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SCO files chapter 11

SCO's made a business of litigation, and it hasn't worked. The company's filed chapter 11. (Thanks, Sandy!)

Page 4 of the SCO Group's Voluntary Petition tells us that the assets are $14,800,000 and the debts are $7,500,000. That's not counting the debt the Utah court ruled Novell is owed, amount to be determined at the now postponed trial. And a note says those are approximate values, based on "the Company's consolidated and unaudited balance sheets as of July 31, 2007". Here's the most recent 10Q from April for comparison. And this is interesting. There are 21,782,164 shares of common stock, owned by only 402 holders. That explains a lot. Here's the name of any person who directly or indirectly owns, controls, or holds, with power to vote, 5% or more of the voting securities of debtor: Cede & Co. and Ralph Yarro.

SCO Operations, Inc., in the Corporate Ownership Statement, says that the debtor, SCO Operations, Inc., "discloses that The SCO Group, Inc. owns 100% of the Debtor's equity interests." I remember now that when S2 signed a contract with SCO, it was with SCO Operations, described as "a Delaware corporation and a subsidiary of The SCO Group, Inc.". And I do see on the form that they list estimated assets at $1,000,000.001 to $100 million. Not too precise. And estimated liabilities are the same.

jon posted this at 11:25 PM
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