Acclaim Entertainment Files for Bankruptcy 118
Prof. Jonathan Ezor, Touro Law Center writes "According to this story in Long Island Business News, Acclaim Entertainment has filed for Chapter 7 bankruptcy in the Eastern District of New York bankruptcy court, meaning it will liquidate its assets and shut down. The story states in part, 'Computer game maker Acclaim Entertainment (Nasdaq: AKLM) has filed for voluntary Chapter 7 bankruptcy, which would result in the liquidation of the company's assets. The company filed papers in U.S. Bankruptcy Court in Central Islip that estimated its debts at more than $100 million and its assets at $10 million to $50 million. The filing said it had more than 200 creditors.' Game Over."
Re:Creditor info... (Score:2, Informative)
Re:Mortal Combat (Score:1, Informative)
On a side note, way to be late with this story Slashdot.
Re:Acclaim lost it years ago (Score:3, Informative)
There can be legal issues involved with letting a bankruptcy cat out of the bag at the wrong time, especially with a publicly traded company. It's certainly a shame for the employees but they've known for a long time that Acclaim was operating hand to mouth at best.
Re:Acclaim lost it years ago (Score:1, Informative)
1. Not paying rent for several months,
2. Paying employees THEN pulling the money back out
3. Closing all the offices in the U.K.
4. Closing Glen Cove
5. Not paying any external agencies they're working with (for months)
6. Getting sued by Mary Kate & Ashley
7. Not getting new financing
Now, what kind of cat is this they're not trying to let out? A Lion?
Re:Game publishers (Score:4, Informative)
The two largest third party publishers in the market are EA and Activision. Not EA and Vivendi Universal.
good riddens... (Score:3, Informative)
Not only did this really piss off loyal readers such as myself, it contributed to the comic book market crash, completely ruining the value of all of Valiant's back issues.
Acclaim family tree (Score:1, Informative)
Spare a thought for the hundreds of families in Austin, Cheltenham and Manchester, especially those who'd just uprooted and moved from Teesside to Cheltenham, now desperately seeking alternative employment.