Star Citizen: Death of a Space Thread?

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Tijuana Bibliophile: Dec 30, 2008; Scratchmo

lol

They're right though. Derek you said 90 days tops til they'd fold and here we are two years later and they still haven't ~~released the game~~ I mean folded :smuggo:

so take that goonies

(autistic screeching)

Tijuana Bibliophile fucked around with this message at 08:28 on Jun 26, 2017

# ? Jun 26, 2017 07:24

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# ? Jun 1, 2024 02:42

Ash1138: Sep 29, 2001; Get up, chief. We're just gettin' started.

Tijuana Bibliophile posted:

lol

They're right though. Derek you said 90 days tops til they'd fold and here we are two years later and they still haven't ~~released the game~~ I mean folded

so take that goonies

(autistic screeching)

apparently you can fail to deliver for a long time as long as idiot nerds keep giving you at least $2 million a month

# ? Jun 26, 2017 07:37

Tank Boy Ken: Aug 24, 2012; J4G for life; Fallen Rib

Ash1138 posted:

apparently you can fail to deliver for a long time as long as idiot nerds keep giving you at least $2 million a month

Wait, so we (Goons) are paying Derek Smart 2 million $ a month? What is Lowtax doing with our :10bux:

# ? Jun 26, 2017 07:46

Roflan: Nov 25, 2007

Who cares about the details? Even if SC released(lol), and matched Crobbit's vision(LOL), it would never match the individual citizen's vision(LOL!!!) they've dreamed up over the years. And no matter how much they would try to convince themselves they were happy with it; deep down they would know they hated it... And take it out on themselves and the ones they love with random acts of subconscious anger.

The point is: they've put waaay too much emotional energy into a loving game.

# ? Jun 26, 2017 07:50

phosdex: Dec 16, 2005

Exinos posted:

Seems the lawyer for the company that just took out a payday loan should not be making official statements that are intentionally misleading or factually incorrect regarding the terms of that loan just to try and calm down PR.

The loan documents specifically call it out as not being a partnership yet Ortwin is trying to spin it as such.

This is the third ortwin letter I can recall. The first was regarding the escapist article and it was so bad that popehat did a write up about how bad it was. The second was with streetroller and the la attorney general, we know how that turned out.

# ? Jun 26, 2017 08:04

AP: Jul 12, 2004; One Ring to fool them all
One Ring to find them
One Ring to milk them all
and pockets fully line them; Grimey Drawer

You guys just don't understand loan development.

# ? Jun 26, 2017 08:21

Tijuana Bibliophile: Dec 30, 2008; Scratchmo

Tank Boy Ken posted:

Wait, so we (Goons) are paying Derek Smart 2 million $ a month? What is Lowtax doing with our ?

Has he even delivered those spaceship jpegs

# ? Jun 26, 2017 08:31

biglads: Feb 21, 2007; I could've gone to Blatherwycke

Does anyone here understand bankruptcy development?

# ? Jun 26, 2017 08:32

NVB: Jan 23, 2010; Grimey Drawer

Preechr posted:

Who could have guessed that Squadron 42: Chapter 11 would happen before Chapter 1?

# ? Jun 26, 2017 08:52

Torquemada: Oct 21, 2010; Drei GlÃ¤ser

As a non-banker/money person, why are they needing to make themselves liquid? They should have literally nothing but liquid assets. Aside from a few chairs, computers, desks and coffee machines, their rent, wage bills, utilities bills and what have you go out monthly or maybe quarterly. Every penny they've received is in the form of hard currency, like a free money tap directly into the bank; it's not like they own lots of physical properties, three container ships of bauxite on the high seas and a heavy position on next year's orange juice crop.

They should (metaphorically) have a bank account with a lifetime deposit history of $150 million, plus withdrawals to the tune of their proven outgoings. Or is this me being naive?

# ? Jun 26, 2017 09:12

Orions Lord: May 21, 2012

So basically CR, Sandi and the lawyer won.
They got their cash (and still are getting more and more) and can't be sued over it.

