BayStar Confirms - It's a Done Deal

Thursday, August 26 2004 @ 02:07 PM EDT

Contributed by: PJ

The Salt Lake Tribune says that BayStar confirms that the deal is done:

"'All I can say is that BayStar and SCO have reached an agreement and the transaction has closed,' BayStar spokesman Justin Meise said.

    "SCO spokesman Blake Stowell said when problems arose with the transaction last month, the company had put BayStar's money into an escrow account. 'Now they have contacted us and indicated they want to receive the money and their stock certificates,' he added.    'BayStar is now a common shareholder. There are no more preferred stocks anywhere in SCO,' Stowell said."

And SCO is presumably $13 million poorer. The article indicates that BayStar will be restricted in how fast it can sell its shares, only unloading them at a rate of 10% of the average trading volume for SCOX the previous week. BayStar obtained the shares at $13 each. They are now trading at less than $4.