SCO CEO McBride to step aside amid $100 million buyout

The chief executive officer of SCO will leave once it reorganizes through a deal with Stephen Norris & Co. Capital Partners.

McBride's exit will be effective as soon as the restructuring plans take effect. The company said Thursday that it was offered $100 million to go private and reorganize by SNCP, which would take it out of bankruptcy.

A similar deal was struck with York Capital last November, but it failed to materialize. Following that deal, it was almost a sure bet that the company would be forced out of business due to the royalties the courts found it owed Novell.

It is expected that this influx of cash will be enough to keep the company in business, while at the same time pay off any legal costs and penalties due to the Novell suit.

However don't expect to see SCO's lawsuits go anywhere too soon: the statement from SNCP says its plans for SCO "will enable the company to see SCO's legal claims through to their full conclusion."

Among the industry, McBride was widely disliked for his aggressive legal maneuvering, launching many lawsuits against companies such as IBM and Novell. He went even as far as suing the company's own customers.

From the statements from both SCO and SNCP, it appears that many of these suits will continue to progress.

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