# ? Jun 26, 2017 09:46

his nibs: Feb 27, 2016; Welcome to the
Dream Factory; Grimey Drawer

Check and mate goonies :smug:

# ? Jun 26, 2017 10:00

Yolomon Wayne: Jun 10, 2014; You call it "The Big Bang", but what really happened is; Grimey Drawer

Tank Boy Ken posted:

Wait, so we (Goons) are paying Derek Smart 2 million $ a month? What is Lowtax doing with our ?

Well,

buys 4 copies of Genital Jousting on steam right now, so.....

# ? Jun 26, 2017 10:18

radd: Jun 16, 2001; Super Spacefortress

I can see that CIG would like to retain Star Citizen, because that is what people are pledging lots of money for.

And while Squadron 42 is his movie/game baby, perhaps he has also finally realized the magnitude of effort to get the mocap data into a workable form, so if he can convince Coutts that there is lots of value in big name actor mocap data, he can maximise the value he can extract from the pile of rubbish.

So - keep SC to keep as much whale cash flow as can be salvaged, and sell the big name mocap data that he can't use for as much as he can get by using it as loan security.

# ? Jun 26, 2017 10:36

Ayn Marx: Dec 21, 2012

Space Crabs posted:

i guess lazrin succeeds at changing the subject because 20 people want to quote him 200 times to try takedowns he never reads

Does that matter, really?

# ? Jun 26, 2017 10:54

Tank Boy Ken: Aug 24, 2012; J4G for life; Fallen Rib

Yolomon Wayne posted:

Well, buys 4 copies of Genital Jousting on steam right now, so.....

Well it's amazing to me that this is a thing that exists.

# ? Jun 26, 2017 11:05

Tijuana Bibliophile: Dec 30, 2008; Scratchmo

his nibs posted:

Check and mate goonies

Much like last year when fake news media wrote fake news about how SQ42 was delayed, then had to recant and apologize :smug:

# ? Jun 26, 2017 11:05

Kosumo: Apr 9, 2016

Someone at Coutts & Co is obviously into tickle porn in a big way and is keen as to get their hands on some Sandi Gardiner body scans and motion capture to make the game "Tickler In Black"

It anit news to say that those English banker types are into all the weird kink stuff and all.

They will also have the "The Tickle Files" with Gillian Anderson as DLC.

Also, maybe they know that the Ben kickstarter for the Wing Commander stuff was funded out of CIG money and through this loan they have a chance of get hold of very expensive Wing Commander memorabilia!

Also, the backers list is worth a lot, just look how gullible they have been. (many here who have since refunded would still be on that list).

# ? Jun 26, 2017 11:20

AP: Jul 12, 2004; One Ring to fool them all
One Ring to find them
One Ring to milk them all
and pockets fully line them; Grimey Drawer

https://www.youtube.com/watch?v=hP1m3YgVhrU&t=13s

USE THIS REFERRAL CODE IF YOU GET A NEW PACKAGE TO GET A FREE 5000 UEC
STAR-7GKX-C74V

AP fucked around with this message at 11:38 on Jun 26, 2017

# ? Jun 26, 2017 11:36

ewe2: Jul 1, 2009

Mirificus posted:

Oh toes, I may have to write a funny song.

# ? Jun 26, 2017 11:52

Tijuana Bibliophile: Dec 30, 2008; Scratchmo

Kosumo posted:

gently caress off

# ? Jun 26, 2017 11:52

his nibs: Feb 27, 2016; Welcome to the
Dream Factory; Grimey Drawer

AP posted:

https://www.youtube.com/watch?v=hP1m3YgVhrU&t=13s

USE THIS REFERRAL CODE IF YOU GET A NEW PACKAGE TO GET A FREE 5000 UEC
STAR-7GKX-C74V

https://www.youtube.com/watch?v=hP1m3YgVhrU&t=491s

He's great fun that mister getmoney

# ? Jun 26, 2017 12:05

Tippis: Mar 21, 2008; It's yet another day in the wasteland.

