MassiveAttack
Banned
Seems Take Two and EA lost out to THQ.
http://www.nynewsday.com/business/ny-bzaklm073997294oct07,0,134421.story
October 7, 2004
A federal bankruptcy judge last night approved a tentative agreement to allow bankrupt Acclaim Entertainment to sell the rights of its anticipated street racing game "Juiced" to California video game publisher THQ. The deal is worth up to $10.5 million.
In federal bankruptcy court in Central Islip, Judge Stan Bernstein turned down a request by Electronic Arts, the world's largest game maker, to bid, telling the company it was too late.
Instead of releasing the game right away for the Christmas season, THQ, which paid $500,000 more than an earlier bid, agreed to continue developing it to eliminate some technical problems.
Also attending the bankruptcy was former chairman and co-founder Gregory Fischbach, who declined to comment.
About two weeks ago, after filing for bankruptcy and laying off 600 people, Glen Cove- based Acclaim tentatively agreed to sell the publishing rights to Juiced to Manhattan-based Take-Two Interactive Software in a deal worth up to $10 million. Take-Two would have paid $8.125 million for the rights and up to $1.875 million in royalties, subject to the game meeting certain sales levels.
The deal was supposed to be completed last week, but since the filing, other parties have objected. Under the deal, $4.5 million would go to Scotland-based Fund4Games, which financed development of "Juiced" and said it never received payment from Acclaim. Fund4Games, though, said it's owed more than that, and that it should be entitled to royalties. Other objections were on the grounds that other companies should be given more time to review the game and make competing bids.
Acclaim filed for Chapter 7 liquidation Sept. 1. The company had assets of $189.2 million and debt of $58.7 million, according to its financial schedules, filed in bankruptcy court on Tuesday. Secured claims against the company total $18.5 million, according to the same filing.
http://www.nynewsday.com/business/ny-bzaklm073997294oct07,0,134421.story
October 7, 2004
A federal bankruptcy judge last night approved a tentative agreement to allow bankrupt Acclaim Entertainment to sell the rights of its anticipated street racing game "Juiced" to California video game publisher THQ. The deal is worth up to $10.5 million.
In federal bankruptcy court in Central Islip, Judge Stan Bernstein turned down a request by Electronic Arts, the world's largest game maker, to bid, telling the company it was too late.
Instead of releasing the game right away for the Christmas season, THQ, which paid $500,000 more than an earlier bid, agreed to continue developing it to eliminate some technical problems.
Also attending the bankruptcy was former chairman and co-founder Gregory Fischbach, who declined to comment.
About two weeks ago, after filing for bankruptcy and laying off 600 people, Glen Cove- based Acclaim tentatively agreed to sell the publishing rights to Juiced to Manhattan-based Take-Two Interactive Software in a deal worth up to $10 million. Take-Two would have paid $8.125 million for the rights and up to $1.875 million in royalties, subject to the game meeting certain sales levels.
The deal was supposed to be completed last week, but since the filing, other parties have objected. Under the deal, $4.5 million would go to Scotland-based Fund4Games, which financed development of "Juiced" and said it never received payment from Acclaim. Fund4Games, though, said it's owed more than that, and that it should be entitled to royalties. Other objections were on the grounds that other companies should be given more time to review the game and make competing bids.
Acclaim filed for Chapter 7 liquidation Sept. 1. The company had assets of $189.2 million and debt of $58.7 million, according to its financial schedules, filed in bankruptcy court on Tuesday. Secured claims against the company total $18.5 million, according to the same filing.
