[grimshawish]

What has come out in the last day or two is that the management could have been deliberately devaluing the company and sabotaging operations to make it seem much more dire than it is. This in turn allowed them to file for Chapter 11, and for their company to go on sale. The illegal part is that this entire scheme was engineered for one purpose: so Clearlake can buy THQ wholesale at as low a price as possible, and also be freed from any debt the company has. This will allow Clearlake to continue running the company as it is, and keeping all the current THQ management employed, while any debt they owed to creditors no longer exist.

If true...
I honestly didn't think it could get worse, but the fact it was never that worse and as such was even worse is pretty fucking...'wow'.

[Man God]

In recent years though? There's Pandemic, and most of Mythic, but whom else?

I think that's it, but I'd be scared shitless if EA was buying any studio I worked for.

[Traumahound]

Since the allegations are unproven, I wouldn't think it is a good idea to throw anyone under the bus just yet. It's just how things are looking, and something to consider.

No, I hear you. I haven't been following closely and had no idea there was even speculation of something untoward going on.

[Inorigo]

What's WB doing on the PC these days? They ditched GFWL, right?

Yup. Scribblenauts Unlimited is on Steam.

[Infinite Justice]

What has come out in the last day or two is that the management could have been deliberately devaluing the company and sabotaging operations to make it seem much more dire than it is. This in turn allowed them to file for Chapter 11, and for their company to go on sale. The illegal part is that this entire scheme was engineered for one purpose: so Clearlake can buy THQ wholesale at as low a price as possible, and also be freed from any debt the company has. This will allow Clearlake to continue running the company as it is, and keeping all the current THQ management employed, while any debt they owed to creditors no longer exist.

What makes it weirder is that its supposedly not Clearlake's MO so either they want to allow the company to continue running as a "favor" or shy away others so they can acquire them now and sell them off sometime later on their own terms.

Honestly i could erase the "either", replace that "or" with an "and" in my sentence :P

[duckroll]

Yeah the THQ news always seems to get more and more WOW with each update. I dunno, maybe we'll get a movie about this some day. The question is, would it be before or after the movie based on Infinite Ward? :D

[Corto]

Is that even possible with insolvency/bankruptcy laws? Complete debt forgiveness that is? I thought that future earnings would be used to relieve the debt.

[Busty]

There a few more details on his Twitter account. If I understand things correctly, Warner might be interested in buying THQ? https://twitter.com/DDInvesting

I've been saying for months (if not years) that WB will (potentially) end up with THQ's assets which they will simply absorb into their current structure.

Time Warner don't like paying 'sticker price' for anything so when they see a bargain they go at it. They have the cash to spend and can sense the blood in the water.

It could still go either way but my money is (and always has been) on WB picking up a chunk, if not all of, THQ.

Of course it will be interesting to see what WB would potentially do with a Viacom IP like South Park. I imagine they might sell it off to someone else rather than release it themselves.

[BD1]

Is that even possible with insolvency/bankruptcy laws? Complete debt forgiveness that is? I thought that future earnings would be used to relieve the debt.

Under Chapter 11 they would negotiate a settlement for payment to the creditors. For example, Eastman Kodak is paying back creditors at .30 on the dollar as part of their reemergence plan. Unsecured creditors get what they can, but they aren't made whole.

In Chapter 7, THQ would be liquidated and that would be used to pay creditors.

[Quentyn]

What makes it weirder is that its supposedly not Clearlake's MO so either they want to allow the company to continue running as a "favor" or get them now so they can sell them off later on their own terms.

I would say, that is exactly what they want to do. Probably gonna make a lot of money with it too. That's most likely also why they are saying sales of individual titles are "not allowed" right now.

[Karak]

If I were MS I would swoop in for Saints Row.

[Corto]

If I were MS I would swoop in for Saints Row.

"Kinect, activate dildo!"

[TheExecutive]

Seriously, don't fuck with COH2 or I will cut someone!!!

[Busty]

If I were the OUYA people I'd start a Kickstarter fund to pay for the Saints Row IP.

Fixed.

[Shard]

If I were MS I would swoop in for Saints Row.

