"
Tasks described as "Coordinating with Debtor's Counsel and Debtor's
Management Team in drafting and negotiating revisions to the Memorandum of
Understanding. Further, MFC assisted in the review of the Debtor's Confidential
Business Plan."
1. 34.6 hours on which days in the Month?
2. How many hours on each of these days?
2. How many specific hours with Debtor's Counsel only.
3. How many specific hours with Debtor's Management only.
4. Do these hours match with the Debtor's Counsel's hours billed?
5. How many specific hours with both Debtor Counsel and Debtor Management
together?
6. Do these hours match up with hours billed by Debtor's Counsel?
7. Exactly what is this Memorandum of Understanding?
ie, parties involved in the memorandum. Terms of the memorandum.
8. How many hours on Debtor's Confidential Business Plan?
9. Is the Business plan "Merger/Acquisition/Divestiture" only at this
point in time?
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