April 17th, 2004, 10:08 PM
SCO Sucks Balls... the saga contiues
It seems SCO is losing money, and people are pulling out. A lot like a one night stand lover... "I need to pull out before I ***"
SCO's press release on groklaw: http://www.groklaw.net/article.php?s...40416151214305
haha... now that's interesting indeed. And OSDN says: http://management.itmanagersjournal..../2131210.shtml
Now it's getting interesting. BayStar wants SCO to immediately redeem BayStar's 20,000 shares of SCO's A-1 Convertible Preferred Stock. They say SCO has breached their agreement. SCO denies any breach. Here is the agreement that they are fighting over. (Here is the original from October.) My, this was a short honeymoon.
Dion Cornett is quoted in TheStreet.com:
"'I look at this as bad news for SCO,' said Dion Cornett, an analyst for Decatur Jones Equity Partners - Soleil. 'I don't think BayStar is going to be very successful in getting their money back. It's very difficult for a private equity investor to force a redemption on a company that doesn't want to redeem. But it makes it very difficult for SCO to raise future financing.' . . .
"Reflecting SCO's diminutive size, Cornett is the only sellside analyst covering the stock, according to Thomson First Call."
This deal with MS is getting stinkier by the day. However, who will be the fall guy when the **** hits the fan? You guessed it SCO. The bottom line?
How Microsoft is tied in
Last month, BayStar confirmed that several highly placed Microsoft executives initiated the idea of the PIPE fund transfer to SCO Group. Chairman Bill Gates and CEO Steve Ballmer were not among those executives, McGrath said.
The admission was additional evidence of an alleged Microsoft-SCO Group cash pipeline for many members of the open source community, who believe Microsoft is quietly backing SCO in its many lawsuits against companies that use Unix and Linux in their enterprise IT systems. SCO Group is suing a number of companies, including IBM, Novell, DaimlerChrysler, AutoZone, and others for allegedly using its proprietary Unix System V code in open source Linux IT systems.
The most credible evidence of Microsoft's involvement thus far is a memo from a former SCO Group contractor, Mike Anderer, who described details of the transaction to SCO Group executive Chris Sontag in what later became the "Halloween X" document after being leaked to open source community leader Eric S. Raymond on March 3.
"I look at this as bad news for SCO," Dion Cornett, an analyst for Decatur Jones Equity Partners-Soleil told TheStreet.com. "I don't think BayStar is going to be very successful in getting their money back. It's very difficult for a private equity investor to force a redemption on a company that doesn't want to redeem. But it makes it very difficult for SCO to raise future financing."
SCO sucks balls.
May 9th, 2004, 08:17 PM
Hmm first time i knew that SCO sells software, just thought they were on a sueing spree.
Just kidding although that is what they are doing right now.