insolvency, administration

Court Orders GAME to Pay Back-Rent

February 24, 2014 - GamePolitics Staff

UK video game retailer GAME has been ordered by the Court of Appeals to pay missed rent payments of around £3 million amassed during its period of administration back in 2012, according to MCV. The retailer said that it had put aside £3 million in the event that it lost its case.

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Japanese Publisher Cyber Front Dissolved

December 20, 2013 - GamePolitics Staff

This week Japanese publisher Cyber Front announced its dissolution in a simple statement (PDF, Japanese) published on its website (according to a translation by Gamasutra).

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No One Bids on Proposal to Study 38 Studios Loan Payback Options

December 11, 2013 - GamePolitics Staff

Last summer lawmakers passed a measure to make an initial $2.5-million payment to the investors who purchased the state-backed bonds that financed Schilling’s now-bankrupt video-game company, 38 Studios.

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Court Approves Atari's Bankruptcy Exit Plan

December 6, 2013 - GamePolitics Staff

The North American arm of Atari filed for bankruptcy in January 2013 and hoped to separate itself from its French parent company. It looks like the company has finally gotten approval to do just that. According to the Wall Street Journal, a US bankruptcy court judge has approved Atari's plan to escape bankruptcy.

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Koch Media Acquires Fishlabs

December 2, 2013 - GamePolitics Staff

German mobile development studio Fishlabs has been acquired by Koch Media, According to a report in PocketGamer - citing reports from German news outlets Gamesmarket and Newsslash - the company was purchased by an unnamed buyer. Later Koch managing director Dr. Klemens Kundratitz confirmed the purchase in a statement sent to Polygon. The studio behind space sim series Galaxy on Fire, filed for bankruptcy protection in October.

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Report: Multiple Companies in Bidding War for TimeGate IP

November 20, 2013 - GamePolitics Staff

A bidding war has broken out for assets related to bankrupt developer TimeGate Studios, according to this Wall Street Journal report. According to WSJ rights to the first-person shooter Section 8 as well as TimeGate's unreleased free-to-play title Minimum are at the center of a feud between three separate companies including CNH Partners, France-based Atari SA and Southpeak Interactive Corp.

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Heritage Global Partners Hosting 38 Studios IP Auction in Early December

November 14, 2013 - GamePolitics Staff

Heritage Global Partners will hold an auction to sell off the intellectual property of 38 Studios and Big Huge Games. The auction is being held on behalf of Richard J. Land, the Rhode Island court-appointed receiver, on December 11. The deadline for submitting initial bids is 5 pm EST on December 4.

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Blockbuster Retail Operations Shutting Down Jan. 2014

November 6, 2013 - GamePolitics Staff

Video and video game rental giant Blockbuster is not going to exist by the end of January 2014. Parent company Dish Network announced today that it will shut down its retail and by-mail rental distribution operations by early January 2014. The 300 remaining retail stores in the United States and distribution centers will also be closed.

"This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment," Dish CEO Joseph P. Clayton said in a statement.

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RI Attorney: Demand for 38 Studios IP Greater Than Expected, Auction May Be Delayed

November 6, 2013 - GamePolitics Staff

The attorney in charge of selling off the remaining intellectual property of 38 Studios to recoup money in the hopes of paying down the $100 million debt the state of Rhode Island was left with when Curt Schilling's game studio defaulted on a $75 million loan in 2010 says that he wants to delay the auction scheduled for later this month. Attorney Richard J. Land, who was appointed by a R.I.

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Man Camps Outside Blockbuster Demanding a Refund, Eventually Gets One

November 4, 2013 - GamePolitics Staff

An angry Blockbuster customer in the UK decided that he'd had enough concerning getting a refund for the PS4 he bought and took to the Dunstable store to protest outside. He brought a megaphone with him and let customers going into the store that they would get ripped off.

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Rhode Island EDC Implementing Tracking Software

November 1, 2013 - GamePolitics Staff

Because the Rhode Island Economic Development Corporation (EDC) did a pretty lousy job of keeping records during the whole 38 Studios $75 million loan guarantee deal, the agency charged with spurring economic growth in the state will be installing tracking software to keep tabs on its employees.

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Curt Schilling's Worldly Possessions Hitting the Auction Block

October 7, 2013 - James Fudge

Former Red Sox pitcher and 38 Studios founder Curt Schilling will be selling off some of his assets, according to the website for Consign Works. No doubt the money will go to pay down legal fees and the debt that was the result of defaulting on a $75 million loan guarantee with the State of Rhode Island, which is currently suing Schilling and others related to that deal.

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More Legal Trouble Could Be On the Way For 38 Studios

September 3, 2013 - GamePolitics Staff

It looks like former Red Sox pitcher and 38 Studios founder Curt Schilling - along with associates of the company - could face legal problems on another front. Last week the Rhode Island Economic Development Corp. approved a request by the federal bankruptcy court trustee to use up to $150,000 in assets recovered from the company to further investigate its former officers, directors, and other parties. If this investigation turns up any further information, it could lead to additional legal actions against 38 Studios.

