Don't mess with Linux
The usual result, for any asset of a company undergoing liquidation type bankruptcy, is that the assets are dissolved by the court, with the proceeds being distributed to the debtors by the court. This may take the form of a private sale, or it may take the form of an auction. That should apply whether the asset is a physical asset (e.g., tables, chairs, computers, buildings, etc.), or whether it's a "soft" asset, such as intellectual property.
Of course, that only applies for a liquidation type bankruptcy, and there are several different forms of bankruptcy, such as liquidation, reorganization, etc., usually denoted by the "chapter number" of the bankruptcy filing. Of course, it's possible for the bankruptcy court to change the type of bankruptcy.
To further confuse matters, since SCO is (err, was?) an American company, the US federal bankruptcy laws apply. However, the federal bankruptcy laws are different for different states. And, it's not too unusual for a company with dealings in several different states to pick the one with conditions most favourable for it's filing.
P.S. IANAL (I Am Not A Lawyer), but the company my significant other used to work for went through this, so I got to watch it all happen in slow motion.