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First Reports From the SCO Bankruptcy Hearing - Updated

By Pamela Jones et al.

Here's our first taste of what is happening in the SCO bankruptcy hearing. Mr. Spector is dancing up a storm. IBM and Novell are just trying to kill SCO off, he says. This is a great deal and the sale should go forward. Everyone will get paid. Ralph Yarro has apparently offered $200,000 of his own funds to underwrite any losses in the next month. There is a proposed amendment just signed last night.

Of course.

IBM calmly says they only opposed because of what they learned in discovery. It sounds from the notes I'm getting that Cravath's David Marriott is there. Novell is more blunt: you should not trust this management. The U.S. Trustee's Office suggests either Ch. 7 or a trustee to handle things in 11 instead of this management. I think that's a clue they don't trust management either.

They are in recess so everyone can read the amendment and the declarations of the witnesses about to take the stand. Then will come the three SCO witnesses, SCO General Counsel Ryan Tibbits, COO Jeff Hunsaker, and the temp CFO, Ken Nielson.

Full post as published by Groklaw on July 27, 2009 (boomark / email).