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Notice of Agenda for SCO Bankruptcy Hearing on the 27th

By Pamela Jones et al.

The Notice of Agenda [PDF] is up, letting us know what will be handled on the 27th in bankruptcy court. All that is on the schedule is the motion [PDF] by Edward Cahn, SCO's Chapter 11 trustee, to approve SCO board members issuing some stock options to themselves after they forgot to timely do so, without first seeking approval or apparently even telling Mr. Cahn first. The story is they voted in August to issue them, but then they forgot to actually do so for some months.

I don't know why they bother with all the paperwork. In bankruptcy court in Delaware, the corporate debtor always wins and creditors get nothing, from what we've seen, or at least 99% of the time. They seem to like it that way. Approving this motion ... well, it sticks in my craw, for all the reasons I painstakingly outlined when SCO filed this beaut of a motion, mainly because of SCO's 2004 Change of Control Agreement, which I believe means this motion will drain money from the company, not pull it in, when it comes to the end of the almost impenetrable plan, but I'm not the one who gets to decide.

Full post as published by Groklaw on January 25, 2010 (boomark / email).