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Team Bondi in Administration

When it was reported last month that the assets of Team Bondi were sold to Sydney production studio Kennedy Miller Mitchell, it was said to be "unclear" if the controversial developer of L.A. Noire would "continue as an ongoing concern." Now Smart Company has word that Team Bondi is in administration. Here's some of the report, which leaves the sale of Team Bondi assets in question:

According to documents filed with the Australian Securities and Investments Commission, Riad Tayeh and David Solomons of de Vries Tayeh were appointed as joint administrators of the company on August 30.

The appointment comes weeks after the business was rumoured to be selling assets and intellectual property to filmmaker George Millerís studio KMM.

However, when SmartCompany contacted KMM and its Dr D Studio division, it was advised no comment would be provided.

It is still unknown whether the appointment of an administrator is related to the rumoured transaction, or whether it will be going ahead at all.

When SmartCompany contacted the Team Bondi office this morning, it was informed the company was no longer located there. It was also told that no person would be available to handle media enquiries going forward.

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2. Re: Team Bondi in Administration Sep 1, 2011, 10:44 Ludomancer
 
I'll translate for everyone:

"Administration":
1. Laying off your company's workers in order to retain profits for the investors and management.

I love how they've begun using this term to cover the shame of their greed.
 
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