Strategy First in Chapter 11 bankruptcy protection

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Chris
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Strategy First in Chapter 11 bankruptcy protection

Postby Chris » Wed Sep 22, 2004 5:48 pm

Strategy First, the company which publishes "Uplink:Hacker Elite" in America and Canada, has filed for Chapter 11 bankruptcy protection as of late August, reporting a debt of over $5 million. The company suspended all royalty payments to Introversion Software during Spring 2003, and we have not received anything since.

At this date Strategy First owe us tens of thousands of dollars in unpaid royalties. We have decided to announce this now that their financial situation has been made public. Although this has placed considerable financial strain on Introversion it will not affect the release of Darwinia as we have known about this information for over a year and have planned accordingly.

Introversion will survive to put Darwinia on the shelves, but your support along the way is greatly appreciated.
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Starfyre
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Postby Starfyre » Wed Sep 22, 2004 6:44 pm

Holy Jesus...

Last thing I want to see is one of the most innovative uprising game developers run into the ground!

:(

*would buy a poster but has no CC*
*waits for PayPal thingie*
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Postby edd8990 » Wed Sep 22, 2004 7:07 pm

Wow, heavy. At least IV aren't bankrupt. EVERYONE WHO HASN'T BOUGHT A POSTER, BUY ONE NOW. GET A MATE WITH A CREDIT CARD AND GIVE THEM MONEY BY PAYPAL.
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Postby Lord_Doskias » Wed Sep 22, 2004 9:10 pm

wowz, lets hope they start paying up. just threaten to sue a bunch. heh, that will get them to give up the royalties. maybe they dont really have a $5 million dollar debt and they just want to keep the money!
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Postby Stewsburntmonkey » Wed Sep 22, 2004 9:29 pm

Lord_Doskias wrote:wowz, lets hope they start paying up. just threaten to sue a bunch. heh, that will get them to give up the royalties. maybe they dont really have a $5 million dollar debt and they just want to keep the money!


Filing for Chapter 11 protects the company from being sued. Not to mention IV doesn't have money to waste on lawyers. Hopefully at some point Strategy First will imerge from Chapter 11 and pay IV its due.

This has to have been a rather major hit for you guys over the past year though. That's pretty rough. Hope future partnerships would out better. :)
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Postby da_zeg » Wed Sep 22, 2004 10:37 pm

Why is it always the little guy who ends up being screwed over???

/me raises arms to sky

Why???
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Postby Rubber_Duckie » Thu Sep 23, 2004 3:18 am

/me bought a poster.
Keep up the good work IV!
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Postby Rkiver » Thu Sep 23, 2004 10:27 am

Fucking hell, they waited over a year to go public on this? Technically that means they legally owe your everything up till the time they filed for Chapter 11, if I'm not mistaken.

Well hopefully you will get what they owe you eventually, as hell I know you need the cash, and deserve it.
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Postby Tom » Thu Sep 23, 2004 11:47 am

We did persue them with threats of legal action although we were advised not to persue them. It would take two years by which time the defendants would have most likely already filed for protection... which they did.

Their honesty to pay their dues is all we can therefore rely on...

Meanwhile, times are tough at IV.
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Postby Rkiver » Thu Sep 23, 2004 1:22 pm

I wouldn't hold your breathe waiting. Fuck, even if we all purchase a poster it would barely help. There has to be something else we can all do.
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Postby Riddla » Thu Sep 23, 2004 1:31 pm

:shock:

That is all.

/me is completely dejected
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Postby Miah » Thu Sep 23, 2004 2:19 pm

mmm... This is certainly a rough spot for Introversion as well, as if they wish to be sold in stores in america (as far as darwinia is concerned), they'll have to find someone else.

This was actually a rather somber thing to wake up to, this morning, and I hope all is seen through.

Still, I fear it may not. A debt of over $5 million USD is not a small amount.

If Introversion wishes, I think I would also be able to make at least a small donation to assist the aches and pains that they are likely feeling with the thousands in unpaid royalties.

As an afterthought, I add:

Is this possibly the reason that I saw Uplink: Harker Elite being sold at a mere $6-$8 versus the suggested $25?
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Postby elDiablo » Thu Sep 23, 2004 3:33 pm

Wooooo... Not nice. Already bought a poster or 3, so good luck getting Darwinia out! Glad you guys planned for it ;)
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Postby Phydaux » Thu Sep 23, 2004 10:25 pm

OMG! :shock:

Didn't realise you guys were in such of a state. It must feel like somedays the whole world is against you, the small guy.

So do you have other plans for a US release? (Apart from direct) I can imagine that it's not too easy to negotiate with stores direct.

You must have some other money-making schemes beyond just posters, and the final realise of darwinia?

Could you maybe knock up some other merhandise, with the option of getting us to order first, then you get them made up, so you don't have wasted stock lying around.

What about fan subscriptions? And the subscribed members get elevated forum privalages, the option to buy the game before release, snippits of news (access to an IV blog?) and other benifits?

I suppose I'm rambling now :P
I guess there are some benifits working a boring job 9-5. Like a steady, secure income, that pays for the roof over my head and the food in my belly.

/me goes off to buy a poster...
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Postby Superpig » Thu Sep 23, 2004 10:50 pm

Dun dun dun... another publisher bites the dust!

A word to the wise: when you publish Darwinia in the UK, don't sign up with Eidos for it. ^_^

Anyhoo, hope you get the cash eventually. I'll see about buying a poster or two in the meantime.
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