[TriLUG] Fw: MandrakeSoft mulls Chapter 11 style escape, says email

[Sinner from the Prairy]

On Wednesday 15 January 2003 08:31 am, Tanner Lovelace wrote:
> al johson wrote:
> > I don't know if this is old news, and am not sure of the reliability of
> > the source. But thought all the Mandrake fans (of which I am one myself)
> > would be interested in this alleged story which was sent to me by a
> > friend who said he'd also heard something about it on Tech TV. ---Al
> > Johnson =================

> > The e-mail goes on to discuss the way the company is working on a
> > two-step method of going the bankruptcy route. Firstly, it wants to put
> > the company on a break-even footing ASAP by merging with a Linux
> > services company.

> I would be extremely suspicious of this.  Mandrake has said publicly
> that getting into (educational) services was what got them into the
> current mess and I find it hard to believe they would head back down
> that route.

For  the discussions on Newsforge about this piece of news, it looks like this 
is a "scare tactics" for the dot-bomb companies that got contracts from 
Mandrake's former CEO (yes, the one that was sacked).

That is, those companies want money form Mandrake because of the 
contract-breaking (Mandrake has moved away from e-learning). But Mandrake 
cannot pay the whole lot. The dot-bomb companies are in bad economical shape 
(like quite a few other IT companies in the US) and want their money.

This "scare tactics" I guees it's sending a message to the e-learning/dot-bomb 
companies like this: "if you want the money right now, we will do French 
Chapter 11. This is different from US' Chapter 11: first the government, then 
the employees get the money, and assets get frozen; you end having a very 
good change of getting no money at all. Then, you can choose to wait or 
renegociate the contract. Yours, Newest Mandrake's CEO".


Salut,
Sinner
-- 
http://www.ibiblio.org/sinner/     Linux User # 89976
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