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SCO's Reply to Novell's Objection to 3rd Extension, as text, and a 10Q Reality Check

By Pamela Jones et al.

Guess why SCO says it hasn't been able to file a workable reorganization plan so far? No. Really. Guess.

In SCO's just filed Debtors' Reply to Novell's Response to Debtors' Third Motion to Extend Exclusivity [PDF], SCO says one reason is the turmoil in the financial markets. There currently is no deal with Stephen Norris Capital Partners. But SCO needs more time, because there could be someday. "Despite the declining economic climate, Messrs. Norris and Robbins continue to work with the Debtors to pursue a transaction." So, we just need to be patient. Norris is flying to the Middle East shortly and they've had meetings in London and Paris, but investors are nervous, we learn, due to the current turmoil in the markets, and they feel they'd like more legal certainty in this picture first. Like a definite date for SCO to file an appeal.

Ah. Do hold your breath, SCO. Do.

I thought SNCP had bazillions of duckets of its own and a pipeline to Middle East princes and stuff. Wasn't that the story? It has to be true. Reporters printed it as true. No? SCNP are just some guys scurrying about looking for investors for SCO?

So, the honorable SCO wants more time to work things out, find a "transaction partner", and exit Chapter 11 with SCO shareholders holding their own and creditors paid in full with interest. Except for Novell, methinks. They never seem to be at the head of the line, do they?

Poor SCO. Everything conspires against it reaching its ethical goals. I swoon with laughter.

Full post as published by Groklaw on September 16, 2008 (boomark / email).