Mechanism Eight posted:

Latin Pheonix posted:

The thing is no matter which way it lands, it's bad for F42/CIG.

If the loan is for a large amount it means that their finances are in a seriously bad state and they desperately need a large cash injection to keep going.

If the loan is for a relatively small amount it means that their books are so bad that even for a relatively minor sum Coutts asked them for everything they own as collateral.

lurkeskywalker posted:

Umm, that's "me", "Lurkeskywalker"!

(Or more accurately the younger brother of the person who has this account, however I'm not going to post any obscenities or poo poo post for no goddamned reason on my bro's account)

lurkeskywalker posted:

lurkeskywalker posted:

(__)__)

Fil5000 posted:

Hey, it's not a loan company! It's the Queen's bank! It's probably at the very least Sir Loan Company, or maybe the Earl of Finance.

shrach posted:

The UK companies aren't subsidiaries of a US company, the UK group is controlled by Chris Roberts personally. They are related parties though because both groups are under control of the Crob.

quote:

There was something in the accounts in 2015 that now makes sense though. In 2015 CIG UK purchased IP property for £1.3m, performed a partial sale of £0.6m while retaining IP worth £1.3m. I suspect that was them transferring the IP to the UK since what other IP could it realistically be? For some reason it wasn't disclosed as a related party transaction, possibly shenanigans.

peter gabriel posted:

Coutts Imperium Games

Brazilianpeanutwar posted:

lurkeskywalker posted:

Umm, that's "me", "Lurkeskywalker"!

(Or more accurately the younger brother of the person who has this account, however I'm not going to post any obscenities or poo poo post for no goddamned reason on my bro's account)

Anyway, this account doesn't belong to some dumb-as-a-tack Star Citizen white knight on Reddit, nor a Fedora twirling, attempting-to-strangle-a-lady-live-on-Twitch, creep who can barely get 100 people to watch them waste hours of their life to "play" Star Citizen's terrible and bugged beyond repair mess.

My elder brother and myself are just interested observers of this tremendous clusterfuck that is SC. We've been following developments since the project's inception and the initial Kickstarter campaign in 2012, and although we (thankfully!) didn't put any money into this, we were intrigued by what was being planned and, at first, we were impressed by some of the work that went into Star Citizen early on.

However things changed around 2013-2014 when we both started noticing that less and less of the programming that talked about the "development" of the game was actually *about* the game, and more and more focused on the game assets, the flashy graphics and ship models. And I think it was seeing an AtV in 2014 when they first revealed the character models that players would be traversing the "Verse" in, and said character model (who was shown for all of 5 seconds at that) walked as if it had a hot metal poker shoved up his rectum, did we have some SERIOUS doubts about the ability of CIG's team to actually get close to what Chris Roberts was boasting about.

Quite obviously, things have spiralled downward ever since and both me and my brother have gone from being mildly optimistic about Star Citizen's prospects to outright mocking it since Chris Roberts "masterfully" demonstrated how to (not) play the game back in that infamous livestream in 2015.

So yeah, there ya have it.

thatguy posted:

Quavers posted:

Star Citizen: the bankers will never know

Cao Ni Ma posted:

Can a publisher buy off CIG now? Im guessing they cant at least not directly

1500 posted:

The loan could be used to keep the lights on in order to make it to gamescon and then Citizencon, their two largest income sources of the year. If they can make it to those, then they should have the cash to make it for another 2-4 months. This is assuming they have something to release, I don't think those two events will go over that well unless they can release something. Unlike past years, CIG will have not released anything of substance for 2 years at that point, even the hardcore backers will have a hard time forking over money.

Hobold posted:

So is this poo poo actually happening? Crobbler actually put the entire company up as collateral? Not just F42 or parts of it, but the whole shebang?

1500 posted:

The loan could be used to keep the lights on in order to make it to gamescon and then Citizencon, their two largest income sources of the year. If they can make it to those, then they should have the cash to make it for another 2-4 months. This is assuming they have something to release, I don't think those two events will go over that well unless they can release something. Unlike past years, CIG will have not released anything of substance for 2 years at that point, even the hardcore backers will have a hard time forking over money.

quote:

I hate Smart, I hate his personality, I hate his attitude. However, he said some things about the game that turned out, and are still turning out, to be true. I also expect all posts that point this out to be heavily downvoted so most of the ones up top will just say no. Which can possibly be avoided by replying to an already popular post, instead of OP.

quote:

Here you go.

https://forums.anandtech.com/threads/star-citizen-development-discussion-is-derek-smart-right.2493837/page-32#post-38692974

Lladre posted:

I've been drinking heavily at some pool party in Staten island.

I think if I read writing right.

Coots now owns squadron 42?

XK posted:

This is why I can't wait to find out how much the loan is actually for. There's lots of arguments for a bank not loaning money to a financially unhealthy outfit. However, a bank would loan money to any outfit, no matter how bad its financial health, if it felt the collateral would cover the loan even in a worst case scenario. The negative pledge would go along with this scenario.

I wonder how much exactly they put everything on the line for. If it were something like $15 million, that'd be hilarious, and the bank wouldn't have necessarily made that bad of a decision.

Breetai posted:

Citezencon is going to be an old-timey public broadcasting pledge drive where backers are asked to call in and pledge money to keep the doors open.

Disco Lando will drop his pants and sing "The Old Grey Mare" for our amusement.

1500 posted:

The loan could be used to keep the lights on in order to make it to gamescon and then Citizencon, their two largest income sources of the year. If they can make it to those, then they should have the cash to make it for another 2-4 months.

peter gabriel posted:

Hyperbole aside, what could be a legit reason for the loan? I am trying to think of this from a backers perspective and I am coming up with nothing.
If they raised $150 million and have stated they can complete the game no problem, why is this happening?

trucutru posted:

Have you considered including not only their perspective but also their idiocy into it?

Virtual Captain posted:

Later today I'm gonna have a good lol thinking about CIG hitting up Amazon for money then months later putting the whole project down as collateral without telling them.

Someone put this debacle in a letter to Amazon. A concerned stockholder perhaps

D_Smart posted:

Considering how many industry people - including Amazon gaming guys - I have in my social media (Twitter, Facebook) feeds, trust me, they know.

lurkeskywalker posted:

(Edit)

Removed

(USER WAS PUT ON PROBATION FOR THIS POST)