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US Trustee's Objections to SCO's Latest Reorganization "Plan" and more filings

By Pamela Jones et al.

Here, as text, are two of the U.S. Trustee's Office objections to SCO's now scrapped reorganization plan, including the move to pay the Plan Sponsor. I think you'll see why SCO decided to try, try again after you read them. Our thanks to Steve Martin, once again, for the text. And we also have the most recent filings in the bankruptcy, two notices of withdrawal of the SCO motions regarding the bonuses they wanted to pay themselves that the US Trustee blocked and got modified; and the final bankruptcy filing is a bill from one of SCO's many lawyers, Pachulski, Stang. Those bills are as reliable as the sun coming up each morning.

SCO has folded its cards on the latest reorganization plan, as it informed the court at the most recent hearing, and it is supposedly headed back to the drawing board to try to figure out a "better" reorganization plan. I say supposedly, because as far as I can make out, it's premature to file any reorganization plan, in light of the issue that the US Trustee's counsel, Joseph McMahon, once again highlights in the objection to the SCO Disclosure Statement, "how much of the Debtors' business plan is predicated on the Debtors' use of property which Novell claims to be its own?" How many times does that have to come up before SCO figures out that it's an unmovable rock in its path?

Full post as published by Groklaw on April 05, 2008 (boomark / email).