Mirificus posted:

Mirificus posted:

his nibs posted:

Meanwhile, in a space game that exists...

https://www.youtube.com/watch?v=2PP5M2mcoco

Colostomy Bag posted:

Also, in 2942 there are no females except for one. Pusher.

Exinos posted:

I liked the idea of .25% interest the best.

CHRIS ROBERTS DISCOVERED THIS ONE WEIRD TRICK THAT BANKS HATE! Take a loan at .25% interest and put all the money in a free checking account at .5% interest for infinite money!

Ponzi posted:

After reading about the loan thing, I was looking at the filing history for F42, and I came across something I don't understand:

https://beta.companieshouse.gov.uk/company/08703814/charges/AHMo7d0tVN50wGM-FC6tbyhYlss



The CH webpage says there's a negative pledge, but when I look at the pdf, section 7 has this:



which seems contradictory. So what am I missing here?

quote:

Question remains why they need such a small loan now (tax rebate is estimate below $5 million) and why they had to give the bank a floating charge and negative pledge. It’s not currency exchange rate, that is the biggest bullshit i ever heard because neither CIG nor the Bank knows how the pound will develop and it might even cost CIG more if the pound recovers.

Floating Charge means that from now on everything F42 UK does is covered as collateral even if it does not exist yet. They create a new ship, it’s automatically part of the collateral. Which extends to Star Citizen. The exclusion of Star Citizen is in name only (the IP).

Negative Pledge means that F42UK and parent company can not get any other loans. If for example CIG US would try to get a loan in the US and send money to CIG UK they would be in breach of contract and default on the loan.

This is typically only done for bailout loans. Never for a simple advance on tax were you typically only put up the tax credit as security and maybe a savings account.

The Bank obviously thought that there is a good chance CIG will not make it to the end of the fiscal year to get the tax rebate and therefor asked them to put up everything. This is a private Bank that knows when to make profit and it is pretty obvious that they have attached a very high interest rate on this and hope CIG will default“

Mikojan posted:

While this game is supposed to be fidelitious, I can't help but shake the idea that within the next 50 years computers and AI will outperform dogfighting humans. Let alone 1000 years into the future?

just some random worthless thought, carry on

Xaerael posted:

Like I said, Interactions that will never happen.

It's hard to value CIG. The problem is what they're doing has no real future value, other than to keep milking idiots, because anyone likely to buy the game already has, so no future profits there. If that came crashing down, what are a bunch of overdesigned and useless art assets, hammy mocap data, and generic music worth? The music is probably the highest value, but it's not likely to be worth more than a few hundred thousand to a trailer music library. Beyond that, all that has value is tangible items like hardware and airplane wing desks.

BMan posted:

The future is now

Ghostlight posted:

his nibs posted:

More like this please

his nibs posted:

Meanwhile, in a space game that exists...

https://www.youtube.com/watch?v=2PP5M2mcoco

Thoatse posted:

Has anyone said mocrap yet?

Rad Russian posted:

The level of stupidity you must possess to believe that anyone anywhere in the world can give you a loan (in the millions!) for 0.25% IN TOTAL INTEREST A YEAR is unprecedented. I mean if you've ever had a single financial interaction in your life you would know that there's gotta be more to it.

CIG after all their walking back still hasn't disclosed the actual interest rate to the backers who OWN the company and finance it. And they're ok with that. If it's just a routine loan, no biggie, why not release the actual interest they're paying? Backers are retards for accepting no information from CIG as ok. It will be funny if it's like 30%.

big nipples big life posted:

Backers don't own the company, that's the genius of crowdfunding. Idiots give you money with absolutely no strings attached and no recourse.

Space Crabs posted:

Well there was that heartfelt pledge at the start that CIG would tell backers where every single dollar went, because they valued their supporters, and the TOS stated if they were a year and a half late they will release a full financial accounting.

Virtual Captain posted:

I hope the post-mortem documentary can track down a couple of LA producers or editors that can explain exactly how much effort when into the youtube videos. I dunno about 8-12 million, but I certainly get the impression a professional production studio is involved.

