Home -> Law Blog Directory -> Intellectual Property Law Blogs -> Groklaw

Intellectual Property Law

: Groklaw

A Report from the Bankruptcy Hearing Today - Updated - 2nd Report

By Pamela Jones et al.

Today was the bankruptcy hearing regarding SCO's bonuses to themselves and their reorganization plan, or whatever they plan to try next, and happily we had two eyewitnesses there. Our deep thanks to them both. Here's the scoop from our first reporter there:

Ryan Tibbits is here from SCO.

Agreement on bonus payments. SCO will refile with "much" more disclosure. It will be subject to objection.

Buyout--Deal is being renegotiated. SCO will not refile until it is complete. Sale of assets--not a loan. US Trustee objects to sale of IP assets SCO does not own. May seek to appoint "independent fiduciary."

He is concerned about the status of this case.

Adjourned at 2:20

I told you the worm had turned. If the US Trustee seeks to appoint an independent fiduciary, SCO's universe spins a different way. Right now, SCO is a Debtor in Possession. They get to row their own boat. I'm not sure what is meant by independent fiduciary, but I'll show you some possibilities. Oh, and I hear there was a reporter there from Bloomberg.

Update 2: An anonymous reader found this case where a fiduciary was appointed, and it gives us a clue.

Full post as published by Groklaw on April 02, 2008 (boomark / email).