Message ID: 237243
Posted By: BigBadLonewolf
Posted On: 2005-02-17 09:19:00
Subject: NASDAQ is on the ball.
Over the past few days there has been a flurry of speculation about the NASDAQ analysts. According to the press release, NASDAQ sent SCOX a delisting letter yesterday (2/16), the very day after they missed the filing deadline. The following day (today) the SCOXE change was announced and tomorrow will take effect.
Looks to me like NASDAQ is on top of things just fine. Wish we could say the same for a certain judge :)
Message ID: 237244
Posted By: heimdal31
Posted On: 2005-02-17 09:20:00
Subject: Re: Delisting notice - link
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 16, 2005, The SCO Group, Inc. (the "Company") received a notice from the staff of The Nasdaq Stock Market indicating that the Company is subject to potential delisting from the Nasdaq SmallCap Market for failure to comply with Nasdaq's requirement to file its Form 10-K for the fiscal year ended October 31, 2004 in a timely fashion, as required under Marketplace Rule 4310(c)(14). Receipt of the notice does not result in immediate delisting of the Company's Common Stock.
Nasdaq stated that, unless the Company requests a hearing on Nasdaq's delisting notice, the Company's securities will be delisted from The Nasdaq SmallCap Market at the opening of business on February 25, 2005. As of the opening of business on February 18, 2005, an "E" will be appended to the end of the Company's trading symbol for its securities. Therefore, commencing February 18, 2005, the trading symbol for the Company's Common Stock will be changed from "SCOX" to "SCOXE".
The Company expects to make a request for a hearing with the Nasdaq Listing Qualifications Panel on this matter which will stay the delisting pending the hearing and a determination by the Nasdaq Listing Qualifications Panel. There can be no assurance that the Panel will grant the Company's request for continued listing.
The Company has been unable to file its Form 10-K for the fiscal year ended October 31, 2004 because it continues to examine certain matters related to the issuance of shares of the Company's common stock pursuant to its equity compensation plans. The Company is working to resolve these matters as soon as possible and expects to file its Form 10-K upon completion of its analysis.
The Company issued a press release in connection with the notification on February 17, 2005, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Message ID: 237245
Posted By: rgriffith64
Posted On: 2005-02-17 09:22:00
Subject: Re: Delisting notice, press release
SCO's press release
Note the continued blame on problems with accounting options.
"The Company has been unable to file its Form 10-K for the fiscal year ended October 31, 2004 because it continues to examine certain matters related to the issuance of shares of the Company's common stock pursuant to its equity compensation plans. The Company is working to resolve these matters as soon as possible and expects to file its Form 10-K upon completion of its analysis."
What is missing is any sort of notification on what the proper accounting of the options will do to the balance sheet.
Message ID: 237558
Posted By: saltydogmn
Posted On: 2005-02-17 14:29:00
Subject: Just fired off an e-mail to...
...Melanie Hollands. I figured I ask her what she thinks of the latest follies our Lindon Losers® have gotten themselves into lately. Besides, it's been a few weeks since she has posted, so I though I'd get the ball rolling. I did ask her to post here, so everyone can see what she has to say, so I guess we'll just have to stay tuned. (Like you have anything else better to do, than watch a once-respected business disintegrate before your very eyes!)
Message ID: 237564
Posted By: doughnuts_hmm
Posted On: 2005-02-17 14:33:00
Subject: SCOXE on /.
Message ID: 237570
Posted By: doughnuts_hmm
Posted On: 2005-02-17 14:40:00
Subject: SCOXE at Infoworld
Message ID: 237573
Posted By: atul666
Posted On: 2005-02-17 14:42:00
Subject: Delisting notice - media coverage
As always, Google News is a great place to find media coverage of the SCOap Opera:
A lot of delisting stories are popping up there.
The InfoWorld story (www.infoworld.com/article/05/02/17/HNscodelisting_1.html) has an additional tidbit from Stowell:
SCO spokesman Blake Stowell said Thursday that SCO and KPMG are discussing SCO's accounting treatment of its employee stock purchase plan. KPMG has been SCO's auditor for several years; Stowell was unsure why the purchase plan accounting was raising flags now when it hadn't before.
"Our plan is still to get this resolved in short order," Stowell said. "Everything with our 10-K is ready except for this accounting treatment."
Gee, he's got no idea why KPMG would be reluctant to sign off on their plans, considering all the stock option madness going on at Canopy, plus SCO's precarious finances.
Pesky auditors, always start asking more questions right when things are looking really bad already. Don't they realize who's writing the checks? Ingrates.
And it's always a great plan to express doubts about your own auditors in public. That always makes the process go smoothly.
I think KPMG figures the consequences of report irregularities are much more serious when the company's demise is imminent. At that point, people start asking questions.
If SCO was raking in huge profits, and their stock option plan was a little questionable, probably nobody would care. If they were losing money but had a big pile of cash in the bank and real prospects to regain profitability later, they might get hassled about it, but the auditors might cave. But SCO's doomed, and KPMG doesn't want any part of the blame game when the company goes under. Besides, at this point, there's very little prospect they'll be needed to audit SCO's books next year, so they've got nothing to lose by being as strict as possible.
Message ID: 237693
Posted By: rweait
Posted On: 2005-02-17 16:42:00
Subject: scoxe.com coming soon
A little birdie tells me that SCOXE.com has been registered. Not by anybody from Lindon. I'll wait for you to stop laughing.
I'm also told that the domain name registrant is willing to post and host entertaining .html or images. Those of you with a creative bent should get GIMP-ing those old trade show photos.
I'll post more when I get confirmation.
I _really_ wish that I had thought of this, but I am just the messenger.
Message ID: 237954
Posted By: jgabriel66
Posted On: 2005-02-18 06:56:00
Subject: SCOXE: It's Official!
It's offical. From the ftp.nasdaqtrader.com/SymbolDirectory/nasdaq.txt:
SCOXE|SCO Group, Inc. (The) - Common Stock|SCM||N|N
Hi Darl! Welcome to the first stage of de-listing!
Message ID: 237963
Posted By: codemangler
Posted On: 2005-02-18 07:17:00
Subject: The Yahoo SCOXE page
is now active
But still no message board
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