Today is the day for the hearing on whether or not it will be converted from a Chapter 11 case, with hopes of survival as a business, or whether the judge will send it to liquidation in Chapter 7.
There are three last minute filings. IBM has filed an objection to SCO filing its Appendix under seal and asks the court to strike any argument based on material in the appendix. XAC, formerly known as Amici, which I associate with the Boies Schiller folks, filed an objection to the motions to convert, as has Leap Tide Capital Management, and there's an amended notice of agenda for this afternoon's hearing.
Update: First word from the court, during a ten minute break, indicates that SCO has suggested it has a buyer. That doesn't mean it will avoid Chapter 7 of course, nor does it mean that the bankruptcy court will OK the suggested sale. But it likely does mean more delay, which is what this is likely all about. SCO very much wants to wait until the appeals court rules in SCO v. Novell. How can the court ignore a possible plan, even if all the prior plans proved illusory? Well, it could, but given the way this court has acted, it's realistic, I think, to expect that SCO will be given time to demonstrate whether this is a real plan. Remember I told you litigation is a marathon, not a sprint? But where is proper procedure?
Update 2: OK. I just heard from Webster. Here's the upshot of the day. The judge has decided to set a hearing on the proposed sale:

Recess at 5:50
Hearing set for July 16 with backup for July 27. SCO has already moved to make it July 27. combo hearing on convert and Sale.

Frankly, it would not totally amaze me if the three entities that filed motions to convert were to appeal this. If not, SCO got its desired delay. They believe, if you recall, or at least hope that the appeals court in SCO v. Novell may rule by then.

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