Our first full-length report is in from today's bankruptcy hearing.
MikeD, our first eyewitness to report in after the hearing, reports some shocking dialog, as you will see. Litigation takes a strong stomach, I must warn you, or a particular type of sense of humor. Happily, I have both. At one point, when it was pointed out to the judge by the lawyer for the U.S. Trustee's Office, Joseph McMahon, that there was a particular rule that the judge seemed not about to follow, Judge Kevin Gross asked, laughing, "What happens if I don't meet that deadline? Will they take me out back and shoot me?"
Sadly, MikeD had taken his 17-year-old son to the courtroom so he could see what our legal system is like, today of all days. And they wonder why some young people don't show respect to authority figures. Sorry, guys, but bankruptcy court is what it is. Notorious. There is a reason companies incorporate in Delaware, you know, no matter what state they are in physically. And it's not the view.
So, the bottom line of the day is that the proposed sale to Gulf-Cap-whatever-their-name-really-turns-out-to-be (see
previous article) will have a hearing on July 16, as Webster earlier reported. So we will no doubt get to see the proposed agreement filed, and then objections, the usual song and dance. So, bottom line? Delay, delay, delay. It's too bad SCO can't package it up and sell delay. They'd make a fortune. It is what they are best at, I'd say.
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