ordered by a UK court to pay its distribution partner CDV a settlement earlier this year, rather than simply pay the settlement and move on, SouthPeak instead took a very interesting approach: buy up a company that's owed money by CDV and turn the tables. SouthPeak recently purchased the less-than-well-known dev studio IRP and filed a claim against CDV to the tune of €4.4 million ($6 million), money that CDV allegedly owes SouthPeak now that the legally embroiled publisher owns IRP, according to a Gamasutra report.
But that's not all! CDV already filed for insolvency earlier this week, claiming it did so because SouthPeak "failed to pay a court-ordered settlement to CDV" -- the same court-ordered settlement that we mentioned in the first sentence of this very post. Still with us? Good! A statement released by CDV says that the company will remain "fully operational," and its various subsidiaries are unaffected by the insolvency filing. A Frankfurt, Germany court is said to be helping CDV sort through the financial back and forth. "The Administrator together with the management team is now proactively working on solutions to restructure the company and discussions with investors and potential purchasers are on-going." Given SouthPeak's rocky past with legal matters, we get the feeling this won't be the last we hear of this mess.