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Novell gets a delisting notice
Novell has announced that it has received a notice of delisting from the NASDAQ market. The company is behind on its quarterly filings because it is having to go back and figure out how to cope with its "stock-based compensation practices" problems. One of Novell's lenders has also declared Novell to be in default on its loan as a result of this delay.
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Novell gets a delisting notice Posted Sep 20, 2006 21:48 UTC (Wed) by dw (subscriber, #12017) [Link] Can someone explain what this means? Obviously the default is bad, but what ramifications does delisting have? The only thing I'm assuming is that their stock can't be traded.
Does this mean a bleak outlook for SuSE?
Novell gets a delisting notice Posted Sep 20, 2006 21:58 UTC (Wed) by smoogen (subscriber, #97) [Link] It is not extremely bleak. It does cause problems though. If the appeals fail then it would not be listed on the NASDAQ but would be listed on the Over The Counter Exchange or Pink Slip.. where SCOX and many other dot-coms are currently trading still. The larger problem is the defaulting on a loan. That can cause problems with getting future credit, keeping day-to-day credit (how many companies pay employees or keeping the lights on), and things like that.
I do not think that Novell will be delisted.. unless it turns out that the reasons listed for delays in filing turn out to be really bad.. which no one outside of company hq could tell.
Novell gets a delisting notice Posted Sep 20, 2006 22:59 UTC (Wed) by drag (subscriber, #31333) [Link] Novell has 60 days to get it's quarter filings in before Wells Fargo defaults on their 600 million dollar loan.
Looks like Fargo feels that financial transparency is a requirement of the loan. Once Novell gets their financial reports out then it'll be fine.
Also I would be that Fargo is a bit worried that while Novell currently has enough cash to pay back the loan today.. if they get delisted it could end up in a crash and Novell may not be able to end up paying it back tomorrow. I am GUESSING that this is probably Fargo's way of putting extra pressure on Novell to not allow this to happen.
Like the article says the delay is due to a audit of their stock compinsation practices. The idea is probably that when Novell is able to prove that it's not gone and done any Enron-style CEO-get-rich-and-run games it will lend extra credibility to itself and make it easier to attract new money.. so all of this may work out pretty well if the audit finishes quickly and doesn't find any serious problems.
Novell gets a delisting notice Posted Sep 21, 2006 11:57 UTC (Thu) by fjf33 (subscriber, #5768) [Link] All these loans usually have clauses where the company has to keep a certain debt/assets ratio, good standing, etc. If they don't then they can be called on it. The CAN which doesn't mean they will. The problem like someone mentioned is that it makes it harder to get new loans on good terms though. Delisting also gets triggered automatically but then through an appeals process it usually gets delayed so that it hardly ever happens.
Novell gets a delisting notice Posted Sep 21, 2006 2:31 UTC (Thu) by galens (guest, #23805) [Link] SCOX has received at least one delisting notice in the past, but they continue to be listed as a NASDAQ Capital Market(small cap) company. Give them another six months or so, then we'll see where they are at. Bankrupt, I suspect.
Novell gets a delisting notice Posted Sep 21, 2006 0:39 UTC (Thu) by horen (subscriber, #2514) [Link] For example, I recently interviewed for a position with the State of Florida, Department of Revenue, Child Support Enforcement... a Novell shop... thousands of computers throughout the length and breadth of the state. Novell qua Novell is not so competitive anymore... legacy networking stuff... WordPerfect. Buying SuSe, and the subsequent releases of SLES and SLED gave them a new lease on life; ZENworks and GroupWise, too. If Novell is stable, great; if not, there are other carrier-grade Linux distributions out there, which *are* stable.
PS: I didn't get the job, despite having learned eight Unices and five Linux distributions during an 18-year Unix sysadmin career... I didn't "know Novell". Told them "two weeks and a book, and I'm good". They decided not to hire any of the three candidates... gonna readvertise the position. And who will apply -- the ones who passed on it the first time 'round?
Two weeks and a book Posted Sep 21, 2006 7:52 UTC (Thu) by dark (subscriber, #8483) [Link] If you reapply, you can "know Novell" at the next interview :)
Novell gets a delisting notice Posted Sep 23, 2006 8:36 UTC (Sat) by jhs (subscriber, #12429) [Link] Even though learning potential or aptitude is the most valuable human resource for IT, selling your own is a hard sell at an interview. I suppose it is because there is no way to measure except by a candidate's own judgement of himself. So they go with the easiest-to-verify characteristic: experience.
Novell gets a delisting notice Posted Sep 28, 2006 4:27 UTC (Thu) by jmorris42 (subscriber, #2203) [Link] > I didn't "know Novell". Told them "two weeks and a book, and I'm good".
You obviously don't know Novell if you can say that. Learning the Novell Way would almost certainly take more than two weeks. Imagine you didn't know anything about DOS/Windows and said you, as a mostly UNIX guy, could just pick it up in two weeks. Or even better, imagine how hard you would laugh at some snot nosed MCSE/Xbox warrier who tried telling YOU he could pick up UNIX in a couple of weeks.
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