SCO Group Attracts $50 Million in Placement

SCO Group(SCOX Quote) announced Thursday after the close that it nabbed $50 million in private funding, buying more time and money in its fight against IBM(IBM Quote) over the Linux operating system.

SCO said the private investment was led by BayStar Capital, a Larkspur, Calif.-based investment fund that specializes in equity placements in publicly traded companies.

The SCO investors receive nonvoting Series A preferred shares, convertible into common stock at a fixed conversion rate of $16.93 a share. That was the average closing bid price for the company's common stock for the five previous trading days prior to closing the deal. ...