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Hav posted:Why the fick is an investment bank handling a tax credit? Natwest will do an escrow. Why go with the equivalent of gringotts? Too many questions! Nothing to see here! Stupid goons can't compare to the financial brilliance of Chris Roberts! Star Citizen is going to be the end of all videogames!
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Jun 26, 2017 14:01
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So to recap: CIG gets a loan for 5 million, and puts the game assets up as collateral. CIG tells the "citizens" that this is to avoid currency exchange rate volatility. Citizens never question that if CIG actually had cash on hand, they could have put THAT up for collateral, and instead are laughing at goons? Holy loving poo poo, LOL. They will believe anything. I predict CIG runs out of cash and just closes their doors. CR writes a letter saying "The staff are taking a long, well deserved *indefinite* vacation. CIG will open their doors again in two weeks." Eldragon fucked around with this message at 14:17 on Jun 26, 2017 |
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Jun 26, 2017 14:10
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Sounds to me like you guys are just making poo poo up. AS USUAL.
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Jun 26, 2017 14:18
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SHOULD RENAME THIS FORUM TO SOMETHINGFUD
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Jun 26, 2017 14:20
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Preechr posted:Who could have guessed that Squadron 42: Chapter 11 would happen before Chapter 1? This needs more love. What metric is he using to measure this? The alpha clearly provides no evidence of this. If it's dreams and imagination that he's using than every future game not yet developed meets the same criteria. It's insane the emptional investment everyone has in this game; both supporting and deriding it. Though the drama is definitely entertaining as gently caress to follow.
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Jun 26, 2017 14:23
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peter gabriel posted:No, you see, this is how it works: Well, to be fair. Years and years ago. We took out a fifty thousand dollar loan secured against a three year CD. So in the end we paid 1% interest on the whole shebang that paid off our wedding. People asked us why we did that instead of just using the fifty thousand we put into the CD. And for us it was simply that having that loan forced us to put that money back into our account (whereas we would have spent it on hookers and blow). So at the end of three years we had a nice starting point to go into a house. Of course this was back before banks went and took a nose dive. And you could actually get decent interest rates on savings and CD's. Mind you, CIG is completely different situation. They took out a 20% loan to move it to some offshore account int eh Bahamas so in a couple of months when they all file whatever it is chapter 11 over there is called they will still have a nice untouchable nest egg to live off of. (For like two years because they are dumb with money)
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Jun 26, 2017 14:23
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Hav posted:Why the fick is an investment bank handling a tax credit? Natwest will do an escrow. Why go with the equivalent of gringotts? Uh, they're not an investment bank, they're WEALTH MANAGEMENT. And CIG has WEALTH that needs MANAGING.
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Jun 26, 2017 14:24
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well HECK Phil posted:This needs more love. In what other game do you have to strategically think how to allocate 10 thousand dollars (or more) in ships before you ever get to fly them?
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Jun 26, 2017 14:31
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Jun 26, 2017 14:36
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Tippis posted: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 not gonna lie: next time I make pizza I'm using these swedish recipes
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Jun 26, 2017 14:38
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So, I just want to make sure I'm correct in my understanding here. CIG has cash thrown at them all the time. People just give them money, and it's not tied up in goods or any kind of commodity really, it's basically just liquid cash. CIG decides to get an advance on a tax credit which will bring them further liquidity. The tax credit is somewhere between 3-5 million dollars, so they find a bank who will give them this loan, but they need to secure the loan with assets. Does this mean that CIG doesn't have 3-5 million dollars left without this advance? Does this not also debunk the myth that CIG has a bunch of money tied up in investments? Because if they had the money tied up in stocks or mututal funds or whatever the gently caress, the bank could just use that as collateral, because it would be MUCH easier to get their money from that than from selling off a bunch of loving airplane desks and broken mocap data.
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Jun 26, 2017 14:43
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Meridian posted:Sounds to me like you guys are just making poo poo up. AS USUAL. Yes. All this smoke is merely from a butt and some hickory chips. I kinda buy their explanation, but it IS an advance 'Pay Day' loan on a promised credit and takes place through a bank that has a very specialized clientele. A more cynical man than myself would point out that there are various other financial institutions that describe themselves as that and share a union set with 'laundering organizations'. While it's not unusual to get someone to advance you, it's usually handled through your accountants and *your* bank, not someone on first-name terms with Bermuda, Aruba and presumably still Cypriot banks. Fil5000 posted:Uh, they're not an investment bank, they're WEALTH MANAGEMENT. And CIG has WEALTH that needs MANAGING. Mis-management is technically management. I'll take your silence as a sign that your mind was blown. big nipples big life posted::sherlock: 'Partner' is a very fluid term. Early in my marriage, my wife described the acquisition of her real estate company as a 'partnership' because that's how they referred to it internally. They got asset-stripped about six months after I told her to make for the lifeboats. You don't 'Partner' with a bank, you sign a very long document. Hav fucked around with this message at 14:49 on Jun 26, 2017 |
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Jun 26, 2017 14:44
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I'm no highfalutin hollywood lawyer but didn't ortwin already breach the contract considering the 2 pics I posted up there^? e: DEREK SMART DEREK SMART DERK SMART
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Jun 26, 2017 14:46
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Listen guys it's all above board, nothing to worry about.
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Jun 26, 2017 14:48
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 Should be a big pile of e-mails in the CS inbox today, sorry MoMA!
