http://www.groklaw.net/article.php?story=20120824173947931
Wednesday, August 29 2012 @ 05:39 PM EDT
It's a done deal. SCO is now officially transferred from Chapter 11 to
Chapter 7 bankruptcy protection. Here's the order [PDF]. The Chapter 11
trustee, Edward Cahn, was to turn over all the records and assets to the
interim Chapter 7 trustee as soon as the US Trustee appoints him or her,
and file with the court within 14 days a list of all unpaid debts
incurred after the Chapter 11 bankruptcy began and within 30 days a
final report. Of course, as he requested, he is now appointed [PDF] as
the Chapter 7 interim trustee. He just changes hats.
So what does that mean? Chapter 11 is where you are going to try to
reorganize the business and save it, paying creditors whatever you can.
Chapter 7 is where you have come to bury the company once and for all.
But first you sell off any assets, which at the moment would be the
litigation prospects. I wonder who might be interested in buying that?
------------
Basically, I don't think the judge should have ever let them file
chapter 11 in the first place. Novell and other filed motions to make
them Chapter 7 when they first filed.
--
Jerry Feldman <[email protected]>
Boston Linux and Unix
PGP key id:3BC1EB90
PGP Key fingerprint: 49E2 C52A FC5A A31F 8D66 C0AF 7CEA 30FC 3BC1 EB90
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