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SCO vs. Linux: SCO majority owner wants to finance SCO
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| In the dispute between the SCO Group and
| Novell about the copyright for Unix, the new
| jury trial scheduled to begin on the 8th of
| March is apparently set to go ahead: according
| to a statement by Chapter 11 trustee Edward
| Cahn, SCO's majority owner Ralph Yarro wants
| to inject a loan of $2 million dollars into
| the financially stricken company.
|
| Legal observers at Groklaw reported that Ralph
| Yarro intends to finance the loan via his
| investment company, Seung Ni Capital Partners.
| The loan is termed to run for a year at an
| interest rate of 6.6%. SCO will have to repay
| the loan before settling its other open debts.
| Among these is a court order to pay $2.5
| million to Novell. Earlier, trustee Cahn had
| told the bankruptcy court that SCO was in
| urgent need of further funding if it was to
| survive the new trial. The trustee said that
| without further funding he would not be able
| to continue SCO's business.
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http://www.h-online.com/open/news/item/SCO-vs-Linux-SCO-majority-owner-wants-to-finance-SCO-936109.html
Ralph Yarro, SCO's "former Chairman" wants to loan SCO $2M - Updated - Oct. MORs & Motion Granted, Withdrawn
,----[ Quote ]
| You've been expecting this, I'm sure. Ralph
| Yarro wants to loan SCO some money, $2
| million, or more accurately up to $2 million,
| and the SCO trustee, Edward Cahn, wants to let
| him. It's all at "arm's length" and "in good
| faith" negotiations with this SCO insider,
| don't you know. So, does this mean nobody else
| wants to fund SCO? No potential buyers? Just
| Ralph? And Cahn asks the court to please
| shorten the time to handle the motion. Is SCO
| on its last legs or something?
|
| The motion calls Yarro the "former Chairman"
| of SCO's board of directors. See all the stuff
| you can hide if you don't file MORs or with
| the SEC, despite being a public company? Say,
| didn't Cahn promise to file those MORs by now?
| What, they look too awful? Still, they're
| supposed to be filed. Well, well. SCO's MO
| seems to be catching. Delay, delay, delay
| while they keep their greedy hand reaching
| desperately for the brass ring.
|
| "The Trustee is advised that Seung Ni
| Capital Partners, L.L.C. is a newly formed
| entity formed by Ralph J. Yarro III
| (âYarroâ) and was created for the purpose
| of providing postpetition financing to the
| Debtors. Since Yarro is the former
| Chairman of the Debtorsâ Board of
| Directors and the Debtorsâ largest
| shareholder, Yarro is an insider pursuant
| to Bankruptcy Code section 101(31). See 11
| U.S.C. Â 101(31). The Trustee represents
| that at all times the negotiations among
| the Trustee, his advisors and Yarro were
| at arms-length and in good faith."
|
| Wait. Look at page 2. It's a loan from Ralph
| in public and "other lenders from time to
| time". Uh oh. Page 3:
|
| 9. In accordance with the Credit
| Agreement, additional Lenders may also
| make loans to the Debtors under the Credit
| Facility from time to time.
|
| Not another weirdo deal with shadows...
| Remember the York deal in 2007, speaking of
| shadows? It was a Super Dooper Senior Secured
| Super-Priority Credit Agreement too. We'd
| better look at the exhibits, which set forth
| the precise terms. I'll swing back by after I
| do that.
|
| [...]
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http://www.groklaw.net/article.php?story=20100218114947720
Novell's Daubert Motions: We Finally Get to Read 3 of SCO's Experts' Reports
http://www.groklaw.net/article.php?story=20100211135213717
Novell's Motion for Leave to Reply to SCO's Opposition to Motion in Limine # 1 - As Text
http://www.groklaw.net/article.php?story=201002151649510
Dr. Gary Pisano's Expert Report for SCO
http://www.groklaw.net/article.php?story=20100214100402473
Judge Stewart Denies Novell's Motion in Limine #1
http://www.groklaw.net/article.php?story=20100218174111362
Slander
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| Presumably Novell will soldier on with this
| handicap and SCO gets to bring up years of
| irrelevant evidence as it did before. How the
| trial can go in two or three weeks with this
| Pandoraâs box now opened is beyond me.
|
| Another strange thing. The judge made his
| ruling without a hearingâ That can happen if
| the matter is clear but there is obviously a
| dispute. Why not have it out in a hearing? I
| fear the fix is in. SCO is getting everything
| its own way, even having Utah law applied to a
| California contract. Novell will have to start
| all over again in SCOTUS. How many years will
| it take?
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http://pogson.6k.ca/2010/02/19/slander/
SCO GROUP, INC. v. NOVELL, INC.
http://www.leagle.com/unsecure/page.htm?shortname=infdco20100218c74
Recent:
What happens next in SCO vs. Novell
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| With that being the case, and there being no chance whatsoever of SCO
| successfully pursuing a Linux lawsuit, I strongly suspect that the Trustee
| will drop all of SCO's lawsuits and spend his time on rendering down SCO's
| remains into pennies on dollars. Rationally, there's nothing left to do, and
| with a reasonable person now in charge of SCO's remains, that's what I expect
| to happen.
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http://blogs.computerworld.com/14625/what_happens_next_in_sco_vs_novell
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