Like a phoenix SCO has survived IBM and Novell’s attempts to force it into liquidation and then grind it into dust ahead of any decision on its summary judgment appeal.

In what the judge described as a “Perry Mason” moment, SCO waltzed into bankruptcy court Monday with a surprise asset purchase agreement hammered out that morning and signed only moments before.

To Novell and IBM’s chagrin the move silenced any discussion of their liquidation motions, which was why everybody was there.

Stephen Norris, one of the original founders of the chi-chi Carlyle Group, and his current equity arm Gulf Capital Partners LLC – the money is reportedly coming from Saudi Arabia unless the White House stops it – are offering $2.4 million for what remains of SCO’s Unix business plus its mobility technology.

SCO will also get a $2.9 million line of credit to pursue the lawsuit, the existing mobility apps on which to build and CEO Darl McBride.

The spin-off would take president Jeff Hunsaker and most of SCO’s remaining 62 employees.

There’s a hearing set for July 16 – July 27 at the latest – at which Novell and IBM are expected to complain but maybe by then the 10th Circuit Court of Appeals in Denver will have decided whether or not to overturn the ruling awarding ownership of Unix to Novell.

If SCO winds up with the Unix copyrights after all it only gets to run with them for 10 years then they revert to Gulf Capital Partners.

See http://gulfcappartners.com/index.html