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Rhode Island EDC Launches Reputation Management Committee

August 20, 2013 - GamePolitics Staff

The Rhode Island Economic Development Corporation's handling of a $75 million loan deal to 38 Studios continues to have an effect on politics in the state, and today more reforms are being discussed so that the failure of that deal can never happen again.

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Poll: Who Should Buy Atlus?

August 13, 2013 -

Game developer and publisher Atlus is responsible for tons of awesome games from notable RPGs like Shin Megami Tensei, Etrian Odyssey and Persona to unique experiences like Catherine and the Trauma Center series.

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Report: Twenty Companies Including Sega Interested in Buying Atlus

August 5, 2013 -

Sega is one of twenty companies interested in buying out Atlus from Japanese parent company Index Holdings, according to a Blomberg Japan report (by way of CVG). Index Holdings purchased Atlus in 2006, but last month was forced to file for bankruptcy in the Tokyo District Court for over millions of dollars in debts it faced.

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Wargaming, Stardock, and Rebellion Score Big IP from Atari Auction

July 22, 2013 -

New U.S. Bankruptcy Court documents obtained by Gamasutra reveals some of the companies that managed to successfully bid on various Atari franchises that were being sold off at auction as the company liquidates its assets as part of a Chapter 11 bankruptcy.

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Bankruptcy Court Approves THQ's Liquidation Plan

July 17, 2013 -

THQ as a company will soon be gone. For all intents and purposes THQ has been dead for several months, but this week a U.S. bankruptcy court approved liquidation plans. Earlier this year THQ sold off assets including intellectual property and studios from its massive studio system. U.S. bankruptcy court judge Mary F. Walrath officially ended the company's bankruptcy case this week, by approving the company's plans to liquidate and pay creditors the cash that remained.

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Sega Seeking Nearly $1 Million from THQ for Company of Heroes 2 Pre-Orders

July 10, 2013 -

Sega of America has added its name to the sizable list of creditors seeking money from bankrupt third-party publisher THQ. The company filed a claim with the bankruptcy court seeking $940,000 from THQ over Company of Heroes 2 pre-orders on Steam. Sega of America acquired Company of Heroes developer Relic Entertainment from THQ in January in a deal reportedly worth $26 million.

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Atlus at Risk as Parent Company's Future is Uncertain

June 27, 2013 -

Publisher Atlus has an uncertain future today as its parent company in Japan, Index, wrestles with what seems like an insurmountable amount of debt. According to a CNet Japan report, Index has filed for civil rehabilitation proceedings as it faces bankruptcy. The company owes an estimated ¥24.5 billion - roughly $224 million - in debt and its current president Ochiai Yoshimi has hinted that he will resign soon.

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Nordic Games Buys Desperados and Silver From Atari

June 24, 2013 -

Nordic Games has bought more assets from another company finding itself in the throes of distress and bankruptcy. This time the company has snapped up several franchises from Atari: Desperados and Silver. The IP was part of a block of assets put up for sale last month.

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THQ Details Asset Sales Transactions in SEC Filing

June 6, 2013 -

In a FORM 8-K filing with the U.S. Securities and Exchange Commission (SEC), bankrupt game publisher THQ disclosed that certain transactions that were the result of a massive asset auction have closed. The company also disclosed particulars on the current employment of its interim president Edward L. Kaufman.

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Atari Seeks Permission to Hold Asset Auctions in July from Bankruptcy Court

May 23, 2013 -

Atari Inc., the US division of French parent company Atari S.A., has asked a U.S. bankruptcy court for permission to auction off its assets in July. The assets include the Atari logo, the Test Drive, Asteroids, Pong, Total Annihilation, and Rollercoaster Tycoon franchises.

Atari filed for bankruptcy in January and tried to solicit bids for its entire catalog, but the 15 offers it received were deemed unacceptable. Now the company hopes to divide its assets up and sell them separately in hopes of generating more cash to pay down its debtors.

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Report: TimeGate Lays Off Entire Staff

May 9, 2013 -

According to this Kotaku report citing two unnamed sources with knowledge of the situation, TimeGate Studios has laid off its entire staff. The developer behind Section 8 and the co-developer of Aliens: Colonial Marines sent everyone home early today according to the sources.

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TimeGate Studios Files for Bankruptcy Protection

May 2, 2013 -

Aliens: Colonial Marines co-developer and Section 8 developer TimeGate Studios has filed for Chapter 11 bankruptcy protection in Texas Southern Bankruptcy Court, according to court documents obtained by Polygon.

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THQ Creditors Line Up With $200 Million in Claims

April 26, 2013 -

THQ's long list of creditors are seeking an estimated $200 million from the bankrupt publisher, according to a filing with the Bancrupcty Court of Delaware.

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Death, Inc. Developer Closes Doors, Promises Full Refund for Paid Alpha

April 25, 2013 -

Monster Meltdown and Death Inc. developer Ambient Studios announced on its company website that it will be shutting down as a result of serious financial issues.

