Timegate FIles for Bankruptcy

nick2730

http://www.gamespot.com/news/section-8-dev-files-for-bankruptcy-protection-6407886

TimeGate Studios files for Chapter 11 in Texas Southern Bankruptcy Court following fraud suit.
Section 8 developer TimeGate Studios, which also contributed to Aliens: Colonial Marines, filed for Chapter 11 bankruptcy protection this week in a Texas bankruptcy court.


Polygon obtained court documents that show the developer has a number of creditors and total liabilities ranging from $10 million to $50 million. Those claiming to be owed money include Epic Games, Agora Games, and DJ2 Entertainment, as well as a local pizza shop asking for $34.80.

Also listed as a top creditor in the bankruptcy filing is Southpeak Interactive, which published the original Section 8. The company is owed an "unknown" amount, according to the documents.

A TimeGate Studios representative could not be reached for comment.

TimeGate Studios' bankruptcy filing comes a month after the Sugar Land, Texas developer lost a fraud appeal case against Southpeak Interactive, facing $7.35 million in damages and the loss of the Section 8 license as a result.

The company laid off an unspecified number of people in early March.

The studio's current project is free-to-play stylized PC shooter Minimum. It is unclear how this projected will be affected going forward.

Kbrom12

Sad news, I hope minimum gets finished. Its such an interesting concept - http://playminimum.com/

oobersli

the texas game industry is getting kicked in the nuts this year.

oXYnary

While people loosing their jobs does suck, if these accusations are true, do we really want to show such a developer pity? Should we want to work for such irresponsiblity just because there was a paycheck involved? It would be better to say that the Texas development scene luckily dodged a cancer before it spread and ruined the whole areas reputation.

artquest

oXYnary wrote: »

While people loosing their jobs does suck, if these accusations are true, do we really want to show such a developer pity? Do we really want to work for such irresponsiblity just because there was a paycheck involved.

It would be better to say that the Texas development scene luckily dodged a cancer before it spread and ruined the whole areas reputation.

I don't know what they are accused of so I will try to avoid jumping on the band wagon without further information. But if they did indeed commit fraud I completely agree with you.

oXYnary

Art, its mentioned in the quote from OP and attached article..

I am saying people shouldn't join in the normal sympathy bandwagon for the studio closure beyond fellow developers loosing their jobs until we see the truth of these accusations.

artquest

oXYnary wrote: »

Art, its mentioned in the quote from OP and attached article..

I am saying people shouldn't join in the normal sympathy bandwagon for the studio closure beyond fellow developers loosing their jobs until we see the truth of these accusations.

I read the article and I still don't know how they committed fraud. Then again I'm really tired today so I may have missed something.

oobersli

oXYnary wrote: »

Art, its mentioned in the quote from OP and attached article..

I am saying people shouldn't join in the normal sympathy bandwagon for the studio closure beyond fellow developers loosing their jobs until we see the truth of these accusations.

let me rephrase..

employment opportunities in texas is getting kicked in the nuts.