THQ's bankruptcy sale details: Auction on January 22nd, Will Allow Piecemeal Purchase

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#51
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'.
 
#53
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.
 
#55
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
 
#56
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
 
#57
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.
 
#58
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.
 
#59
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.
 
#60
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.
 
#66
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

Junior Member
#67
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...?
 
#69
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 =/
 
#71
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?
 
#72
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.
 
#79
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.
 
#82
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.
 
#87
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.
 
#88
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 :|
 

SapientWolf

Trucker Sexologist
#93
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.
 
#94
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.
 
#96
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?
 
#98
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.
 
#99
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.
 
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