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THQ Investors Call Shenanigans

THQ's recently announced one-two punch of declaring Chapter 11 bankruptcy while arranging a sale to a "stalking horse bidder" for a Section 363 sale has hit a snag, as Gamasutra reports investors have raised objections to the plan. The complaint focuses on how this seems to protect THQ management jobs, but not their investments. The investors aren't the only ones with raised eyebrows over this, as Distressed Debt Investing notes the U.S. Trustee overseeing the THQ bankruptcy has also filed an objection to the proceedings, noting problems with the accelerated timing of asset sales and excessive fee/expense reimbursements.

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12. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:15 Beamer
 
ASeven wrote on Jan 4, 2013, 11:12:
Expected this to happen after reading the Chapter 11 papers of THQ. Some messed stuff in there, starting with this.

The possibility of THQ simply dissolving, being cut up and sold as parts to the highest bidders, is now a lot more real. Fucking hell, the THQ management has even managed to fuck up Chapter 11.

ASeven, this group of investors is DEMANDING that it gets chopped up. They're wording it about keeping management in place to try to stack their argument.

Things to remember:
1) THQ management today is what, a year or so old? They hired a new president and he blitzed the entire old management team. Brian Farrell still has a job, but he no longer has most of the power. Most of his yes-men are gone
2) THQs new management is desperately trying to save THQ. And their own jobs, since they were hired to save THQ and this is the way they see to do it. But first and foremost they're trying to save the company and the employees. "The Jasons," as this objection calls them, are well aware they could be executives at EA or Take Two with one phonecall. They are pretty much ok with walking away from THQ. But they don't want to liquidate studios
 
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