Cover stitch for serged edges on knits

While housekeeping old computer data I ran into this bit of info.
Gene Bailey of New York, was a popular producer of Designer knitwear of the 1990s. Known for his Wool/Ray suits. He also used this stitch for front openings. ie.Channel type garments.

Gene Bailey’s Cover Stitch:
(Can be used directly over serged out neck opening! Best with 2 strands, or a
combination of 1 strand knitting yarn and 1 strand different yarn of the same color, or 1
strand yarn, 1 strand ribbon)

1. Right side facing, insert hook, pull through a loop and form a single crochet.
2. YO, insert hook in same stitch. Pull through loop.
3. *Skip 2 sts., pull through loop.
4. YO, pull through ALL (loops and stitch).
5. YO, insert hook in stitch you just ended in and pull through a loop. Repeat from *