Did Microsoft Give SCO a Loan in the Guise of License Fees ?

A fellow GrokLaw poster has found this letter filed with the SEC and this discussion on the Yahoo Finance board regarding the implications of what it says.

earlier letter filed at the SEC
says that their bankers, MK, will charge SCO a 6% fee for any equity investment, and a 1% fee for any “senior debt” investment (apparently a loan, the investor is first in line if they go under).

Then in this letter they say they will charge SCO 6% for Sun’s investment and 1% for Microsoft’s investment.

To me that seems an admission that the MS payment was not straight revenue, but instead “senior debt”, in effect a loan!

Of course, if this is the case, and SCO go under when they loose to IBM, then MS will be the first in line for the pickings (if there’s anything left to pay IBM).