Submission + - SCO's 10-Q: Could Face Chapter 7 Liquidation (groklaw.net)
Xenographic writes: "SCO's recently-filed 10-Q statement, in which they are legally obligated to be more realistic about their future prospects, has some interesting phrases in it. Perhaps the juiciest bit is, 'If an alternative reorganization could not be agreed upon, it is possible that our bankruptcy case could be converted to a liquidation under Chapter 7 and we would have to liquidate our assets, in which case it is likely that holders of claims would receive substantially less favorable treatment than they would receive if we were to emerge as a viable, reorganized entity; and stockholders would likely receive nothing from the liquidation.' That said, buried deep in their recent legal filings is that the lawyers are billing for time spent 'regarding stalking horse request for 5% break up fee and other issues pertaining to motion to sell', so they may actually have had someone who wants to buy SCO. Then again, other legal filings tend to indicate that they're still working on other crazy plans, like trying to sell the 'litigation upside' as a product, so who knows? Perhaps they'll throw in a free bridge or some lottery tickets to make it more valuable."