Dammit Ortwin. Here he comes trying to spin things that don't even make sense, just when I found this excellent pizza article: http://www.huffingtonpost.co.uk/johan-kugelberg/swedish-pizza_b_1608146.html

# ? Jun 26, 2017 12:06

Jymmybob: Jun 26, 2000; Grimey Drawer

radd posted:

I can see that CIG would like to retain Star Citizen, because that is what people are pledging lots of money for.

And while Squadron 42 is his movie/game baby, perhaps he has also finally realized the magnitude of effort to get the mocap data into a workable form, so if he can convince Coutts that there is lots of value in big name actor mocap data, he can maximise the value he can extract from the pile of rubbish.

So - keep SC to keep as much whale cash flow as can be salvaged, and sell the big name mocap data that he can't use for as much as he can get by using it as loan security.

Or they know that none of the current assets will work for SC, only for single player SQ42, so they want to keep the SC name to be able to restart production from scratch with a better suited engine after CIG goes under.

# ? Jun 26, 2017 12:58

Hav: Dec 11, 2009; Fun Shoe

big nipples big life posted:

Some of the people in this thread probably consume as much star citizen media as the hardest core of whales.

We get some solid abyss-staring in.

# ? Jun 26, 2017 13:00

Virtual Captain: Feb 20, 2017; Archive Priest of the Stimperial Order

Star Citizen Good, in all things forevermore. Amen.

Speaking of abyss-staring

Virtual Captain posted:

I am thinking to start a 2nd page that just tracks major stuff that actually matters. Hire me CIG, I'll effectively triple your project management.

Even using the most charitable scoring system I could think of, which gives up to 30% progress on just for showing a something in a video. The entire project clocks in at 11% completed.

If it doesn't take too long. I think I can generate some cool progressbars for a separate page on https://starcitizentracker.github.io/

# ? Jun 26, 2017 13:18

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

make the tweet you fat gently caress

# ? Jun 26, 2017 13:23

Banano: Jan 10, 2005; Soiled Meat

Thoatse posted:

The Loan Arranger

# ? Jun 26, 2017 13:24

AP: Jul 12, 2004; One Ring to fool them all
One Ring to find them
One Ring to milk them all
and pockets fully line them; Grimey Drawer

https://twitter.com/johnjacksonnnn/status/879311535302213632

# ? Jun 26, 2017 13:26

AP: Jul 12, 2004; One Ring to fool them all
One Ring to find them
One Ring to milk them all
and pockets fully line them; Grimey Drawer

https://twitter.com/Jorunn_SC/status/879312067399954432

# ? Jun 26, 2017 13:26

Hav: Dec 11, 2009; Fun Shoe

phosdex posted:

This is the third ortwin letter I can recall. The first was regarding the escapist article and it was so bad that popehat did a write up about how bad it was. The second was with streetroller and the la attorney general, we know how that turned out.

He admitted that the play time for a quarter was so damned low that it caused derision.

Edit: real talk. The only thing that would compel the releas of books would be evidence in a criminal trial, or sub-poenered discovery from a civil trial, correct?

Hav fucked around with this message at 13:33 on Jun 26, 2017

# ? Jun 26, 2017 13:27

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

I haven't followed in a while, what's the current alpha looking like? Is it still the same spaceship sandbox game

# ? Jun 26, 2017 13:29

AP: Jul 12, 2004; One Ring to fool them all
One Ring to find them
One Ring to milk them all
and pockets fully line them; Grimey Drawer

Alan Smithee posted:

I haven't followed in a while, what's the current alpha looking like? Is it still the same spaceship sandbox game

https://clips.twitch.tv/QuaintTolerantPresidentHassanChop

There's a terrible FPS called Star Marine now too.

# ? Jun 26, 2017 13:34

Tokamak: Dec 22, 2004

Alan Smithee posted:

I haven't followed in a while, what's the current alpha looking like? Is it still the same spaceship sandbox game

It's still the same version from six months ago.

