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U.S. Trustee Moves to Convert SCO Bankruptcy to Chapter 7
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Here it is, the moment many of you have been waiting for: the U.S. Trustee's office, through its counsel Joseph J. McMahon, Jr., has filed a motion in the SCO bankruptcy proceeding to convert the SCO's Chapter 11 to Chapter 7. And I think this will be your favorite sentence: "Additionally, not only is there no reasonable chance of "rehabilitation" in these cases, the Debtors have tried — and failed — to liquidate their business in chapter 11." So what's left? Dismissal or, more logically, Chapter 7.
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