To my knowledge Chris said every dollar goes towards making Star Citizen the BDSSE, not towards development.

Brazilianpeanutwar posted:

star citizen : Mo' money mo'cap

The Titanic posted:

I mixed up value and cost a lot in my July blog.

tuo posted:

I might have something brewing for you...citizencon is in germany this year, and Derek still owes us a visit to it...



complete thing coming in two weeks (I actually have to get finished as long as CIG still exists...)

cool new Polack jokes posted:

The CIG liquidation will be amazing for how much things cost (backers) and how much they are valued (at auction, in bulk)

Chairs and couches with saggy cushions and bad springs, impractically unusable tables, and a filthy and tarnished espresso machine. I would probably pay you to keep this stuff away from me.

I will however be there to make insulting lowball bids on garbage like the Turings Stop sign in order to ensure its destruction beyond salvage

PederP posted:

Whether the loan is a minor one for low interest or not (it's impossible to know the size, interest, etc. - and it's silly to speculate really), Ortwin should know better than to state this: "Foundry 42 and its parent company Cloud Imperium Games UK Ltd. have elected to partner with Coutts".

Banks generally don't allow you to use the word "partner" about your business arrangement, and I'm pretty sure whatever contract(s) govern the loan explicitly forbid this. In practice, they probably won't care about this, but in principle making a public statement about partnership could be used as legal ammunition to void an agreement, demand compensation and/or public retraction of the statement. It's a standard clause in most business contracts, so I'm baffled that an experienced financial officer would use this phrasing.

As mentioned above, it's silly to speculate about this loan. Even very minor business arrangements with banks can have legal conditions that are basically "we own you and everything you produce until you pay us". But the partnership claim used in the rebuttal? No-go. He's basically claiming a much more intimate and interdependent business relationship than actually exists, and Coutts could (but almost certainly won't bother to) give him legal hell for it.

(I am a game developer working in a bank as an entry-level director, but not a lawyer though)

ManofManyAliases posted:

I got dibs on Toast's office chair.

hot balls man no homo posted:

And he has to know that about 1000 people have his post bookmarked and thousands more have the screen cap so any changes to the phrasing of "partner" will be noticed, shared, and discussed at length.

quote:

Anxiety grew among Star Citizen fans when it was noticed that developer Cloud Imperium Games appeared to have taken out a massive loan from Coutts, a UK banking institution, with the entire company given as collateral. This sparked fears that the studio was facing financial problems. Today, however, Cloud Imperium assuaged these concerns by stating that what appeared to be a loan was really an advance on a tax rebate.

quote:

groowagon - 2 hours ago

It's amazing how many people failed to understand the article.

quote:

Tincup - 1 hour ago

SO many ignorant AF comments here who so blatantly have no freaking idea what they are spouting as well as OBVIOUSLY not even reading the article in full. Good Lord! if you only realised how stupid you sounded BEFORE you posted. LOL

quote:

sellingthings - 1 hour ago

@vackillers2017: no simpleton......they are getting around taxes in the UK by doing this.....can you read???

quote:

MaxZ26 - 2 hours ago

@dostunuz: Did you even read the article? CIG isn't in any financial trouble

quote:

ccgod - 5 hours ago

@skipper847: If it was really in trouble they'd be selling capital ships like crazy and they're not so they're fine.

quote:

MJ-X - 7 hours ago

Haters gona hate, the company is fine along with their project.

People need to stop trailing the ignorant bandwagon and start following development.

Gamespot articles are not pure journalism and mostly sensationalist with every attempt at click baits.

quote:

ccgod - 5 hours ago

@livedreamplay: The reason it never got picked up by a publisher is because it was too ambitious and would take a long time to develop and they didn't want to shell out the money for it. They also didn't believe he could do what he said, and he's proving them all wrong so far. There's a lot of great content coming out soon with hopefully announcing when sq42 will be released.

Krycek posted: