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Staff Are Team Bondi's Largest Creditors

[Oct 07, 2011, 10:41 am ET] - Share - Viewing Comments

The creative staff behind L.A. Noire comprise the majority of creditors waiting for repayment from insolvent developer Team Bondi, reports GamesIndustry.biz (registration required). They quote the legal documents relating to the company's liquidation showing that 40 creditors are owed more than $1.4 AUD, and the staff are owned most of this, ranging from $1600 and $99,000. They also not that studio boss Brendan McNamara is also owed more than $102,000, while one of the few business still owed money is motion capture firm Depth Analysis, which was also co-founded by McNamara. Word is: "With the company being liquidated it's increasingly unlikely that staff will be repaid any significant percentage of the outstanding amount."

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Re: Staff Are Team Bondi's Largest Creditors

Oct 7, 2011, 11:57

Quboid

That's a very different situation that you're trying to be sarcastic about. There is a difference between investing money in something you love and taking IOUs from your employer. When your employer does that, I'd say it's time to update your resume.

I don't know the situation here, but I've heard of a games developer going bust and leaving employees with big credit card debts. While I have sympathy for them, who the hell pays for something with their personal credit card because their employer can't afford it???!

I'm sure it's tempting when it sounds like a case of "$3000 for this will bridge the gap and allow us to finish the project and you'll get several times your money back" but all too often it's "$3000 for this and $3000 for that and $3000 for the other and it's still not enough, so we lose it all".




- Quboid

Subject

Comment [quote="Quboid"Oct 7, 2011, 11:57]That's a very different situation that you're trying to be sarcastic about. There is a difference between investing money in something you love and taking IOUs from your employer. When your employer does that, I'd say it's time to update your resume. I don't know the situation here, but I've heard of a games developer going bust and leaving employees with big credit card debts. While I have sympathy for them, who the hell pays for something with their personal credit card because their employer can't afford it???! I'm sure it's tempting when it sounds like a case of "$3000 for this will bridge the gap and allow us to finish the project and you'll get several times your money back" but all too often it's "$3000 for this and $3000 for that and $3000 for the other and it's still not enough, so we lose it all". [/quote]

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