Atari posts $12 million Q1 loss. Who's got the will?

At this very moment in the town of Couer d'Couers, Ned, the pie maker, with the gift to bring the dead back to life for a short time (without consequences) stood over the body of Atari. The facts were these: The company of Atari was 35 years, 16 weeks, 4 hours and 9 minutes old. After already posting a $70 million loss in the last fiscal year, firing most of its board, borrowing $10 million and now reporting a $12 million loss for Q1, it was believed Atari had finally expired. But, just as the pie maker was about to touch the body -- to bring it back to life ever so briefly -- and ask where Atari stashed the will revealing its alleged secret fortune, a wholly unexpected thing happened. Atari popped up from the table and exclaimed, "I'm not dead yet!" And so, the startled pie maker left the morgue still trying to catch his breath, knowing he'd return soon enough.

Atari finally filed their delayed financial report for the quarter ending June 30 and laid out the bad news that they're down another $12 million. The company already sold most of its franchises like Stuntman and Driver; they're also in a dispute about potentially losing their Dragon Ball Z license as well. According to the quarterly report Atari states "substantial doubt about [their] ability to continue as a going concern."

This article was originally published on Joystiq.