SCO said today that it has been notified by major investor BayStar Capital that BayStar wants its $20 million back from SCO, on the grounds that SCO is in violation of the investment agreement.
If granted, the demand would be a significant blow to SCO. BayStar's $20 million investment is significantly greater than SCO's last quarterly earnings of $11 million. BayStar has roughly a 7 percent interest in SCO.
added 2:06 PM PDT 4/16: greater detail about the BayStar charges, BayStar declines to comment.
"BayStar's letter did not provide specific information regarding SCO's alleged breaches of the Exchange Agreement," SCO said in a statement. "SCO is attempting to obtain specific information from BayStar and is evaluating its obligations and options with respect to the redemption notice.
The company added, "However, SCO does not believe it has breached any of the referenced provisions of the Exchange Agreement. As a result, SCO does not believe it is obligated to redeem BayStar's shares of Series A-1 Convertible Preferred Stock."
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