FateBreaker
Member
If EA makes it Origin exclusive, it's as good as dead for me.
As not-cool as that is, that statement is mind-boggling to me, but to each his or her own, I guess.
If EA makes it Origin exclusive, it's as good as dead for me.
Hilarious comments. Oh no, EA, please don't save THQ games that we want. Please, oh please just let them die!
Hilarious comments. Oh no, EA, please don't save THQ games that we want. Please, oh please just let them die!
Going by past experience, everything EA touches turns to shit eventually. It seems reasonable to hope that games you're interested in go to someone else.
If EA makes it Origin exclusive, it's as good as dead for me.
As not-cool as that is, that statement is mind-boggling to me, but to each his or her own, I guess.
Place yer bets on what will be sold and who will get it.
My predictions:
Saints Row & Volition - EA
Metro Last Light publishing rights - WB Games
Company of Heroes IP & CoH 2 publishing rights - Activision or Sega
Stick of Truth publishing rights - WB Games
Everything else will probably not sell or will be arranged separately (e.g. WWE & 40k licences won't be resold here), so RIP Darksiders and Relic.
Battlefield: Bad Company of Heroes
Even better.
God, I hope MS won't buy Relic. If they do, this dev will never again release a PC game.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.
Imagine the reaction to them actually calling it "No Mercy 2"I don't care who ends up with the WWF license, they must realize the gold mine they will have by producing an AKI/Syn Sophia game and promote it as such.
Today, only WWF fans buy WWF games. In the N64 era, EVERYONE bought WWF games. The nostalgia sales alone would be huge. Even as a one time release, separate from an annual series.
"WWF WrestleMania HD, developed for the first time in 10 years, by the creators of No Mercy!" = $$$$
After the 22nd is done and all of THQ's assets are sold off, will THQ rise from the ashes again and start over as a new publisher? Or is it gone for good?
Will anyone want to invest in THQ after this is all settled?
It'll be interesting to see the results on the 22nd. Maybe we'll even find out what Patrice has been working on!
Pretty sure I'm going to have a nightmare tonight about EA buying Saints Row and wake up screaming, covered in sweat.
Getting a job back at Ubisoft...
The series being turned to shit like everything else EA owns.Still waiting on what this nightmare entails.
"1666" will be transformed into "Assassin's Creed 1666"?
I'm hoping to bid for the Homeworld and Freespace rights. $100 should be enough, right?
I care about two things:
1. South Park: Stick of Truth being released as intended, Steamworks on PC.
2. Relic being able to continue doing PC only Steamworks enabled strategy titles
Any hope for either? :\
1 depends on who picks them up, although becomes unlikely if EA or Ubisoft gets publishing rights. 2 won't happen, since nobody will buy Relic. (ditto Virgil Games)
Someone startup a kickstarter. If we buy it, they can'tIf EA acquires Saints Row/Volition, I'll slit my wrists.
I care about two things:
1. South Park: Stick of Truth being released as intended, Steamworks on PC.
2. Relic being able to continue doing PC only Steamworks enabled strategy titles
Any hope for either? :\
SEGA would most likely let them continue making PC exclusives.if any publisher buys Relic, etc., it will result in their games going multiplatform.
The second one isn't happening. The best you're hoping for is that Ubisoft buys Relic and CoH and runs it like their Anno franchise?
I hope Ubisoft and EA do not end up with any of the properties. That would be very sad, very very sad.
My predictions:
Metro Last Light publishing rights - WB Games
SEGA would most likely let them continue making PC exclusives.
Runs? You mean ruins? As in "ruins with unacceptable DRM".
THQ confirmed this morning the details of yesterday's reported bankruptcy proceedings and noted the a la carte purchasing of the company will only occur if it exceeds a whole buyout.
As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ from the cushy speed agreement made between company executives and Clearlake. There's also the very real possibility that Electronic Arts, along with Warner Bros and other bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders, Metro) and studios (Volition, Relic). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there) that's it for THQ.
THQ will sell whole unless asset bids exceed Clearlake offer
http://www.joystiq.com/2013/01/08/thq-auction-details/
Joystiq said:THQ confirmed this morning the details of yesterday's reported bankruptcy proceedings and noted the a la carte purchasing of the company will only occur if it exceeds a whole buyout.
As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ from the cushy speed agreement made between company executives and Clearlake. There's also the very real possibility that Electronic Arts, along with Warner Bros and other bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders, Metro) and studios (Volition, Relic). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there) that's it for THQ.
The OP has been updated with more information:
Distressed Debt said:After adjourning its first hearing today, THQ reconvened at 3:00PM and announced that a compromised was made among various parties. A form of order has yet to be presented but the general takeaways:
Bids are due 9am January 22nd
Auction will be held 3pm on January 22nd
Sale Hearing January 23rd at 9am
The auction will allow for bidders to bid on only certain assets (titles, studios, etc) in the auction
Other details from the hearing concerned the minimum overbid which was reduced as well as the extension of Clearlake Capital's DIP term loan to January 25th (as an over-advance line).
In the morning hearing, it was announced that Clearlake Capital's bid would remove the $10M 2% note they originally had offered in exchange for extending the auction deadline. One thing to note: It remains to be seen how much secured debt (and for that matter assumed liabilities) will there actually be on the auction date. It was noted in the hearing this morning the company has begun the "slow pay" its bills which would alleviate need for cash but in theory increased assumed liabilities to a purchaser. As has been noted in the hearing, Clearlake can pick and choose which liabilities its assuming, but their counsel did note that it would be a more concrete number (to determine overbids) at the auction.
Currently bonds are trading in the 15-16 context. I had heard from traders on Friday that bonds were difficult to find (the issue is only $100M) but some bonds have traded this morning.
For bondholders, the only recovery (under Clearlake's stalking horse bids) they were going to receive was the $10M promissory note which seems to have been pulled away. If any of the parties involved (so far EA, Warner Brothers have been named in court) bid for all or just some of the titles, there is a chance bond holders could see a recovery here. Exact bid procedures have yet to be filed so I do not have a good assessment on how bids will be evaluated.
For instance, what happens if two studios are purchased for an aggregate consideration more than Clearlake's bid but the remaining studios need to be wound down? That may actually drain resources from the estate for wind down expenses.
For what its worth, when I first saw Clearlake's bid I wanted to be an LP in their fund because they would make a fortune off their purchase price. Given the way cash flows will begin to pick up (and possibly roll in if they are successful, not to mention cash already overseas) at THQI after their two releases in the first half of this year, with which a lot of developmental costs have been already spent, the return to Clearlake would have been impressive.
A few questions remain: Where are the massive swings in potential unsecured liabilities (from the first day affidavit) from Europe arising from? No one has given me a good answer on that. Why hasn't bond holders (or strategics for that matter) stepped up with their own DIP?
As we get more answers, we will update readers, especially after new items hit the docket.
Source: http://www.distressed-debt-investing.com/2013/01/distressed-debt-thq-bankruptcy-update.html