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SCO also change bylaw to indemnify top execs:SCO also change bylaw to indemnify top execs:Posted Jul 8, 2003 18:37 UTC (Tue) by walterbyrd (guest, #11620)Parent article: SCO takes Linux case to Japan (News.com) SCO has just completely overhauled its certificate of corporation and bylaws. I believe that many of the changes are in the 'indemnification' section -- indemnifying officers for anything they do 'on behalf of the company' Specifically quoted from their FORM 8-A/A SEC filing. Last sentence of page 3 in the Bylaws section: "The Bylaws also provide that the Company will indemnify officers and directors against losses that they may incur in investigations and legal proceedings resulting from their services to the Company," http://www.sec.gov/Archives/edgar/data/1102542/000104746903023479/a2114250z8-a12ga.htm
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SCO also change bylaw to indemnify top execs: Posted Jul 8, 2003 19:32 UTC (Tue) by allesfresser (subscriber, #216) [Link] How nice--so now McBride & Co. can have the corporate entity (which will be an empty shell by the time they get through) take the fall for all their greed-mongering. Very convenient. I wish I could do that with all my credit cards... no, just kidding, in case anyone from Visa is listening... ;-)
SCO also change bylaw to indemnify top execs: Posted Jul 8, 2003 20:24 UTC (Tue) by donstuart (guest, #4550) [Link] As I understand it, indemnification doesn't relieve the officers of liability, it just means the corporation will pay for it. Think of it as an insurance policy. If the corporation is broke then the officers may be on their own.As usual, I didn't go to law school. (But my wife did so there is a chance I may have got this right.) Don
SCO also change bylaw to indemnify top execs: Posted Jul 8, 2003 22:33 UTC (Tue) by walterbyrd (guest, #11620) [Link] Sure, scox may only change the bylaws enough to cover court costs for top execs. But why now? If you follow this case, you might notice that the timing is interesting. Also, SCOX price has surged in the last few days, and insiders are selling like mad. Here is another interesting fact:"obviously Linux owes its heritage to UNIX, but not its code. We would not, nor will not, make such a claim." -- Darl McBride, CEO, The SCO Group. August 2002 http://www.linuxjournal.com/article.php?sid=6293 Check out the 8th paragraph!!
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