Search titles only
By:
Home
Forums
New posts
Search forums
Articles
New articles
New comments
Search articles
Pinball DB
Pinball Tables
Pinball Games
What's new
New posts
New articles
New profile posts
New article comments
Latest activity
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More options
Contact us
Close Menu
Welcome Back to Digital Pinball Fans -
please read this first
For latest updates, follow Digital Pinball Fans on
Facebook
and
Twitter
Home
Forums
Farsight Studios
The Pinball Arcade / Farsight Studios
Platform Specific
Other Systems
XBox 360
Rejoyce! Pinball Arcade coming back in August?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Worf" data-source="post: 98616" data-attributes="member: 1047"><p>It would be a breach of contract, not of law. The thing is, the Crave contract with Farsight is an "asset".</p><p></p><p>When you're in bankruptcy, you have two options - restructure, which means working out a deal with creditors and changing your business (under oversight of the court) to become viable again. Creditors must approve of the plan (they usually do if it's genuinely good for them - as even though they won't get back the full principal, they will get back more money).</p><p></p><p>The other option is liquidation, in which case the court is ordered to dispose of all assets to get back as much money for creditors as possible. First in line are secured creditors (who put up a loan in exchange for some property - they're first because the court is disposing of said property). Next come unsecured creditors. If there's not enough money, then secured creditors get as much as they can, unsecured creditors zilch (unsecured creditors do not have collateral to go with the loan). If the secured creditors are paid off, then the unsecured creditors split the remainder. Usually there is not enough to pay off the secured, and unsecured creditors (which include unpaid parts of employee salaries) are stiffed.</p><p></p><p>Now, the Farsight contract is considered an asset in that whomever buys it out gets the rights to publish TPA on Xbox360. THat right can be worth a bit of money since they get proceeds from the sale of licenses.</p><p></p><p>Should Farsight attempt to sell on the Xbox360 outside of the contract, that makes the contract worth far less and the courts could impose penalties or they could be sued by whoever buys the contract for devaluing it and breach of contract.</p><p></p><p>If the contract is narrowly worded so they can participate int he ID@Xbox thing for Xbox One, then that's a different matter.</p><p></p><p>Either way, Farsight's hands are tied. Now, it's possible that once the Xbox One comes out that the Xbox360 contract becomes worthless if Farsight publishes for Xbox One, which isn't a breach (because they haven't violated the terms - just the value of the contract evaporated over time).</p><p></p><p>Of course, Farsight can buy out the contract since it's for sale, and any reasonable offer before the courts will be considered.</p></blockquote><p></p>
[QUOTE="Worf, post: 98616, member: 1047"] It would be a breach of contract, not of law. The thing is, the Crave contract with Farsight is an "asset". When you're in bankruptcy, you have two options - restructure, which means working out a deal with creditors and changing your business (under oversight of the court) to become viable again. Creditors must approve of the plan (they usually do if it's genuinely good for them - as even though they won't get back the full principal, they will get back more money). The other option is liquidation, in which case the court is ordered to dispose of all assets to get back as much money for creditors as possible. First in line are secured creditors (who put up a loan in exchange for some property - they're first because the court is disposing of said property). Next come unsecured creditors. If there's not enough money, then secured creditors get as much as they can, unsecured creditors zilch (unsecured creditors do not have collateral to go with the loan). If the secured creditors are paid off, then the unsecured creditors split the remainder. Usually there is not enough to pay off the secured, and unsecured creditors (which include unpaid parts of employee salaries) are stiffed. Now, the Farsight contract is considered an asset in that whomever buys it out gets the rights to publish TPA on Xbox360. THat right can be worth a bit of money since they get proceeds from the sale of licenses. Should Farsight attempt to sell on the Xbox360 outside of the contract, that makes the contract worth far less and the courts could impose penalties or they could be sued by whoever buys the contract for devaluing it and breach of contract. If the contract is narrowly worded so they can participate int he ID@Xbox thing for Xbox One, then that's a different matter. Either way, Farsight's hands are tied. Now, it's possible that once the Xbox One comes out that the Xbox360 contract becomes worthless if Farsight publishes for Xbox One, which isn't a breach (because they haven't violated the terms - just the value of the contract evaporated over time). Of course, Farsight can buy out the contract since it's for sale, and any reasonable offer before the courts will be considered. [/QUOTE]
Verification
Post reply
Members online
No members online now.
Latest posts
Z
Strategies.
Latest: Zaphod77
Apr 18, 2024
WHO dunnit (1995)
Y
AtGames Legends pinball
Latest: yespage
Apr 15, 2024
Digital Pinball Cabinets
Master List of Issues: Pinball FX
Latest: Pinballwiz45b
Apr 13, 2024
Pinball FX (4)
We are back with a new site
Latest: Ian Longstaff
Apr 8, 2024
Other Pinball Games
Z
5X Jackpot build strategy (POTO)
Latest: Zaphod77
Apr 5, 2024
Phantom of the Opera (1990)
Home
Forums
Farsight Studios
The Pinball Arcade / Farsight Studios
Platform Specific
Other Systems
XBox 360
Rejoyce! Pinball Arcade coming back in August?
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…
Top