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Moriendor
Black Ring Leader
Joined: 19 Jul 2001
Posts: 1306
Location: Germany |
| Strategy First Under Chapter 11 Protection |
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GameSpy is <a href="http://pc.gamespy.com/pc/a-tale-in-the-desert/549598p1.html" target="_blank">reporting</a> that publisher Strategy First has filed for chapter 11 bankruptcy protection. The company appears to be in the process of a financial resctructuring at the moment and is hoping to announce at least one new project and distribution deal very soon so it seems like not all hope is lost. |
Thu Sep 23, 2004 2:21 am |
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Lucky Day
Guest
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Has it occured to anyone at Gamespy that Bankruptcy in Canada is not "Chapter 11"?
Strategy First is a company based in Montreal, Quebec and last I checked Canada used different Law Books. |
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Thu Sep 23, 2004 2:22 am |
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Moriendor
Black Ring Leader
Joined: 19 Jul 2001
Posts: 1306
Location: Germany |
Funny, I was thinking about the same thing when posting the newsbit and shrugged it off, thinking that Canada and the US may indeed both have this ominous Chapter 11  .
However, what might be the case here is that usually in contracts the parties make an agreement on where a lawsuit has to be taken to court. Maybe SF's creditors are mainly based in the US and the agreement under which SF acquired assets includes a passage where it's stated that all claims resulting from the contract have to be taken to a US court and that US law is applicable and maybe that's where Chapter 11 enters the field(?). |
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Thu Sep 23, 2004 2:32 am |
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Lucky Day
Guest
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Interesting...
This reminds me of when Sir-Tek went bankrupt in the States and essentially kept operations running in Canada to put out Wizardy 8...9 years later.
Most of the team from Wiz 8 as most people know ended up at Strategy First, and very recently jumped ship over to EA when they moved into town. |
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Thu Sep 23, 2004 6:05 am |
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