# ? Jun 26, 2017 13:40

boviscopophobic: Feb 5, 2016

biglads posted:

Does anyone here understand bankruptcy development?

No, nobody here understands bankruptcy or anything else that's relevant to Star Citizen.

# ? Jun 26, 2017 13:40

Hav: Dec 11, 2009; Fun Shoe

Warhawk109 posted:

Yeah this is a good point. How do they know how much their tax credit will be? Just based on previous years? What if it comes up less than expected? What if the government decides to axe it next year?

They probably will, although May got wobbly on austerity when the proles started revolting. Generally it's offset against the trailing year, but you'll get notice that a credit is going away.

# ? Jun 26, 2017 13:42

Hav: Dec 11, 2009; Fun Shoe

MinorInconvenience posted:

Since I stupidly asked to be probated just as this awesome and interesting news came out, this is a little late. And it's going to be boring and long. So skip it if you will.

There are two reasons why (generally, lets not talk about monetary arbitrage here, it's just loving stupid to suggest such) financially health corporations take out loans: for leverage and for cash flow normalization. Allow me to explain:

First, let's imagine a company of a net worth of $20 million with no debt has a yearly net profit of $2 million. That's a really awesome rate of return! 10% of it's capital in net profit a year. Wow! If it wants to keep giving its shareholders that $2 million in profit each year, what does it need to do to expand? Well, the smart thing to do is borrow money against its assets. This is called "LEVERAGING" the company. Let's say they find a bank willing to loan $10 million with a 5% interest rate.

So after the loan, the company has $30 million in assets. Assuming it can make the extra money work as well as the initial $20 million, the company is now making a yearly net profit (not including the loan interest) of $3 million!!!! (still 10% of its capital) After paying the interest on the 5% loan, the company made $2.5 million. That's great!! The bank made money for a good investment and the company made extra net profit with a smart loan (and knowing how to allocate the capital to get the increased rate of return). A company is smart to do this.

Second, let's imagine a company that has weird collection rates on its account receivables. You are a company that everyone loves.... but only every other quarter of the year. Your revenue is as follows: $2 million in Jan-Mar, $10 million in Apr-Jun, $2 million in Jul-Sep, $10 million in Oct-Dec. But you have $5 million of expenses every quarter. Taken at years end, you would make $4 million ($24 million in yearly revenue minus $20 million in yearly expenses). But... because you don't receive the bulk of your revenue until certain quarters, you would run out of money to keep your business open until the good times. So what do you do? You get a revolving loan for $5 million! You are behind and lose money some quarters when expenses outweigh revenues, and make it back when the revenues far outweigh the expenses (plus loan expenses). Win-win for you and the bank! Awesome.

So... what is the loan that CIG has taken out? Is it in group (1) or group (2)? It is in group (2), but in a really bad way. As mentioned by other commentators previously, this is not an ordinary corporate loan, but a PAYDAY LOAN. CIG must be hard-up for liquidity. What they have done does not fall into group (1) mentioned above, instead, it is the worst type of no. (2) above.

CIG is borrowing money against future tax credits. And paying extra money (interest) for the privilege. The only reason a company would do that is if it could not wait for the tax credit because it didn't have enough cash to make to to get to earning that next tax credit. This is similar to the company that is seeking to "smooth out" its revenue stream (no. (2) above). But in the case of the normal company seeking to "smooth out" its income, it has "A REGULAR AND EXPECTED SOURCE OF INCOME." CIG does not have this. CIG is looking to move future income (tax credits) into the present. Why is this bad? Because the tax credits are not ordinarily used as INCOME STREAMS! When a company is reduced to borrowing against tax credits, it is at the end of its life. Tax credits are not something a healthy company bases its income on. CIG is treading water and about to lose muscle control. This is bad, folks. This is the end. CIG, absent a miracle, won't be here next time next year.

Get out now, assholes. Run if you can.