Saints Row and Volition are probably the reason some of the buyers want a piecemeal purchase, by far the most valuable homegrown franchise in the THQ mix.

[FateBreaker]

If I were MS I would swoop in for Saints Row.

Yeah, at 60 million or whatever, I think this would be a good investment for MS. After all, they already have an apparent good relationship with South Park Studios (but, also apparent, not as good with Obsidian). Saints Row and Darksiders could be good for them, and Company of Heroes could help on the PC front. I don't know...for the price and as much as Microsoft Studios made off of Halo 4 in the last two months, it might be worth it.

But I'll be happy with whichever company saves them.

[Scum]

What has come out in the last day or two is that the management could have been deliberately devaluing the company and sabotaging operations to make it seem much more dire than it is. This in turn allowed them to file for Chapter 11, and for their company to go on sale. The illegal part is that this entire scheme was engineered for one purpose: so Clearlake can buy THQ wholesale at as low a price as possible, and also be freed from any debt the company has. This will allow Clearlake to continue running the company as it is, and keeping all the current THQ management employed, while any debt they owed to creditors no longer exist.

Bloody hell! What else are they hiding...?

[Shard]

Bloody hell! What else are they hiding...?

We might find out over the weekend or even on Monday.

[AHA-Lambda]

Saints Row and Volition are probably the reason some of the buyers want a piecemeal purchase, by far the most valuable homegrown franchise in the THQ mix.

And also why they won't let anyone do piecemeal acquisitions; without Saints Row, THQ is practically worthless =/

[Bob Coffee]

Nintendo should buy the saints row ip. Touch screen dildo smackin on wii U.

[TheExecutive]

What has come out in the last day or two is that the management could have been deliberately devaluing the company and sabotaging operations to make it seem much more dire than it is. This in turn allowed them to file for Chapter 11, and for their company to go on sale. The illegal part is that this entire scheme was engineered for one purpose: so Clearlake can buy THQ wholesale at as low a price as possible, and also be freed from any debt the company has. This will allow Clearlake to continue running the company as it is, and keeping all the current THQ management employed, while any debt they owed to creditors no longer exist. Since the allegations are unproven, I wouldn't think it is a good idea to throw anyone under the bus just yet. It's just how things are looking, and something to consider.

Fucking hell. If that's true it will be stuck in litigation and my COH2 will be lost for now. So with whom do I stick my blade?

[Inorigo]

Saints Row and Volition are probably the reason some of the buyers want a piecemeal purchase, by far the most valuable homegrown franchise in the THQ mix.

Whoever acquires them needs to have some guts though. The irony is there's stuff in SR that's almost deserving of FOX News coverage; it's wonderful. That's why I'm hoping WB gets them the most. I'm scared everyone else will try to water down SR4 into being an actual clone of GTA.

[Kai Dracon]

Nintendo should buy the saints row ip. Touch screen dildo smackin on wii U.

"Touching is Good for U"

[AHA-Lambda]

Why does Nintendo keep coming up in every THQ thread? They wouldn't touch them with a bargepole =/

[Stewox]

PC gamers are fucked if WB picks up Southpark and Metro 2034.

You mean southpark and coh. THQ doesn't own metro.

[Inorigo]

Why does Nintendo keep coming up in every THQ thread? They wouldn't touch them with a bargepole =/

I always figured it was just a joke.

[TheExecutive]

Why does Nintendo keep coming up in every THQ thread? They wouldn't touch them with a bargepole =/

Yeah, I have a better chance of buying THQ with an HJ and a lollipop.

[AHA-Lambda]

I always figured it was just a joke.

I always wondered that myself, some people did seem serious tho.

[Infinite Justice]

I would say, that is exactly what they want to do. Probably gonna make a lot of money with it too. That's most likely also why they are saying sales of individual titles are "not allowed" right now.

Added an edit where the "and" scenario would work well also LOL (same managment, possibly no debt aka fuck off creditors, money from their "version" of the sale, managment getting dat piece of the pie)

And also why they won't let anyone do piecemeal acquisitions; without Saints Row, THQ is practically worthless =/

Argubly Darksiders also or at least it would be another of the pot scrapings.

