It's over as SCO files for bankruptcy protection

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Trustee

No trustee in sight (yet.) SCOXQ has petitioned the Court to allow the present management to continue to operate the company without any outside trustee being appointed. This is apparently quite common in Chapter 11 cases; it's only in Chapter 7 that a trustee is appointed to liquidate the company for the benefit of creditors.

There seems to be a pretty wide consensus on two points:
1) This was a desperation move to avoid going into District Court on Monday morning, and
2) It was foolish, because it's much easier to get into bankruptcy court than out of it. In particular, since Novell already has a finding of liability for conversion and breach of fiduciary duties, removal of the current management is almost automatic.

Posted by: Yagotta B. Kidding   Posted on: 09/15/07 You are currently: a Guest | Members login | Terms of Use

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