BayStar to Seek Declaratory Judgment Against SCO

Friday, July 23 2004 @ 03:25 PM EDT

Contributed by: PJ

Yup. It's a lawsuit. BayStar has put out its own press release contradicting SCO's and announcing it will seek a declaratory judgment against SCO:

"Baystar Capital Announces Repurchase Transaction With the SCO Group, Inc. Has Not Closed Friday July 23, 1:56 pm ET

SAN FRANCISCO, July 23 /PRNewswire-FirstCall/ -- BayStar Capital today announced that, despite a prior announcement by The SCO Group, Inc. (Nasdaq: SCOX - News) to the contrary, the transactions contemplated by the Stock Repurchase Agreement by and between BayStar and SCO, dated as of May 31, 2004, have not closed due to an unresolved dispute between the parties. BayStar intends to file an action requesting a declaratory judgment with respect to its rights under the Stock Repurchase Agreement. Until a final determination is made by the court, BayStar maintains its position as a Series A-1 Preferred stockholder of SCO."

Ah. You reap what you sow. How charming. Thou Shalt Not Mess With Pure Financial Animals' Money.