March 5, 2010 SCO bankruptcy hearing audio
Al Petrofsky
court's audio recording of the March 5, 2010 hearing in In re: SCO
Group, Inc. (f/k/a Caldera International, Inc), No. 07-bk-11337,
Bankr. D. Del. (see docket in
http://scofacts.org/nefomatic-test-SCO-Group-bankruptcy.html).
An unofficial transcript, which is currently about 75% complete, can
be found at
<http://scofacts.org/SCO-Group-bankruptcy-1083-unofficial-transcript.html>.
That includes synchronization timestamps, mug shots of the
participants, links to all the pre-hearing filings, and other
information.
Here is an audio clip of the court's ruling, with an unofficial
transcription:
http://scofacts.org/SCO-Group-bankruptcy-1083-audio-clip-ruling.mp3
(12:32:44/+01:26:44) THE COURT: Well, I've -- I've -- I've heard
from a -- an attorney licensed in Utah that, uh, the articles of
incorporation have been properly filed, and, uh, I will accept that
rese-- representation, of course. Um.
(12:32:58/+01:26:58) Let me say this, you know, this has been a
very, very difficult case, and I recognize that, uh, um, the
litigation, which is about to start next week, is really at the
core of the case at this point, and I, uh, one of the reasons that
I am satisfied that, uh, Mr. Cahn is the right person for this job,
uh, and I acknowledge my gratitude to the office of the United
States trustee, is that, uh, as a former judge, and, uh, and a -- a
licensed attorney, he is, uh, very capable of making, um, a
judgment about the litigation, and that was one of the main
concerns that I had in -- in having a chapter eleven trustee
appointed was that, uh, I thought that someone woul-- had to take
an independent view of the litigation, and, uh, and that has
certainly been accomplished.
(12:33:53/+01:27:53) I'm pleased with Mr. Cahn's report, that, uh,
he is very active in, uh, taking steps towards the restructuring,
and has cut costs dramatically. So that certainly also, uh, is --
is of -- of importance here, and, uh, and, uh, and I, uh,
appreciate Mr. Cahn's efforts and those of his -- of his
counsel. I've heard very, um, credible testimony from Mr. Fisler,
uh, the financial advisor for the, uh, for the debtor.
(12:34:26/+01:28:26) And I am going to grant the motion, because I
am satisfied that based upon that testimony, um, the, uh, the
requirements of section 364 have been met, and namely, that, uh,
there is clearly a need for the financing, and, uh, I think there
is a need for the financing right now. There are significant
administrative creditor claims, and thos-- they are considered
creditors too, as far as the, uh, th-- th-- their best interests
are concerned. Um, and I agree that at the conclusion of the trial,
we may find ourselves in a different situation to obtain the
financing. Um, so I think this is the time and the need is now. Uh,
I think that the financing is necessary to preserve the assets of
the debtors' estates. And I am satisfied, particularly based upon
the testimony about the marketing efforts, and -- and we all know
the difficulty in obtaining financing, that the terms are fair, uh,
reasonable, and adequate, and, uh, for all those reasons, I will
approve the, um, the motion. I grant the motion, and -- and -- and
approve the financing. And be very interested and wait with bated
breath for the results of the trial.
-al