SGR = Being released for capital to pay off debts and finish SGW, thou the likelyhood of SGR doing well is low considering the types of FPS games out there....but there could be hope maybe.
I hope that they also investigate Tim Jensen and the whole Knowledge Relay transaction as well. It was definitely nice to see almost everything discussed as ‘rumor’ about Gary Whiting turned out to be true, including the $50 million raised from investors as that number is mentioned throughout the suit.
I hope that they also investigate Tim Jensen and the whole Knowledge Relay transaction as well. It was definitely nice to see almost everything discussed as ‘rumor’ about Gary Whiting turned out to be true, including the $50 million raised from investors as that number is mentioned throughout the suit.
Ouch Babe!
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You know, one can look at this bankruptcy filing very cynically.
A few months ago, with CME being deep in debt and with no income, filing probably would have been for Chapter 7, liquidation.
But now, with at least some money coming in from SGR, I could view the filing of Chapter 11 as a way to deny their creditors the money they are due. At least it will be up to a judge to oversee the reorganization plan, but it could end being that all the people and businesses get paid cents on the dollar for their loans and arrears, and CME gets to wipe the slate clean and take the SGR money and restart from zero going forward. At least, that's how I view what can happen in Chap 11...
You know, one can look at this bankruptcy filing very cynically. A few months ago, with CME being deep in debt and with no income, filing probably would have been for Chapter 7, liquidation. But now, with at least some money coming in from SGR, I could view the filing of Chapter 11 as a way to deny their creditors the money they are due. At least it will be up to a judge to oversee the reorganization plan, but it could end being that all the people and businesses get paid cents on the dollar for their loans and arrears, and CME gets to wipe the slate clean and take the SGR money and restart from zero going forward. At least, that's how I view what can happen in Chap 11...
Well I don't know about the laws in the U.S.A but in the U.K the owner of a company that has filed for bankruptcy may not create or take ownership of another one for 5 years. With this all assets would be frozen in the U.K until it's decided wether to restructure or liquidate, Firesky being an asset of CME and therefore SGR means that game will no doubt die quickly.
This is just another nail in the SG franchise coffin, the amusing thing is reading the ever faithful FanOri on the official boards putting a positive spin on CME going chapter 11! I crack up everytime I read the drivel being posted, in fact if a nuclear device detonated on the CME/Firesky/shell company offices vapourizing everything in a 20 mile radius they'd be saying how great it is as it gives them a chance to start over.
This is all priceless stuff, well atleast MMOGULs hasn't been affected, right?
"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience"
So... here we are.. First off i have to say im sorry for the Gary Whiting thing, he was an rotten apple as it was mentioned here.
Its a shame for SGW but atleast they kicked Gary out the door, maybe theres some hope somewhere.
And again im sorry but i just hate when ppl just choose side when not knowing for sure. But i do hope SGW will make it somehow becouse it looks like it has potential.
I am a rather un-trusting individual, and always assume that those who file any legal action do so for their own financial gain. If the bankruptcy was filed on the 12th, then wasn't GW was still running things. So it would be done for his benefit. Bankruptcy is sometimes just used as a stalling tactic. Once filed it automatically stays all state court actions. Thus, stalling the impending lawsuits to wrench the company out of the hands of GW. If CME is in bankruptcy, it is my understanding that they are not supposed to be able to file suit, against GW or anyone else, without trustee approval. Even if they could, it would be stayed until the bankruptcy judge lifted the automatic stay. This all sounds just like a bunch of lawyers fighting for control.
The good news is that someone feels like there is something worth paying lawyers tens of thousands of dollars to take control of, or else they would just let it die. Looks like there may be some good fireworks to watch. Perhaps even more fun than the game ever would have been. At least for those of us who like to watch these legal train wrecks.
Minute Orders from case against GW ( this is the one filed a week ago):
KEITH DEERING, et al. LANCE R BROBERG
v.
GARY WHITING, et al. GREGORY G MCGILL
BANKRUPTCY FILED
The Court has received notification that a petition under the Bankruptcy Code has been filed by Cheyenne Mountain Entertainment, Inc. (debtor) in case number 10-03632 filed
February 12, 2010.
IT IS ORDERED placing this case/claim(s) on the Inactive Calendar until August 17, 2010 (180 days) as to Cheyenne Mountain Entertainment, Inc. (debtor). This case/claim(s) will be dismissed on August 17, 2010 unless prior to the scheduled dismissal date plaintiffs demonstrate they have moved to lift the stay but the request has not been ruled upon or has been denied; or they have sought to reduce the claim(s) against the debtor to judgment in the Bankruptcy Court in an adversary proceeding and the adversary proceeding has not yet been resolved despite diligence in seeking such a resolution; or they have obtained severance of the claim(s) against the debtor from the claim(s) against the other parties to the action, if any; or they have demonstrated a reasonable basis for continuance of the case on the inactive calendar.
