BayStar Redeems SCO Shares; Stock Tanks
BayStar Capital, a fund heavily invested in SCO (whose involvement was lined up by Microsoft), has pulled out of SCO stock. The stock has tanked (down about 20% in the past two days, 13% today).
BayStar is making vague allegations of a breach of one of the contracts governing securities transactions between BayStar and SCO. If SCO breached, this gives BayStar the right to redeem all of its shares and get out of its invesement in SCO. The vagueness of the allegations makes me think that BayStar just wants out fast, any way it can get out, and will be more specific about the breach once its lawyers find one.
Bravo, BayStar.
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