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Strategy First Under Chapter 11 Protection
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Author Thread
Moriendor
Black Ring Leader
Black Ring Leader




Joined: 19 Jul 2001
Posts: 1306
Location: Germany
Strategy First Under Chapter 11 Protection
   

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.
Post Thu Sep 23, 2004 2:21 am
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Lucky Day
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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.
Post Thu Sep 23, 2004 2:22 am
 
Moriendor
Black Ring Leader
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(?).
Post Thu Sep 23, 2004 2:32 am
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Dhruin
Stranger In A Strange Land
Stranger In A Strange Land




Joined: 20 May 2002
Posts: 1825
Location: Sydney, Australia
   

I was curious myself - it turns out the Quebec/Canadian law is termed "Section 11"! Here's the original ruling from the Quebec Superior Court:

http://www.jugements.qc.ca/php/decision.php?liste=4643149&doc=545D580556551E07
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Post Thu Sep 23, 2004 2:48 am
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Lucky Day
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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.
Post Thu Sep 23, 2004 6:05 am
 



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