As stated above. Its one way to protect your company, when all else fails. I expect that the new lawsuit will end up just as this one.
It has been brought to my attention that CME/Firesky still has not paid back-pay to employees that left the company during the mass exodus from April 2009-August 2009, yet employees that stayed to work on SGR were paid in full. CME claimed it was the only way – to get SGR out the door so maybe there would be funds for back pay to former employees. So with a bankruptcy filing, former employees might only get a portion % of their back pay?
What is more interesting is during that time frame CME claimed to have no funds to pay employees, Gary was withdrawing hundreds of thousands dollars from the CME accounts (exhibit in the Deering suit). Priceless!
Not only is that just crappy, but it also adds maybe another million or two to what’s owed. (4 million in AP, 2.5 million for Nedra, 1-2 million in back payroll, 1-2 million in taxes) -- Add that to the 50 million raised and we have got ourselves a 60 million shooter game!
As a huge favor to the fallen developers, I did a little digging for those still owed back-wages from CME/Firesky.
To collect unpaid wages from a debtor (CME) who has filed Chapter 11 (or Chapter 7 if it gets converted), you must file a claim within the time period allowed.
You should carefully review the Notice to Creditors that you, as a creditor should receive (about two weeks after the case has been filed). If you didn't get a notice then call the bankruptcy clerk's office, ask them to review the file and even if you were not listed as a creditor then you can still file a claim.
Back-pay is allowed a priority claim (you will marched to the front of the line for payment) for only the first $10,000 of a claim. That is, if the Debtor is able to reorganize or has assets available to pay creditors, always a dicey situation but then again, what do you have to lose; the form is free and there are no filing fees associated with this. So...have at it!
As a huge favor to the fallen developers, I did a little digging for those still owed back-wages from CME/Firesky.
To collect unpaid wages from a debtor (CME) who has filed Chapter 11 (or Chapter 7 if it gets converted), you must file a claim within the time period allowed.
You should carefully review the Notice to Creditors that you, as a creditor should receive (about two weeks after the case has been filed). If you didn't get a notice then call the bankruptcy clerk's office, ask them to review the file and even if you were not listed as a creditor then you can still file a claim.
Back-pay is allowed a priority claim (you will marched to the front of the line for payment) for only the first $10,000 of a claim. That is, if the Debtor is able to reorganize or has assets available to pay creditors, always a dicey situation but then again, what do you have to lose; the form is free and there are no filing fees associated with this. So...have at it!
Nice one, I hope all those owed file that claim as they are creditors and CME is their debtor.
A third rate shooter that cost 60 million dollars and destroyed families in the process is disgusting, but what disgusts me most is the cowardice of sites such as this. This could've been stopped long ago in my opinion if sites such as MMORPG.com and TTH actualy went out there and investigated this then reported what was really going on. I'm sure they were aware of the situation and can guess why they didn't do anymore than a single softball interview.
"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience"
Comments
yep another one bite the dust!wow vs the world
wow 1 world 0
grin
i guess its easier to have idea then money to do them!
Yeah, I am so surprised this happened....
Oh, no I'm not.....
Surprised it took this long....
Not sure how many times it needs to be said...
SGW = Delayed
SGR = Being released for capital to pay off debts and finish SGW, thou the likelyhood of SGR doing well is low considering the types of FPS games out there....but there could be hope maybe.
Chapter 11 is not the end, it is protection....
Huge problem with filing for any type of bankruptcy protection is the possible lack of future investors or secured financing.
In addition to the bankruptcy filing, CME also made a press release about ousting Gary Whiting (http://www.tentonhammer.com/node/81156)
I hope that they also investigate Tim Jensen and the whole Knowledge Relay transaction as well. It was definitely nice to see almost everything discussed as ‘rumor’ about Gary Whiting turned out to be true, including the $50 million raised from investors as that number is mentioned throughout the suit.
Ouch Babe!
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same here im surprised it took this loong!
You know, one can look at this bankruptcy filing very cynically.
A few months ago, with CME being deep in debt and with no income, filing probably would have been for Chapter 7, liquidation.
But now, with at least some money coming in from SGR, I could view the filing of Chapter 11 as a way to deny their creditors the money they are due. At least it will be up to a judge to oversee the reorganization plan, but it could end being that all the people and businesses get paid cents on the dollar for their loans and arrears, and CME gets to wipe the slate clean and take the SGR money and restart from zero going forward. At least, that's how I view what can happen in Chap 11...
Well I don't know about the laws in the U.S.A but in the U.K the owner of a company that has filed for bankruptcy may not create or take ownership of another one for 5 years. With this all assets would be frozen in the U.K until it's decided wether to restructure or liquidate, Firesky being an asset of CME and therefore SGR means that game will no doubt die quickly.
