SCO's lawyers could get 20 pct of sale, settlement
biz.yahoo.com
Thursday November 6, 5:36 am ET
NEW YORK, Nov 6 (Reuters) - Lawyers for software company SCO Group (NasdaqSC:SCOX - News) could wind up with 20 percent of the proceeds if the company were to be sold or reach a legal settlement, according to a recent document filed with regulators.
If the software company were sold for an amount equal to its current stock market value -- $247 million -- its legal counsel would walk away with about $49 million, under the terms of a deal that are still being finalized.
SCO did not name the law firm in the regulatory filing, but it is known that the company is being represented by the firm of David Boies, a former government prosecutor who led the anti-trust case against Microsoft Corp.
The details were first reported early Thursday by The Wall Street Journal.
SCO sued International Business Machines Corp. (NYSE:IBM - News) for billions earlier this year, saying the company took Unix software code and introduced it into free Linux software.
Under an agreement, the law firm would get 20 percent of proceeds of a settlement, an equity financing or a sale of the company during the "pendency of litigation," the Oct. 17 filing with the Securities and Exchange Commission (News - Websites) said.
A spokesman for SCO was not immediately available to comment. Representatives of the firm of Boies, Schiller and Flexner also were not immediately available to comment. |
