SCO bumped off Nasdaq
December 28, 2007 (IDG News Service) --
The SCO Group has been removed from the Nasdaq Stock Market because the company declared bankruptcy in September.
The stock market delisted SCO and suspended trading of its shares (SCOX) at the beginning of trading on Thursday, SCO said in a filing to the U.S. Securities and Exchange Commission. Nasdaq had told the company in September that it would be delisted, and SCO's subsequent appeal of that determination was turned down.
SCO has been waging an expensive legal battle against IBM for years, claiming the company inappropriately used copyrighted SCO Unix code as part of its support of the Linux operating system. SCO suffered a major loss in that case in August when a federal judge ruled that Novell, not SCO, owned the Unix copyright. In September, the Lindon, Utah, company said the ruling might cost it US$30 million and that it had just $10.4 million in cash.
In October, SCO said it had a "potential" buyout offer for $36 million from JGD Management, a company affiliated with investment firm York Capital Management. That deal would have to be approved by the bankruptcy court.