This is just another nail in the SG franchise coffin, the amusing thing is reading the ever faithful FanOri on the official boards putting a positive spin on CME going chapter 11! I crack up everytime I read the drivel being posted, in fact if a nuclear device detonated on the CME/Firesky/shell company offices vapourizing everything in a 20 mile radius they'd be saying how great it is as it gives them a chance to start over.
This is all priceless stuff, well atleast MMOGULs hasn't been affected, right?
"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience"
CS Lewis
So... here we are.. First off i have to say im sorry for the Gary Whiting thing, he was an rotten apple as it was mentioned here.
Its a shame for SGW but atleast they kicked Gary out the door, maybe theres some hope somewhere.
And again im sorry but i just hate when ppl just choose side when not knowing for sure. But i do hope SGW will make it somehow becouse it looks like it has potential.
MY APOLOGIES
Rene
I am a rather un-trusting individual, and always assume that those who file any legal action do so for their own financial gain. If the bankruptcy was filed on the 12th, then wasn't GW was still running things. So it would be done for his benefit. Bankruptcy is sometimes just used as a stalling tactic. Once filed it automatically stays all state court actions. Thus, stalling the impending lawsuits to wrench the company out of the hands of GW. If CME is in bankruptcy, it is my understanding that they are not supposed to be able to file suit, against GW or anyone else, without trustee approval. Even if they could, it would be stayed until the bankruptcy judge lifted the automatic stay. This all sounds just like a bunch of lawyers fighting for control.
The good news is that someone feels like there is something worth paying lawyers tens of thousands of dollars to take control of, or else they would just let it die. Looks like there may be some good fireworks to watch. Perhaps even more fun than the game ever would have been. At least for those of us who like to watch these legal train wrecks.
Minute Orders from case against GW ( this is the one filed a week ago):
KEITH DEERING, et al. LANCE R BROBERG
v.
GARY WHITING, et al. GREGORY G MCGILL
BANKRUPTCY FILED
The Court has received notification that a petition under the Bankruptcy Code has been filed by Cheyenne Mountain Entertainment, Inc. (debtor) in case number 10-03632 filed
February 12, 2010.
IT IS ORDERED placing this case/claim(s) on the Inactive Calendar until August 17, 2010 (180 days) as to Cheyenne Mountain Entertainment, Inc. (debtor). This case/claim(s) will be dismissed on August 17, 2010 unless prior to the scheduled dismissal date plaintiffs demonstrate they have moved to lift the stay but the request has not been ruled upon or has been denied; or they have sought to reduce the claim(s) against the debtor to judgment in the Bankruptcy Court in an adversary proceeding and the adversary proceeding has not yet been resolved despite diligence in seeking such a resolution; or they have obtained severance of the claim(s) against the debtor from the claim(s) against the other parties to the action, if any; or they have demonstrated a reasonable basis for continuance of the case on the inactive calendar.
As stated above. Its one way to protect your company, when all else fails. I expect that the new lawsuit will end up just as this one.
It has been brought to my attention that CME/Firesky still has not paid back-pay to employees that left the company during the mass exodus from April 2009-August 2009, yet employees that stayed to work on SGR were paid in full. CME claimed it was the only way – to get SGR out the door so maybe there would be funds for back pay to former employees. So with a bankruptcy filing, former employees might only get a portion % of their back pay?
What is more interesting is during that time frame CME claimed to have no funds to pay employees, Gary was withdrawing hundreds of thousands dollars from the CME accounts (exhibit in the Deering suit). Priceless!
Not only is that just crappy, but it also adds maybe another million or two to what’s owed. (4 million in AP, 2.5 million for Nedra, 1-2 million in back payroll, 1-2 million in taxes) -- Add that to the 50 million raised and we have got ourselves a 60 million shooter game!
As a huge favor to the fallen developers, I did a little digging for those still owed back-wages from CME/Firesky.
To collect unpaid wages from a debtor (CME) who has filed Chapter 11 (or Chapter 7 if it gets converted), you must file a claim within the time period allowed.
You should carefully review the Notice to Creditors that you, as a creditor should receive (about two weeks after the case has been filed). If you didn't get a notice then call the bankruptcy clerk's office, ask them to review the file and even if you were not listed as a creditor then you can still file a claim.
Back-pay is allowed a priority claim (you will marched to the front of the line for payment) for only the first $10,000 of a claim. That is, if the Debtor is able to reorganize or has assets available to pay creditors, always a dicey situation but then again, what do you have to lose; the form is free and there are no filing fees associated with this. So...have at it!
Nice one, I hope all those owed file that claim as they are creditors and CME is their debtor.
A third rate shooter that cost 60 million dollars and destroyed families in the process is disgusting, but what disgusts me most is the cowardice of sites such as this. This could've been stopped long ago in my opinion if sites such as MMORPG.com and TTH actualy went out there and investigated this then reported what was really going on. I'm sure they were aware of the situation and can guess why they didn't do anymore than a single softball interview.
"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience"
CS Lewis