[twinturbo2]

Why does Nintendo keep coming up in every THQ thread? They wouldn't touch them with a bargepole =/

Touch screen dildo smacking. That is all.

[AHA-Lambda]

Argubly Darksiders also or at least it would be another of the pot scrapings

I don't think Darksiders has ever made THQ money. It's one of the last IP I expect to get picked up from their portfolio.

[Modedude]

All this news makes me think that unless something major crazy happens, we might be saying goodbye to THQ within the near future. As much as they have made rather poor business decisions, it'll be sad if that happens.

[jakncoke]

Yeah the THQ news always seems to get more and more WOW with each update. I dunno, maybe we'll get a movie about this some day. The question is, would it be before or after the movie based on Infinite Ward? :D

A well put documentary would be awesome.

[grimshawish]

Touch screen dildo smacking. That is all.

Packed in rubber stylus.

[TheExecutive]

All this news makes me think that unless something major crazy happens, we might be saying goodbye to THQ within the near future. As much as they have made rather poor business decisions, it'll be sad if that happens.

I have grown quite find of THQ over the past couple of years :(

[Inorigo]

We're at the funeral now. They're not getting out of this. The focus should be on who's acquiring them from here on out.

[Grayman]

So Viacom and the WWE are smart enough to have bailouts in their contracts right?

Rubin was brought on to sell the company but he may have gone a bit to shady trying to get the best deal.

[gate777]

THQI Reconvening on Monday (more coming later) After an very, very long hearing, Judge Mary Walrath, a personally favorite of mine, did not approved the DIP motion or bidding procedures motion in the THQ case. She instructed parties to discuss and work out their issues over the weekend and set a new hearing on Monday. I will be writing a more thorough post this weekend on the day's events.

Excellent Journalism :|

[FateBreaker]

Excellent Journalism :|

It is. Too bad about that one grammatical error, though.

[K2Valor]

Anyone know what happens to Relic?

[Modedude]

We're at the funeral now. They're not getting out of this. The focus should be on who's acquiring them from here on out.

While I wouldn't say funeral, more like on the hospital bed close to dying, but with the slim chance of survival, and I do mean slim.

[Meelow]

Why does Nintendo keep coming up in every THQ thread? They wouldn't touch them with a bargepole =/

I actually agree with some of the people saying Nintendo should buy the Saint's Row IP, it could help them just in case if Nintendo can't get GTA on the Wii U.

[SapientWolf]

Is there any chance of THQ's digital stuff getting pulled once their IP are scattered throughout the seven seas? A lot of Midway's stuff got pulled.

[Valnen]

You've got to remember, THQ's mismanagement has screwed ALOT of reputable partners out of lots of money. Those creditors are going to lose millions of dollars, regardless of the outcome. THQ does not deserve sympathy.

We need our games though. Fuck the creditors, I just want Saints Row 4.

[Mooreberg]

I bet Jason Rubin isn't used to his DIP motion not being approved of.

[Pikma]

I'm sure I have $14.75 and a clip in my purse right now, how much more do I need to get that WWE license off from Yukes and THQ?

[Auto_aim1]

Excellent Journalism :|

Yeah, that happens when sentences are rearranged without proper proofreading, but it's just a mistake.

--

This probably may not end well for THQ because the investors now know that something fishy is going on. Not good.

[yurinka]

How about Microsoft buying THQ? It would be really cheap for them and would give them some really good studios and IPs, would be good for their 1st party army.

[Lasthope106]

This has to be the saddest downfall of a videogame company ever. Sad part is that I do care about a lot of the studios at THQ.

How about Microsoft buying THQ? It would be really cheap for them and would give them some really good studios and IPs, would be good for their 1st party army.

I rather have THQ close down entirely than Microsoft buying them. They would be acquired to put one game, and then dismantle the studios, or have them until all the good people leave.

[s_mirage]

PC gamers are fucked if WB picks up Southpark and Metro 2034.

I'd guess that South Park would probably be safe as long as it's been in simultaneous development, but I wouldn't be in favour of WB getting THQ for this reason with regards to future games.