Embattled Unix vendor SCO Group has landed a new round of funding which the company says will help it emerge from bankruptcy.
The company said that un-named investors have agreed to provide it with $2m (£1.32m) in funding to help continue its legal and commercial efforts. In particular, the company noted that the funds would be used to battle cases against IBM and Novell.
"The financing is intended to enable SCO to continue to sell and support its products while servicing the needs of our customers and partners on a worldwide basis through the bankruptcy period," said chief financial officer Ken Nielsen.
SCO made headlines and gained a great deal of infamy among the open-source community when in the first half of the decade it engaged both Novell and IBM in legal battles over the Unix and Linux platforms.
Dogged by ongoing legal costs and courtroom setbacks, the company was forced to declare bankruptcy in 2007. Throughout the bankruptcy process, SCO has said that it would continue to appeal the cases against IBM, Novell and others.
© Incisive Media Investments Limited 2010, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093
Do you agree?
The lenders are known - names from SCO's latest 8K:
As of March 5, 2010, The SCO Group, Inc., (the ?Company?) obtained funding for $2.0 million in postpetition financing (the ?Loan?) in the form of a secured super-priority credit agreement (the ?Secured Credit Agreement?), from a group of private lenders including Seung Ni Capital Partners, LLC, Jan Loeb, Leap Tide Capital Management, Inc., Steven Shin, Henry C. Beinstein, Stanley A. Beinstein, Neil J. Gagnon, Robert Dyson, WBS LLC, Ne Obliviscaris, Ltd., Darcy Mott, Clemons F. Walker and Herbert W. Jackson
Posted by Ima Sudonem, 19 Mar 2010
Un-named Investors?
You are kidding right?
From a recent SEC filing... These guys don't look so un-named to me!
As of March 5, 2010, The SCO Group, Inc., (the ?Company?) obtained funding for $2.0 million in postpetition financing (the ?Loan?) in the form of a secured super-priority credit agreement (the ?Secured Credit Agreement?), from a group of private lenders including Seung Ni Capital Partners, LLC, Jan Loeb, Leap Tide Capital Management, Inc., Steven Shin, Henry C. Beinstein, Stanley A. Beinstein, Neil J. Gagnon, Robert Dyson, WBS LLC, Ne Obliviscaris, Ltd., Darcy Mott, Clemons F. Walker and Herbert W. Jackson (collectively, the ?Lenders?). Other than WBS LLC and Robert Dyson, all of the other Lenders listed above are direct or indirect shareholders of the Company. Proceeds from the financing will be used to fund the Company?s operating and administrative expenses, as well as litigation-related expenses. In order to document this financing arrangement, the Company entered into a separate Secured Credit Agreement, Stock Pledge Agreement and Security and Pledge Agreement in favor of each Lender. The Secured Credit Agreement and related documents, described below, which were entered into by the Company in connection with the $2.0 million financing were approved by order of the U.S. Bankruptcy Court on March 5, 2010 (the ?Bankruptcy Court?).
Posted by anonymous idiot, 19 Mar 2010
So where's M$?
I would never believe they are not part & parcel of this. They were before & they will be now.
Posted by Rex Alfie Lee, 23 Mar 2010