[OT] Royal Bank of Canada Cashes out of SCO

R

Robert Myers

Reasonable topic, given the number of frequent contributors who are
Canadian, I think:

http://biz.yahoo.com/prnews/040507/laf054_1.html

Canada's good name (used officially or otherwise) has not yet been fully
extracted from being attached to a, um, controversial enterprise, but
the process has been started:

<quote>

Royal Bank of Canada has elected to convert 10,000 shares of SCO's
Series A-1 Convertible Preferred Stock it currently holds into a total
of 740,740 shares of SCO's common stock

<snip>

Additionally, Royal Bank of Canada informed SCO that it has sold 20,000
shares of Series A-1 stock to BayStar Capital II, L.P., which currently
also holds shares of Series A-1 stock.

</quote>

I assume that leaves BayStar as the heavy to wrestle with SCO over
getting its money back from SCO and RBC trying to get its money back
through transactions on the open market.

Yahoo, which knows that what SCO really does these days is to sue
people, was smart enough to add:

"The SCO Group (Nasdaq: SCOX - News) helps millions of customers in more
than 82 countries to grow their businesses with UNIX business solutions.
Headquartered in Lindon, Utah, SCO has a worldwide network of more than
11,000 resellers and 4,000 developers. SCO Global Services provides
reliable localized support and services to all partners and customers.
For more information on SCO products and services visit http://www.sco.com."

And who would disagree?

RM
 
T

Tony Hill

Reasonable topic, given the number of frequent contributors who are
Canadian, I think:

http://biz.yahoo.com/prnews/040507/laf054_1.html

Canada's good name (used officially or otherwise) has not yet been fully
extracted from being attached to a, um, controversial enterprise, but
the process has been started:
Click to expand...

I don't think many Canadians would feel that ANY of the major Canadian
banks had a "good name" to begin with, least of all the Royal Bank of
Canada! They are a major reason why I can't stand banks and now do
most of my banking with an organization known primarily for food
products and grocery stores!

Good to hear that they are at least putting in the effort to get out
of this deal though!
 
S

S.Heenan

Tony said:
I don't think many Canadians would feel that ANY of the major Canadian
banks had a "good name" to begin with, least of all the Royal Bank of
Canada! They are a major reason why I can't stand banks and now do
most of my banking with an organization known primarily for food
products and grocery stores!
Click to expand...

If you mean "PC" cards, that's actually the CIBC.
 
Y

Yousuf Khan

Robert Myers said:
Reasonable topic, given the number of frequent contributors who are
Canadian, I think:

http://biz.yahoo.com/prnews/040507/laf054_1.html

Canada's good name (used officially or otherwise) has not yet been
fully extracted from being attached to a, um, controversial
enterprise, but
the process has been started:
Click to expand...

Yeesh, looking at all of the shenanigans they're going through just to sell
off the stock, it doesn't look like they're going anywhere fast. Converting
some preferred stock to common stock, while at the same time selling other
preferred stock to other preferred stock holders.

Yousuf Khan
 
T

Tony Hill

If you mean "PC" cards, that's actually the CIBC.
Click to expand...

Yup I mean PC (President's Choice) Financial, and while they use some
of CIBC's infrastructure, it's not the same bank at all. Service is
provided by an entirely different group and their policies and fee
structure are totally different.

I've had a CIBC account before, and there is no way in hell I would go
back to their absolutely abysmal service and high fees. I've been
with PC Financial for 3 years now and they are another story
altogether. Good service, the products I need and best of all, no
fees.
 
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