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CME Files Bankruptcy
loveclone
Member Posts: 57
Looks like they filed on February 12th for chapter 11 Bankruptcy.
Way to go! Get your game out then screw over everyone who you owe!
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Notice of Bankruptcy Case Filing
A bankruptcy case concerning the debtor(s) listed below was filed under Chapter 11 of the United States Bankruptcy Code, entered on 02/12/2010 at 3:49 PM and filed on 02/12/2010.
CHEYENNE MOUNTAIN ENTERTAINMENT, INC
4140 E BASELINE ROAD, SUITE #208
MESA, AZ 85206
Tax ID / EIN: 20-333XXXX
The case was filed by the debtor's attorney:
DOUGLAS S YOUNGLOVE
DOUGLAS S YOUNGLOVE, PLLC
125 E CORONADO ROAD
PHOENIX, AZ 85004
602-258-4838
The case was assigned case number 2:10-bk-03632-SSC to Judge Sarah Sharer Curley.
Comments
It's moves like this that hurt the MMORPG genre (in terms of the financing of new games)
I play all ghame
Other than FFXI, this was the only other game I was excited to see. Doesn't look too good now
...an other one bites the dust...
Pity SGW never saw the light of day. Lets hope MGM will seek someone to complete it (as long as it's not SOE)
Now that would be ironic, wouldn't it? I shudder to think about the dogs breakfast that SOE would make of SGW.
omg no! Why?
Judge Curley!? nyuk-nyuk-nyuk ( ' :
On a more serious note, that's unfortunate that another game falls away. Development costs are out of control and management seems to be quite ineffective for so many of these developers -- gamers' unrealized dreams are hurt the most.
Damn I was really looking forward to this game, hopefully somone will pick up the concept of the Stargate Universe.
This is truly sad. I just spent the last month watching the first 3 seasons of SG-1 on Hulu and then I heard about this game. I'm really saddened that it is not going to come into fruition. That being said, I also am saddened that Jack O'Neill quit SG-1 in Season 8, which ruined the show for me so I stopped watching it. I was hoping to see a nice little Samantha Carter + Jack O'Neill Romance, but I guess Richard wanted to be with his family and I guess that's admirable.
BRING BACK JACK!
It's sad but I can't say this is much of a surprise to anyone that followed anything about CME, well at least I'm not too surprised by it.
Einherjar_LC says: WTB the true successor to UO or Asheron's Call pst!
damn
I7@4ghz, 5970@ 1 ghz/5ghz, water cooled||Former setups Byggblogg||Byggblogg 2|| Msi Wind u100
Well, I'm not a bankruptcy laywer (or any lawyer for that matter) but it seems to me that chapter 11 protects them from their creditors, allows them to pay off their debts (because last thing I remember one has to pay back their debts even if one files for bankruptcy) and essentially puts them in a better financial place depending on the details.
I mean, Ballys gyms recently filed for bankruptcy protection so they could deal with their debt. They aren't closing, just a business decision.
The Chapter 11 Debtor in Possession
Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership.
Godfred's Tomb Trailer: https://youtu.be/-nsXGddj_4w
Original Skyrim: https://www.nexusmods.com/skyrim/mods/109547
Serph toze kindly has started a walk-through. https://youtu.be/UIelCK-lldo
Well yeah its totally a crappy move, but its still only chapter 11. In the end, it could be a good thing If the lawsuits get settled, certain people get kicked to the curb, and some new blood brought in. The debts are reorganized and they have some possible capital coming in from SGR... they could get this whole debacle straightened out if they really really wanted to.
edit: haha sovrath beat me to it lol
People still thought this was coming out? After they
A: Canceled the MMO to make it into a FPS
and then
B: Canceled the FPS entirely
?
What did you expect them to do besides go bankrupt at this point.
Bans a perma, but so are sigs in necro posts.
EAT ME MMORPG.com!
Godfred's Tomb Trailer: https://youtu.be/-nsXGddj_4w
Original Skyrim: https://www.nexusmods.com/skyrim/mods/109547
Serph toze kindly has started a walk-through. https://youtu.be/UIelCK-lldo
Well the FPS may be cancelled, but what is this on Steam then http://store.steampowered.com/app/49700/
just wondering
Well, I'm not a bankruptcy laywer (or any lawyer for that matter) but it seems to me that chapter 11 protects them from their creditors, allows them to pay off their debts (because last thing I remember one has to pay back their debts even if one files for bankruptcy) and essentially puts them in a better financial place depending on the details.
I mean, Ballys gyms recently filed for bankruptcy protection so they could deal with their debt. They aren't closing, just a business decision.
The Chapter 11 Debtor in Possession
Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership.
