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Cheyenne Mountain Entertainment in Chapter 11

Cheyenne Mountain Entertainment has filed for Chapter 11 bankruptcy protection in the latest twist in the ongoing saga surrounding development of Stargate Worlds, the planned MMORPG based on the Stargate property. This comes in spite of the recent release of Stargate Resistance, a third-person shooter it was hoped would infuse the company with enough cash to properly complete the project. This is according to Massively, where they have word that this chapter in the story goes deeper than that, saying: "Now, news has come to light that not only has Cheyenne Mountain Entertainment filed for Chapter 11 Bankruptcy protection, but they've also severed all ties with Gary Whiting -- former Chairman and CEO of CME. Add to that, the shareholders and Cheyenne Mountain have joined forces against Whiting in civil case (CV2010-003106) filed in Maricopa County, naming many other ventures including the curious 'interactive social network,' MMOGuls Inc. as co-defendants, in a civil complaint 'alleging various wrong doing against the Company'."

There's an Official FireSky Statement from the game's development team on the forums discussing the situation, saying: "That said, our entire staff is in-house working on upgrades and expansions for Stargate Resistance, and we continue to be motivated and excited by the response we’ve received from our customers." The full statement follows.

Hi guys, in light of recent events this is the official statement from FireSky:

Cheyenne Mountain’s corporate structure has undergone some dramatic changes in the last few weeks, and that has resulted in various actions such as the filing for Chapter 11. Certain parties believed that was the right thing to do, other parties do not and this is still being evaluated and may be rescinded. Even if the bankruptcy should go through, however, Chapter 11 simply allows a company to restructure its debt to a manageable plan approved by the courts. It does not absolve a company of debt, and it does not shut it down or otherwise affect its daily operations.

This will all be sorted out in the legal and proper manner, and all of us on the development side of things hope it’s done as quickly as possible.

That said, our entire staff is in-house working on upgrades and expansions for Stargate Resistance, and we continue to be motivated and excited by the response we’ve received from our customers.

See you on the battlefield!

FireSky

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5. Re: Cheyenne Mountain Entertainment in Chapter 11 Feb 21, 2010, 20:57 Stormsinger
 
I was thinking the same thing, Wildone.  
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