A day after SCO’s victory in the 10th Circuit Court of Appeals, a Chapter 11 trustee was appointed to decide what should be done with the company, whether it should be sold off to UnXis and whether it should continue to chase its litigation dreams.
The trustee is Edward Cahn, retired chief judge of the Eastern District of Pennsylvania.
He’s 76, a Phi Beta Kappa graduate of Lehigh, went to Yale Law School, is Tresonlini lecturer in law at Lehigh and currently “of counsel” at Blank Rome, a big Philadelphia law firm.
His specialties include antitrust, alternative dispute resolution, arbitration, mediation, litigation, complex litigation, corporate shareholder actions and securities litigation.
Meanwhile, SCO’s stock was up 188.89% immediately after the court decision that Novell owns Unix was overturned Monday to close at all of 26 cents a share, up 17 cents.
Tuesday it closed up ~35% to 35 cents after flirting briefly with 44 cents then fell back to 27 cents Thursday.
On August 11, 2007, the day after a Utah court handed down a summary judgment that Novell owned Unix SCO’s stock cratered losing $21 million in market cap.
Although it’s up now, it’s still $3.2 million shy of August 11, 2007’s $9 million.
In a conference call Tuesday SCO expressed hope that it would now be able to go ahead with its reorganization plan and emerge from bankruptcy court to continue its litigation with a new set of judges in both its claims against Novell and IBM.
Following the appeals court’s decision Monday, the sitting judge recused himself from both cases.
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