I'm Dutch and don't know dick about US laws. But what you discribe here is what we'd call in Holland a "surceance van betaling".
Though I'm no lawyer, I am a credit collector and am pretty familiar with the outstanding debts, bankruptcy and all around it. Your Chapter 11 (or our Dutch "surceance van betaling") is mostly used to see if there's anything salvegeble from the sinking ship. In 99% of the cases this will show it's not possible unless:
In most cases 1 and 2 won't happen and 3 is out of the question.
Back to CME... Looking at how they were in the last 2 years, I doubt 1 will be an option any creditor will refuse and loose more money (and interest) on CME.
Option 2 might be workable if CME already has a plan (and funder, which is more important here) on how to file bankruptcy and restart as a new company
Option 3..? Start praying
So back to my previous comment... MGM is back in the picture again as IP holder, and they'll be looking for someone to continue the work on SGW. Who other than Sony, who might be their compatitor, but has insight into gaming in their view, would be a logic choice to let a Sony subsiduery (SOE) complete their product..?
...sorry for the bad spelling - English is not my native language and I'm too lazy to grab a dictionary right now
Well the FPS may be cancelled, but what is this on Steam then http://store.steampowered.com/app/49700/
just wondering
http://www.stargateresistance.com/
Look at the bottom... No mention of CME at all
[EDIT]
Looks like option 2 in my previous post is starting already...
if SOE is entering into this scenario then imo, option 3 is probably a more realistic option
I'm Dutch and don't know dick about US laws. But what you discribe here is what we'd call in Holland a "surceance van betaling".
Though I'm no lawyer, I am a credit collector and am pretty familiar with the outstanding debts, bankruptcy and all around it. Your Chapter 11 (or our Dutch "surceance van betaling") is mostly used to see if there's anything salvegeble from the sinking ship. In 99% of the cases this will show it's not possible unless:
In most cases 1 and 2 won't happen and 3 is out of the question.
Back to CME... Looking at how they were in the last 2 years, I doubt 1 will be an option any creditor will refuse and loose more money (and interest) on CME.
Option 2 might be workable if CME already has a plan (and funder, which is more important here) on how to file bankruptcy and restart as a new company
Option 3..? Start praying
So back to my previous comment... MGM is back in the picture again as IP holder, and they'll be looking for someone to continue the work on SGW. Who other than Sony, who might be their compatitor, but has insight into gaming in their view, would be a logic choice to let a Sony subsiduery (SOE) complete their product..?
...sorry for the bad spelling - English is not my native language and I'm too lazy to grab a dictionary right now
certainly clear and completey understandable and certainly better than my dutch.
Godfred's Tomb Trailer: https://youtu.be/-nsXGddj_4w
Original Skyrim: https://www.nexusmods.com/skyrim/mods/109547
Serph toze kindly has started a walk-through. https://youtu.be/UIelCK-lldo
Well the FPS may be cancelled, but what is this on Steam then http://store.steampowered.com/app/49700/
just wondering
http://www.stargateresistance.com/
Look at the bottom... No mention of CME at all
[EDIT]
Looks like option 2 in my previous post is starting already...
You might want to read that again:
FireSky® is a registered trademark of Cheyenne Mountain Entertainment, Inc.
See CME right there
...my bad...
*cleans glasses and goes on*
great ip but wasted on cme and mr gary whiting, if anyone has followed half of whats been going on then you will know its been a sordid mess from start to finish.
thank god its over - now remove the game from mmorpg.com pls......................
Playing: FFXIV
Future: wishing for SWG 2, World of Warcraft Classic
Played: Most current and extinct MMO's - 18 Years in....
Interesting Fact - I own 27 Tarantula's
As others have stated a Chapter 11 is not the end of the company. Basically it means that CME is protected from their creditors (people who loaned them money) suing to collect the money that is owed until the bankruptcy is over. Basically CME and everyone who they owe money to will go to bankruptcy court and they will submit plans of repayment that everyone has to agree to. Once there is an agreed plan then the company comes out of bankruptcy and repays its debts according to what was agreed upon.
A Chapter 7 is where the company is shut down and everything is sold off to pay debts.
(Simplified version of what happens in a Chapter 11)
We seem to be missing the most important part of this story. CME's lawyer is named "Younglove" C'mon, people!
A witty saying proves nothing.
-Voltaire
or Cryptic either......
(BBBBBBBWWWWWWAAAAAAAAAHHHHHHHH fires plungers at CME management!)
All my opinions are just that..opinions. If you like my opinions..coolness.If you dont like my opinion....I really dont care.
Playing: ESO, WOT, Smite, and Marvel Heroes