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Blockbuster UK faces 452 layoffs and 72 store closures, after company administrators announced "necessary" measures for the once-again bankrupt retail chain. Moorfield Corporate Recovery, the company tasked with finding another buyer for the struggling outlet, said it wasn't an easy decision to mak...

1 year ago 0 Comments
November 18, 2013 at 11:30AM
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A planned intellectual property auction for shuttered Kingdoms of Amalur: Reckoning developer 38 Studios has been pushed back a month and is now set to commence in December, GameSpot reports. A specific date for the auction is not yet known. 38 Studios' court-appointed lawyer Richard Land previo...

1 year ago 0 Comments
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When companies die, their assets are sold to make back whatever money can be recovered. That's normal. But you wouldn't expect a great deal of interest in the intellectual property of a company that had worked on only two games and actually released just one of them. Apparently that expectation wou...

1 year ago 0 Comments
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Blockbuster UK is entering administration again, this time under investment company Gordon Brothers Europe. This means Xbox One and PS4 pre-orders through Blockbuster UK will not be fulfilled, the company says in a tweet. Blockbuster UK advises those who pre-ordered a next-gen system in-store to vi...

1 year ago 0 Comments
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It seems as though we can't go more than a few weeks without hearing about some new complication related to the collapse of 38 Studios and the financial catastrophe it left in its wake. This week's news comes in the form of an SEC probe into the $75 million in loan guarantees offered to the studio ...

1 year ago 0 Comments
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After a year and a half of trials and tribulations, Kodak is finally in the clear -- it just exited Chapter 11 bankruptcy. Now that the company has finished offloading its document and personal imaging groups, it's free to pursue a recently court-approved reorganization plan that focuses solely on...

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Never forget that Death was THQ's final protagonist. Late yesterday, the US bankruptcy court in Delaware approved the liquidation of Toy Head Quarters (THQ). Unless you're a creditor seeking some kind of back-pay or compensation, this is likely the last you'll hear about THQ. As Bloomberg report...

1 year ago 0 Comments
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38 Studios collapsed upon itself in a heap of flaming disaster last year, and Rhode Island taxpayers ended up stuck with the bill. The state used a $75 million loan, acquired through the sale of taxable bonds, to convince 38 to operate within its borders, and RI is now on the hook for around $89 mi...

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Better Place's plan for electric cars with swappable batteries is coming to an end. Despite a change in leadership and a streamlining effort over the past six months, the Israeli EV maker has filed a court motion for liquidation, citing insufficient cash to continue operations and a failure to rai...

1 year ago 0 Comments
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Atari Inc., the US branch of French parent company Atari S.A., filed for court approval this week to auction its assets in July. Those assets include the Atari logo, as well as the Test Drive, Rollercoaster Tycoon, Asteroids, and Pong franchises among others. As Reuters and the Wall Street Journ...

1 year ago 0 Comments
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Timegate, the studio behind Section 8 and Aliens: Colonial Marines, laid off its entire staff today, Kotaku reports. On May 2, Timegate filed for bankruptcy protection, citing a debt of up to $50 million. The filing revealed that Timegate owed large sums to 50 companies, including Epic Games, Ag...

1 year ago 0 Comments
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Section 8 developer and Aliens: Colonial Marines co-developer TimeGate Studios has filed for bankruptcy protection in the Texas Southern Bankruptcy Court, revealing that it owes its creditors between $10 million and $50 million in debt. Court documents note that TimeGate seeks protection from cr...

1 year ago 0 Comments
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Now with a patent sale, new financing and asset offloads under its belt, Kodak's homing in on when it might emerge from Chapter 11 bankruptcy. In January, the imaging giant predicted it might finally exit its financial default by mid-2013, and now it's filed paperwork with a New York court indicat...

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Last year, a group of 12 licensees bid on 1,100 digital photography patents that were being sold by Kodak as part of bankruptcy proceedings. Although the venerable photography company was hopeful that the sale would be enough to help it restructure, the portfolio sold for only US$525 million to th...

1 year ago 0 Comments
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The AP is reporting that Rhode Island is attempting to default on the debt it owes for 38 Studios' $75 million loan and subsequent bankruptcy. The state has a proposal before lawmakers that would keep it from having to make any payments to bond holders. Supporters of the move to default say th...

2 years ago 0 Comments
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Let's assume for a moment that you're Curt Schilling, formerly of the Red Sox and formerly of the now-defunct 38 Studios. You're facing a massive lawsuit for fraud regarding a $75 million loan from the state of Rhode Island. What do you do? It appears that Mr. Schilling's first approach is to ask...

2 years ago 0 Comments