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Drunk Theory posted:To be fair, no one said whose dreams they would be creating. Under that metric, the backers are successful, even if no game ever is released. See, you just discovered the M. Night Shyamalan ending.  This is the ending people will cling to as they scan over their finances, have to look their families in the eye, and cry themselves to sleep over with their 10 for the chairman videos they saved from YouTube prior to their deletion playing on a loop in their space ship shaped basement.
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Jun 28, 2017 02:13
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It would be fun if this could end like a movie, with outtakes from all the popular people. Space toilet man: I really just wanted to take a poo poo in space, but it turns out I was the poo poo flushing down the money toilet. Bunny guy: I really wish I didn't post that on the Internet seriously. Dark Citizen: It was my dads gun and it really was poor taste for a video game. I just went too far and I'm sorry. AdmzAdama: I'm loving iiiiiinnnnnssaaaaannne still!!!! Humility: *somber photo of his grave* B'tak: I've decided I can't handle the potential of human interaction. I'm just staying in a basement in Alaska. Forever. Forever. Don't come looking for me. Feel free to add your own funnier ideas here.
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Jun 28, 2017 02:18
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I have a question for finance goons. Let’s assume that this is indeed a loan the size of their tax return, that’s there to see them to the ‘cons. Their tax return is collateral for the base amount, and everything else F42 owns covers the interest. But what happens when F42 gets the tax return? It’s sixty days between a default and the bank clearing you out. That’s more than enough time to spend that money. If CIG is still failing at that point, what incentive is there to pay off the loan over keeping the plates spinning for two more months, and what protections does the bank have against this?
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Jun 28, 2017 02:34
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Ubik_Lives posted:I have a question for finance goons. Let’s assume that this is indeed a loan the size of their tax return, that’s there to see them to the ‘cons. Their tax return is collateral for the base amount, and everything else F42 owns covers the interest. idk how corporate loans work but you typically dont have to pay the loan back all at once.
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Jun 28, 2017 02:36
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So that meeting photo is slightly interesting in that over half the people in the meeting are not even paying attention to the meeting and doing something else. You would think they would tell everyone, ok, now pay attention tot he screen so we can take this picture for Sandi to use on her Social feed.
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Jun 28, 2017 02:43
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So when does CIG just poo poo out everything that they have and claim it is a complete game?
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Jun 28, 2017 02:43
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Ubik_Lives posted:I have a question for finance goons. Let’s assume that this is indeed a loan the size of their tax return, that’s there to see them to the ‘cons. Their tax return is collateral for the base amount, and everything else F42 owns covers the interest. This is a non-laywer, I have only worked in North America but I have been involved in setting up small corporations answer… So generally you set up corporations to prevent employees, officers, the board of the corporation, and shareholders for being personally liable for the doings of the business. They have limited liability. However, in the event that the company does go under and the creditors think there was some malfeasance, they can sue to pierce the corporate veil and go after the shareholders etc. So if your scenario played out, it would depend on *how* CIG was spending the money. If they were paying it to keep the corporation going, to continue work, and drum up more pledges, then not a lot. That's the risk a bank takes when it give out a loan. If they could argue that the money had been withdrawn illegitimately, they might go after the officers who took the money out of the company.
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Jun 28, 2017 02:44
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Grinning Goblin posted:So when does CIG just poo poo out everything that they have and claim it is a complete game?
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Jun 28, 2017 02:50
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I'm most curious to see if CIG releases something before the loan is repaid. Unless a magic dev build is released I doubt CIG could endure the inevitable ridicule their launch product will receive. Though I have no doubt they could monetize the communities hatred of Derek/Goons, which would add to the big CIG Velcro wallet as well as offer a non-explicit assurance that the delayed game will be even better.
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Jun 28, 2017 02:50
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The Titanic posted:I have a feeling when the millions were going around Ben was happy just to receive some Wing Commander promotional junk. He's probably well off, but not set nicely. 100% honesty here. I would pay $29.99 if he wrote a tell-all book once this is all over. The Titanic posted:Be sure to include links to your comedy webpage to show how much of a master of comedy you are, and links to the community you literally had grown so toxic the company had to remove it from the Internet. Yeah. That site was pretty bad. Here's the GBS thread on it: https://forums.somethingawful.com/showthread.php?threadid=3772600
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Jun 28, 2017 02:52
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tuo posted:I might have something brewing for you...citizencon is in germany this year, and Derek still owes us a visit to it...   
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Jun 28, 2017 03:05
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ManofManyAliases posted:I got dibs on Toast's office chair. ^that's it! MoMa is officially a Goon! It took awhile, but we're finally there. 
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Jun 28, 2017 03:07
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https://forums.somethingawful.com/member.php?action=getinfo&userid=51766 I wish we could see when he last logged in. Mods?!?!?
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Jun 28, 2017 03:10
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Only Derek fuckin Smart could find more than 2 consecutive seconds of that movie funny.
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Jun 28, 2017 03:19
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Trying to decide what's worse, and therefore what option CIG goes with. 1) They release 3.0 before gamescom and it's steaming poo poo. All but the most faithful realize the game is going nowhere and funding falls short of expectations. 2) They realize the game is so poo poo it's a risk to release, however Croberts has to try and show something at gamescom with the ghost of last year hanging around and reminding everyone it's 8+ months late. 3) Last minute announcement they are skipping gamescom and focusing on the true fans with CitCon.
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Jun 28, 2017 03:26
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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". You're right. It's in there, and we've been discussing that very point a few pages back. Someone also attached an image of the specific section from the loan charge. https://twitter.com/dsmart/status/879141013557739521
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Jun 28, 2017 03:28
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D_Smart posted:You're right. It's in there, and we've been discussing that very point a few pages back. Someone also attached an image of the specific section from the loan charge. :awaits ol cactus dick reply:
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Jun 28, 2017 03:44
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Guys guys, I just had someone tell me CIG is getting the LIBOR (the rate banks charge other banks for loans) rate from Coutts. So everything is fine, nothing to see here!
