FloatingDivider
Member
Batter up read all about it...
I can't help that the dev team picture is the most cohesive thing they've released in years.
Batter up read all about it...
I can't help that the picture is the most cohesive thing they've released in years.
You suck at trolling.
I'm just laying down a broad foundational basis I can build upon by releasing alpha posts that showcase my current line of thinking. At some point in time I will connect all of these disparate posts and you will be amazed at the grandeur of my postings. Until that time though you can buy additional words and sentences, and insurance for those words and sentences for the lowly fee of US$18000. Thanks for helping out.
I'm just laying down a broad foundational basis I can build upon by releasing alpha posts that showcase my current line of thinking. At some point in time I will connect all of these disparate posts and you will be amazed at the grandeur of my postings. Until that time though you can buy additional words and sentences, and insurance for those words and sentences for the lowly fee of US$18000. Thanks for helping out.
the community around the game reminds me of the fanbase around No Man's Sky prior to release. Of course, I hope the game turns out to be good, but if it doesn't, then I hope at least cooler heads prevail.
The seemingly ever escalating scope and constant delays make me suspect a lack of cohesive project management, and the community around the game reminds me of the fanbase around No Man's Sky prior to release.
Not even close to the same type of community, we actual get to play the game, while it progresses and they talk to us/inform us week in and week out. But i get your point.
What? No it wouldn't, it just needs to go down a few % points, the £ since the brexit vote has came down almost 14% against the Euro, that is well well past most interest rates on most business loans (we are talking about low single digits, not double digits), and this is a loan on money the government owes, so interest rates will be even lower, adding to that they also added collateral to lower them even more, which won't really be needed to be used since once again government, so yeah the interest rates on this are going to be borderline meaningless, certainly well within the range to which the £ can drop.
*gasp* Heaven forbid.The whitest studio you know.
And like I said before, even if this was what they were trying to do and not an act of desperation, they would have used cash for collateral, not the entire studio and all its assets.
The collateral granted in connection with this discounting loan is absolutely standard and pertains to our UK operation only, which develops Squadron 42. As a careful review of the security will show and contrary to some irresponsible and misleading reports, the collateral specifically excludes Star Citizen. The UK Government rebate entitlement, which is audited and certified by our outside auditors on a quarterly basis, is the prime collateral.
Oh I perfectly know what it means. Star Citizen is a kind of Ponzi Scheme since what you give to the first customers (videos showing features to come which will never actually come) are paid with the money from the new customers (new virtual ships bought).
That's the point in a Ponzi Scheme : you pay the first customers with the money you get from new customers. Here, "paying" is just making them dream with videos and posts. It's not a full Ponzi Scheme, but that's pretty close. Madoff would be proud.
I think most have been negative about the project when they found out some of the crowd funding went to buying mansions and ferraris.
https://www.pixeldynamo.com/news/ga...hris-roberts-fire-employees-escapist-article/
This is the second time you've repeated this incorrect statement. I corrected you before and you ignored me, so let's try this again.
From Ortwin's statement:
The collateral granted in connection with this discounting loan is absolutely standard and pertains to our UK operation only, which develops Squadron 42. As a careful review of the security will show and contrary to some irresponsible and misleading reports, the collateral specifically excludes Star Citizen. The UK Government rebate entitlement, which is audited and certified by our outside auditors on a quarterly basis, is the prime collateral.
Highlighting is mine, not from the original article.
No, selling $16000 virtual ship packs for a crowdfunded game which doesn't exist after 8 years and $150 million is not "doing usual business stuff".
That's why people are here actually.
And yes, there are always two sides of the story, unless proven otherwise. I made ZERO claim, I asked for a link. Read my posts please.
8 years?
2013 to 2018 is 8 years?
I see what your problem is now.
This is the second time you've repeated this incorrect statement. I corrected you before and you ignored me, so let's try this again.
From Ortwin's statement:
Highlighting is mine, not from the original article.
And you're straying into full blown delusion if you don't think the SC business model of selling $1k virtual ships to whales isn't looked at with utter derision by everyone outside of the SC fan bubble.
Ortwin's post is PR hogwash. Prime collateral is a meaningless statement, all it means is that in addition to the tax rebate they had to offer additional assets to secure the loan. He's trying to downplay throwing the entire studio being on the line to stop backers from panicking. The contract is pretty clear on what F42 had to put down for collateral.
Oh so you have the contract papers that will spill out what exactly is put on collateral over what the company has stated?
Why dont you show them to us and set the record straight?
They must really need money if they take loans on their tax rebate...
Is that even normal practice?
Ortwin's post is PR hogwash. Prime collateral is a meaningless statement, all it means is that in addition to the tax rebate they had to offer additional assets to secure the loan. He's trying to downplay throwing the entire studio being on the line to stop backers from panicking. The contract is pretty clear on what F42 had to put down for collateral.
I've read over the PDF a few times now, and I do believe you are right and I am in the wrong here over the contents of the loan. My apologies.
How in the world does the thread clarifying the situation end up as a bigger trainwreck than the one with fake news....?I predict that this thread doesn't have too long for this world if things continue at the current pace.
In either case, the amount of prophesying of doom around Star Citizen and the wait for that one thing to drop that will destroy the entire project is amazing. You've got people in wait jumping at every chance to say "I told you so" with barely a fraction of the facts.
How in the world does the thread clarifying the situation end up as a bigger trainwreck than the one with fake news....?
Yoi need to understand how CIG work.
Foundry 42, the U.K. Dev team, have no revenue stream outside of the parent company in the states.
So every month CIG (the American parent company) send them money over to pay their bills.
With the current financial climate, this money is worth less and less each month with the pound weakening against the dollar.
Foundry 42 however is eligible for U.K. Tax credits, so all they have done is borrow a lump sum of capital from the bank, secured against future tax credits to inject into F42 now, so they make better use of the dollars they have on hand.
See, when it's explained as it actually is, it's really rather dull and simple. But not simple enough for some indie Dev fossils to understand unfortunately.
I really didn't want to post in this thread as it's a shitfest, but if the £ is weakening against the $ surely the money being pumped in from CIG would actually be increasing as the $ could buy more £ ?
or did I miss something in currency conversions?
Forgive me but I genuinely don't believe you know anything about finances after your thread today.Because it's not really the "everything's fine" message that the backers hoped for.
We know from 2015 and 2016 filings that the UK tax rebate is about £3.2 million and their monthly costs are about £2.0 million, so this advance deal is essentially a payday loan.
They've got the whole company living paycheck to paycheck.
Because it's not really the "everything's fine" message that the backers hoped for.
We know from 2015 and 2016 filings that the UK tax rebate is about £3.2 million and their monthly costs are about £2.0 million, so this advance deal is essentially a payday loan.
They've got the whole company living paycheck to paycheck.
Forgive me but I genuinely don't believe you know anything about finances after your thread today.
It isn't that hard to understand that it's better for them to avoid converting their money into pounds right now wherever possible.
This is exactly what I was about to ask.
I really didn't want to post in this thread as it's a shitfest, but if the £ is weakening against the $ surely the money being pumped in from CIG would actually be increasing as the $ could buy more £ ?
or did I miss something in currency conversions?
Except the deal is an advance for a few months, you're not going to see any significant fall in the pound during that time - the UK doesn't leave the EU until 2019.
Considering the pound has fallen 4 cents to the dollar in that last month and has absolutely zero reason to not continue its downward trend, it could very well be 10% down over the next few months.
It fell over the last month because of the Snap Election and the Hung Parliament that happened as a result, that's not an "every month" thing, so yes, it will stop the downward trend.
Because you genuinely didn't know what you were talking about.Why? The crux of the thread was CIG had liquidity problems, Ortwyn just confirmed it. He proved me right!
By that time the documents were already out there so yea, major blow since your entire doom and gloom scenario revolved around everything involved with the IP being used as collateral indicating financial failure when we've seen nothing indicating so. It was pointless speculation, you got rightfully called out on, so at least save some face and take the L on that one.I think the only thing I was incorrect on was the whole project being up as collateral rather than just two studios and the SQ42 IP, but in my defense that was only defined in private documents and it was just referred to as "the game" throughout the public ones, so no one could know better. Given SQ42 gets the bulk of staff and development effort, to the point where the PU languishes with 8 months between patches, I don't think putting up 80/90% of your company rather than 100% is a great improvement, especially now we know the amount they're getting is so low.
Thinking about it low interest rates could actually make it more feasible than paying for currency conversion, but that's the best i can come up with.
Because you genuinely didn't know what you were talking about.
Reflect on the fact that the only other person who started that rumor in the first place was Derek Smart and that you were perfectly willing to believe and perpetuate his statements based on a misunderstanding of legal documents and when corrected by someone in the lowkey SC OT you said it was "rubbish."Weren't you insisting they didn't put the company up as collateral? I seem to have a better accuracy record than you.
Oh my lord you're still going....I think the concerning thing here is still how lopsided this agreement is - if it's a forward for their tax rebate, why isn't the collateral just their future tax rebate plus interest?
Listing the entire company and IP as collateral makes it seem that Coutts genuinely think there's a risk the company don't make it to the point where they receive their rebate.
Reflect on the fact that the only other person who started that rumor in the first place was Derek Smart and that you were perfectly willing to believe and perpetuate his statements based on a misunderstanding of legal documents and when corrected by someone in the lowkey SC OT you said it was "rubbish."
Weren't you insisting they didn't put the company up as collateral? I seem to have a better accuracy record than you.
I think the concerning thing here is still how lopsided this agreement is - if it's a forward for their tax rebate, why isn't the collateral just their future tax rebate plus interest?
Listing the entire company and IP as collateral makes it seem that Coutts genuinely think there's a risk the company don't make it through the next few months. I think if there's not a big infusion of backer cash at Gamescom, we could hear about employees not being paid.