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THQ Details Remaining Assets to Be Sold by Mid-May

February 26, 2013 -

THQ announced that it will auction off the remaining assets it didn't manage to sell as part of its bankruptcy. The company hopes to sell the remainder of its intellectual properties by mid-May. Initial bids must be submitted by April 1, with final bids required by April 15. Last month, the bankruptcy court approved the sales of three of THQ's studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth.

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HMV Closing an Additional 37 Stores, Laying Off 464 Employees

February 20, 2013 -

UK retailer HMV will close an additional 37 retail stores and cut 464 more jobs, according to a CVG report. The latest round of store closures add to the 66 stores that were recently closed throughout the UK, and the loss of 930 jobs. The closures were announced by Deloitte, the company overseeing HMV's administration.

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HMV Signs New Supply Agreements with Key Suppliers

February 15, 2013 -

UK retailer HMV has managed to secure key new music, video games, and movie releases, after reaching an agreement with key suppliers this week. Earlier in the week it was announced that HMV closed 66 retail stores, which employed an estimated 930 workers.

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Matthew WilsonI have said it before net nutrality will not be made in to law until Google or Netflix is blocked, or they do what they did for sopa and pull their sites down in protest.04/23/2014 - 8:02pm
Andrew EisenGee, I guess putting a former cable industry lobbyist as the Chairman of the FCC wasn't that great of an idea. http://www.nytimes.com/2014/04/24/technology/fcc-new-net-neutrality-rules.html?_r=204/23/2014 - 7:26pm
Andrew EisenIanC - I assume what he's getting at is the fact that once PS3/360 development ceases, there will be no more "For Everything But Wii U" games.04/23/2014 - 5:49pm
Andrew EisenMatthew - Yes, obviously developers will eventually move on from the PS3 and 360 but the phrase will continue to mean exactly what it means.04/23/2014 - 5:45pm
IanCAnd how does that equal his annoying phrase being meaningless?04/23/2014 - 5:09pm
Matthew Wilson@Andrew Eisen the phrase everything but wiiu will be meaningless afer this year becouse devs will drop 360/ps3 support.04/23/2014 - 4:43pm
Andrew EisenFor Everything But... 360? Huh, not many games can claim that title. Only three others that I know of.04/23/2014 - 3:45pm
MaskedPixelantehttp://www.joystiq.com/2014/04/23/another-world-rated-for-current-consoles-handhelds-in-germany/ Another World fulfills legal obligations of being on every gaming system under the sun.04/23/2014 - 12:34pm
Matthew Wilsonhttp://arstechnica.com/gaming/2014/04/steam-gauge-do-strong-reviews-lead-to-stronger-sales-on-steam/?comments=1 Here is another data driven article using sales data from steam to figure out if reviews effect sales. It is stats heavy like the last one.04/23/2014 - 11:33am
Andrew EisenI love RPGs but I didn't much care for Tales of Symphonia. I didn't bother with its sequel.04/23/2014 - 11:21am
InfophileIt had great RPGs because MS wanted to use them to break into Japan. (Which had the side-effect of screwing NA PS3 owners out of Tales of Vesperia. No, I'm not bitter, why do you ask?)04/23/2014 - 10:52am
RedMageI'm still disappointed the 360 never broke into Japan either. It had a bevy of great RPGs in the late 2000s.04/23/2014 - 9:48am
TheSmokeyhttp://www.huffingtonpost.com/2014/04/22/call-of-duty-swatting-hoax_n_5195659.html?utm_hp_ref=canada&ir=Canada CoD loser calls SWAT on person who beat him04/23/2014 - 7:13am
MaskedPixelantehttp://www.joystiq.com/2014/04/23/xbox-one-reaches-japan-on-september-4/ Just give it up, Microsoft. You're NEVER going to be big in Japan, especially now that the notoriously clunky in Japan Kinect is MANDATORY.04/23/2014 - 7:10am
Cheater87Has this been posted yet? http://www.destructoid.com/blogs/Lord+Spencer/ssv-saudi-arabia-bans-bravely-default-because-it-promotes-pedophilia--272016.phtml04/22/2014 - 9:31pm
ZippyDSMleehttp://www.escapistmagazine.com/news/view/133898-Fatal-Frame-V-Coming-Exclusively-to-Wii-U04/22/2014 - 8:50pm
Matthew Wilsonit is a game worth playing if you have a pc/360/ps304/20/2014 - 9:34pm
MaskedPixelantehttps://twitter.com/IGLevine/status/457552538343325696 The Lutece Twins show up in some of the most unlikely of places.04/20/2014 - 2:44pm
Andrew EisenAs it happens, Chinatown Wars is the only GTA game I've played.04/19/2014 - 10:43am
Papa MidnightWith GTA5 (to date) failing to even provide indication of a PC release, I'm realising that this might be the first GTA game that I have not played (outside of Chinatown Wars) since the series inception.04/19/2014 - 8:14am
 

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