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Jun 28, 2017 03:52
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nawledgelambo posted::awaits ol cactus dick reply: You mean Big Cactus, Big Prick?
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Jun 28, 2017 03:53
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And 4 mil USD only converts to 3.2 mil GBP, so that's an "accounting loss" of 800k they are trying to avoid you see.
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Jun 28, 2017 03:55
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Where them procedural birds?
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Jun 28, 2017 03:59
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EmesiS posted:I'm most curious to see if CIG releases something before the loan is repaid. Unless a magic dev build is released I doubt CIG could endure the inevitable ridicule their launch product will receive. Though I have no doubt they could monetize the communities hatred of Derek/Goons, which would add to the big CIG Velcro wallet as well as offer a non-explicit assurance that the delayed game will be even better. They've proven time and again there is no magic dev build, because every-time we see their latest patch the game is frantically compiled last minute from a handful of USB sticks and a dream
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Jun 28, 2017 04:22
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Still waiting on Planets 2.0...
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Jun 28, 2017 04:22
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https://www.youtube.com/watch?v=magn_TOPMsE&t=519s
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Jun 28, 2017 04:42
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Sappo569 posted:They've proven time and again there is no magic dev build, because every-time we see their latest patch the game is frantically compiled last minute from a handful of USB sticks and a dream No doubt. I was fighting the dev build myth even before I refunded. I mean, it's not actually too much to expect, nor would it be too uncommon, but for the love of Croberts, they don't even have a lovely dev build.
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Jun 28, 2017 04:52
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God drat the backers are dumb. There is nothing good about this meeting. It's a daily morning (coffees) meeting, focused on 3.0, and we can presume it involves everyone from Chris to the developers.
It's a scheduled waste of time, being presented as progress.
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Jun 28, 2017 04:54
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Everyone also looks super thrilled.
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Jun 28, 2017 05:00
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Buddy at the LA office told me that the only reason they started making the "Making Of" Documentary when they did was so that they could have it ready for the MVP. They plan on releasing the game, claiming full product status, and pledge to patch in eveeything else. The documentary will be a bonus added on dvd, along with whatever mocap/filming they were able to unfuck and paste together like some lovely teenage backyard no-budget movie.
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Jun 28, 2017 05:26
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Also, why do you think they were pimping out the steel box container not too long ago and holding votes for the designs. MVP gonna hit soon!
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Jun 28, 2017 05:27
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Jobbo_Fett posted:MVP gonna hit soon! I cannot wait 
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Jun 28, 2017 05:33
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no_recall posted:Where them procedural birds? It made a cameo in the last ATV. I'm not joking.
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Jun 28, 2017 05:35
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doingitwrong posted:This is a non-laywer, I have only worked in North America but I have been involved in setting up small corporations answer… So generally you set up corporations to prevent employees, officers, the board of the corporation, and shareholders for being personally liable for the doings of the business. They have limited liability. However, in the event that the company does go under and the creditors think there was some malfeasance, they can sue to pierce the corporate veil and go after the shareholders etc. So if your scenario played out, it would depend on *how* CIG was spending the money. If they were paying it to keep the corporation going, to continue work, and drum up more pledges, then not a lot. That's the risk a bank takes when it give out a loan. If they could argue that the money had been withdrawn illegitimately, they might go after the officers who took the money out of the company. So does malfeasance cover things like golden parachutes, last second bonuses, sudden raises, buying up stock in companies owned by execs? That is the kind of thing I would expect people to look for, which CIG would avoid. I'm thinking that they are going to try to push for some kind of release, using every last cent to poo poo out an MVP that might protect them from being sued for whatever wages they paid themselves. Edit: late cat taxe 
Strangler 42 fucked around with this message at 07:05 on Jun 28, 2017 |
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Jun 28, 2017 06:40
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spacetoaster posted:100% honesty here. I would pay $29.99 if he wrote a tell-all book once this is all over.
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Jun 28, 2017 06:45
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Jun 28, 2017 06:58
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no_recall posted:Where them procedural birds? I'm still waiting for the motion captured fish Chris promised. I don't even know how that would work. I'm imaging a bunch of ping-pong balls taped to fish. It's so ridiculous that I want to emphasize that I'm not making a joke. Chris Roberts actually talked about motion captured fish in his space sim.
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Jun 28, 2017 07:12
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Jun 28, 2017 07:22
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synthetik posted:coutt >> 'thank you for playing!' The new CIG programming language they were going to create is progressing nicely, I see 
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Jun 28, 2017 07:28
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D_Smart posted:You're right. It's in there, and we've been discussing that very point a few pages back. Someone also attached an image of the specific section from the loan charge. Hey Derek, you should send an email to Coutts saying you're writing an article about their partnership and ask them for a statement on why they've agreed to partner with a video game developer. Their official response would be worth a blog post on it's own, eh? Chalks fucked around with this message at 08:08 on Jun 28, 2017 |
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Jun 28, 2017 07:29
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Trilobite posted:That's going to be a fascinating story. And probably a source of cautionary tales (and entire chapters in textbooks on computer science, project management, and business ethics!) for years to come. Swap out "cautionary" for "inspirational" and you've got yourself the classic Citizen pitch. In the end, I wonder if we're not just as trapped in orbit as they are. Though at least the goons are a little more self-aware.
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Jun 28, 2017 08:01
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All this FUD...... It's just a small liquidity issue. They'll be layering in the bankruptcy and court proceedings over time.
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Jun 28, 2017 08:03
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