The undead entity formerly known as SCO but lately doing business as The TSG Group -- if you can call bleeding away cash on legal fees a business -- has filed a motion in a Delaware court to convert its Chapter 11 bankruptcy case to Chapter 7, Groklaw reports.
Under U.S. law, Chapter 11 bankruptcy allows a company to restructure its business, in hopes that it will eventually emerge from bankruptcy protection and remain a going concern. SCO has had no such luck, having spent nearly every penny in its coffers on fruitless legal actions against Linux vendors and customers over the last decade.
By filing for Chapter 7 bankruptcy on Monday, SCO has essentially admitted that its legal gambit has failed, and that it's time to liquidate its remaining assets and shut off the lights.
Source: The Register