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Jun 26, 2017 14:49
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Hav posted:'Partner' is a very fluid term. Early in my marriage, my wife described the acquisition of her real estate company as a 'partnership' because that's how they referred to it internally. They got asset-stripped about six months after I told her to make for the lifeboats. Yeah but when that document specifically says you can't refer to them as a partner then fluid or not you shouldn't represent yourself as a partner.
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Jun 26, 2017 14:52
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well HECK Phil posted:This needs more love. Well, you see, he has played Wing Commander and… well, to be honest, he never really got Freelancer to run and is a bit embarrassed about that fact. He also knows that Steam is for console nancy-boys and has kept a healthy and wholesome distance from that den of DLC and other evils. Lack of Gravitas posted:not gonna lie: next time I make pizza I'm using these swedish recipes
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Jun 26, 2017 14:55
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This guy annoys me he looks like such a twat
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Jun 26, 2017 14:56
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So the pound has fallen drastically against the US dollar and the Euro over the past few years, so instead of taking a loan out in pounds, if the company is getting so much revenue from the US and Germany wouldn't it make more sense to just convert that money into pounds since it will go further?
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Jun 26, 2017 15:02
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Guys you have it all wrong Chris secured a loan for 50 million , because that is how long development will take 5 mil tax credit a year × 10 years
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Jun 26, 2017 15:04
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Today: A week ago: 
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Jun 26, 2017 15:05
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Rabelais D posted:So the pound has fallen drastically against the US dollar and the Euro over the past few years, so instead of taking a loan out in pounds, if the company is getting so much revenue from the US and Germany wouldn't it make more sense to just convert that money into pounds since it will go further? I guess you might think that sterling might take a further dive when David Davies fails so badly at negotiating brexit that we end up giving Gloucestershire to the Spanish when we actually meant Gibraltar or something. If you think the currency is going to tank then converting dollars/euros now might end up making you a loss.
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Jun 26, 2017 15:07
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MinorInconvenience posted: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. It's a revolving charge, which means that it's like a LoC. They already gave up their collections account (where money gets dumped from the US, EU online sales etc) in an original loan to NatWest bank back in 2015. And yeah, your comment is precisely the issue. In fact, Ortwin made it worse with his official statement which only serves to confirm their desperation.
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Jun 26, 2017 15:08
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Ayn Marx posted:This guy annoys me he looks like such a twat Yeah and he's fawning over some greeble that doesn't make a lot of sense. You got some sort of wire to lock down the thing with only it attaches to itself?
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Jun 26, 2017 15:23
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Someone should let Coutts & Co know, I hear they have a dedicated fraud team.
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Jun 26, 2017 15:33
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Warhawk109 posted:Someone should let Coutts & Co know, I hear they have a dedicated fraud team. It won't go anywhere , ortwin will say it was a common mistake in verbage and shrug his shoulders They use partnered all the time for everything else , it just slipped out in his missive to try and placate the upset whales
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Jun 26, 2017 15:35
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So Ortwin's explanation is that they need cash right now to fund F42, and putting up the entire company as collateral against a loan in GBP for the same amount as expected tax credits is cheaper than transferring money from USD to GBP? Is that right? It sounds insane. Am I misunderstanding this?
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Jun 26, 2017 15:37
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kw0134 posted:If there is a default and the bank demands to see the books, you can literally go from a Friday AtV video saying everything is okay to doors padlocked on Monday and the employees locked out.
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Jun 26, 2017 15:38
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They might make him publically correct himself, that would be funny.
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Jun 26, 2017 15:40
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In my perfect world the lead counsel for Cloud Imperium Games lying about partnering with Coutts in a public statement intended to assuage concerns about the health of his company would be sufficient to force a default on the loan.
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Jun 26, 2017 15:43
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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.
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Jun 26, 2017 15:45
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You know I just thought of something. Somewhere B'Tak is feeling grief. edit: Someone pay the catte tax on my pay day loan post.
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Jun 26, 2017 15:47
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C-Bangin' it 
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https://i.imgur.com/sGCVgl1.mp4
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Jun 26, 2017 15:50
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Beer4TheBeerGod posted:In my perfect world the lead counsel for Cloud Imperium Games lying about partnering with Coutts in a public statement intended to assuage concerns about the health of his company would be sufficient to force a default on the loan. Nah, I wanna see one more citizencon where they have absolutely loving nothing to show after 3.0 being late for a year and yet still undelivered.
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Jun 26, 2017 15:50
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Colostomy Bag posted:You know I just thought of something. Somewhere B'Tak is feeling grief. Here's your advance.  You have 60 days starting now.
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Jun 26, 2017 15:52
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Jun 26, 2017 15:52
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alphabettitouretti posted:So Ortwin's explanation is that they need cash right now to fund F42, and putting up the entire company as collateral against a loan in GBP for the same amount as expected tax credits is cheaper than transferring money from USD to GBP? Is that right? It sounds insane. Am I misunderstanding this? Yes; yes; yes; no. In that order.
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Jun 26, 2017 15:55
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 (USER WAS PUT ON PROBATION FOR THIS POST)
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Jun 26, 2017 16:01
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Colostomy Bag posted:You know I just thought of something. Somewhere B'Tak is feeling grief.
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Jun 26, 2017 16:02
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Jun 26, 2017 16:04
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