insolvency, administration

38 Bankruptcy Trustee Wants Michael Corso To Give Back Fees

October 17, 2014 - GamePolitics Staff

The lawyer in charge of the 38 Studios' bankruptcy is trying to recoup money from payments made to a lawyer with close ties to the company. Jeoffrey Burtch, the trustee in the federal bankruptcy of the 38 Studios' legal case, wants Providence lawyer Michael Corso to return some of the money that 38 Studios paid him.

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Report: 'Wonder Boy' Developer Filing for Bankruptcy

October 3, 2014 - GamePolitics Staff

Japanese developer Westone Bit Entertainment is facing bankruptcy after nearly 30 years in business according to a report in Game Watch Impress (as translated by Sega Nerds).

Westone is best known for creating the 1986 8-bit hit Wonder Boy (released in America as Adventure Island) and the popular Monster World series released on the Sega Master System, Sega Genesis, and TurboGrafx-16.

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SimBin Goes Bankrupt, Relaunches as Sector 3 Studios

September 11, 2014 - GamePolitics Staff

Swedish game developer SimBin Studios has gone bankrupt, according to what former company COO Christopher Speed has told Develop today. A total of 18 employees are affected by the bankruptcy. But even as SimBin goes into the history books, Speed has launched a brand new company called Sector 3 Studios, which will continue developing RaceRoom Racing Experience.

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Mastertronic Makes Deal With Creditors

August 12, 2014 - GamePolitics Staff

UK publisher Mastertronic has signed a debt repayment agreement with creditors to help it stay in business. In a statement issued yesterday to Develop, Mastertronic CEO Andy Payne said that the company had worked out a deal with creditors that will see it repay 50 percent of its debt over the next three years and four months.

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Airtight Confirms Closure

July 3, 2014 - GamePolitics Staff

Independent game development studio Airtight Games has confirmed via Twitter that it has officially gone out of business, but it did not provide any particular details on why the Redmond, Washington-based studio closed. Yesterday reports surfaced that the studios office were locked and a sign on the door indicated that the equipment inside the building was for sale.

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A Meaner, Leaner Atari is Ready for Business

June 27, 2014 - GamePolitics Staff

In an interview with Polygon, Atari explains how a combination of old and new IP, licensing, digital publishing, and a smaller operation will put the company back on the right track after surviving bankruptcy.

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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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MechaCrashI held off on Civ:BE because I am pretty sure it'll get a bigger discount during the Christmas sale.11/26/2014 - 11:09pm
MechaTama31I'm sorely tempted by Civ: BE, but I have to stay strong and remember what it felt like to be repeatedly kicked in the junk by Civ V...11/26/2014 - 10:58pm
MechaCrashNah, just providing more proof that GGers are lying when they claim it's really about ethics in game journalism and not a proxy war against feminism.11/26/2014 - 9:58pm
MaskedPixelanteMSS is Murdered: Soul Suspect.11/26/2014 - 8:34pm
Andrew EisenWhy the interest in Ghomeshi? Is it relevant to something we've been discussing? (Not saying it's not but it seems a rather random thing to bring up.)11/26/2014 - 6:39pm
WonderkarpJian Ghomeshi arrested on sex assault charges, released on $100K bail http://www.citynews.ca/2014/11/26/jian-ghomeshi-arrested-on-sex-assault-charges-released-on-100k-bail/11/26/2014 - 5:55pm
WonderkarpJian Ghomeshi to #Gamergate: Our culture’s toxic masculinity crisis on display http://www.salon.com/2014/10/27/jian_ghomeshi_to_gamergate_americas_toxic_masculinity_crisis_on_display/11/26/2014 - 5:55pm
WonderkarpI saw that. Amiibos are pretty awesome. I have 10 now :P11/26/2014 - 5:49pm
Matthew Wilsonon a weird side of smash news, a level 50 Amiibo almost won a tournament. http://www.siliconera.com/…/story-fox-amiibo-nearly-won-su…/ I guess Nintendo made the cpu ai better.11/26/2014 - 5:44pm
WonderkarpAny of you guys watch Game Grumps? They have an episode detailing alot of the bugs in the hilariously bad Sonic Boom https://www.youtube.com/watch?v=O3Jb3A0HLe4&list=UU9CuvdOVfMPvKCiwdGKL3cQ11/26/2014 - 4:19pm
Andrew EisenI'm blanking. What's MMS?11/26/2014 - 4:16pm
james_fudgeI keep an eye on it for really good deals11/26/2014 - 4:00pm
MaskedPixelanteEhh, MSS is only half off, I can wait for it to go under 1011/26/2014 - 3:48pm
NeenekoWhich is why I completely ignore the site.11/26/2014 - 3:15pm
james_fudgeAHHH Someone bar the door and keep the kids away from the credit cards!11/26/2014 - 3:14pm
Neo_DrKefkaThe Ralph Retort is a toxic mess and the guy is literally building his career on the back of the GamerGate movement. Whether you believe GamerGate is right or wrong this is a man profiteering on this war.11/26/2014 - 2:56pm
WonderkarpTHE STEAM SALES HAVE BEGUN!11/26/2014 - 2:16pm
MaskedPixelanteUnless you have said DLC already, then you can get the equally broken FarCry 4.11/26/2014 - 2:15pm
WonderkarpI love Boogie. He's awesome.11/26/2014 - 2:02pm
PHX Corphttp://kotaku.com/ubisoft-apologizes-for-assassins-creed-unity-with-free-1663768202 [Sarcasm]Ubisoft Apologizes for making a broken game, gives out free dlc for said broken game[/sarcasm]11/26/2014 - 1:53pm
 

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