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| [Jan 25, 2012, 10:37 am ET] - Share - Viewing Comments |
NeoGAF has a lengthy letter sent anonymously overnight to the THQ Board of Directors, and signed by "The Formerly Mismanaged," who claim to be a group of "Current and Ex-Employees, Shareholders, and The Public" (thanks Strategy Informer). The letter attempts "to explain to outsiders how this beaten-down company has wound up in this position, laying blame for sharp declines to the company's stock price at the feet of CEO Brian Farrell, and calling other executives to task by name for failures to live up to their seven-figure salaries. On a related, though perhaps coincidental note, THQ announces a realignment whereby it is "exiting its relationships with kids’ licensed entertainment companies but will continue to sell certain previously released titles." Going forward, word is: "The company will continue to build its strong portfolio of core game franchises and align its resources to deliver games on both existing consoles and new and emerging platforms. The company intends to accelerate digital revenues by extending and supporting key console launches, and to create dedicated digital properties for emerging platforms." Here's a portion of the open letter: THQ had been known through the years for having a formula. They find a hot license, make a cheap game, barely advertise it, and make money. This formula worked during the Playstation and Xbox and Gameboy days and made the company a lot of cash. Unfortunately, THQ’s old guard executives seem to be stuck trying to manage the company the same way they did back then and haven’t realized the industry has changed.
The beginning of the end came years ago as Brian Farrell lead an executive team to acquire a large number of studios. A large amount of cash was used in the acquisition or setup of game developers with different degrees of talent. The problem was they were bought without strategic reasoning or specific plan on to use them. So after awhile another large amount of money was spent as those studios failed and were sold off and shut down. The executive team at the time were an entirely different group of people with one key exception in the CEO. The CEO/the then executive team wasted the cash that the company had built up with these massive investments and selloffs.
The studio purchase errors were not helped by the mistakes in the licensing deals that were signed by the same CEO. Millions and millions of dollars were wasted on acquiring licenses at the same time the kids, family, casual business was declining at a rapid rate. Instead of slowing those acquisitions he overpaid for more of them until again cash was wasted in paying for brands that didn’t sell well anymore.
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Re: THQ Refocuses - Open Letter |
Jan 26, 2012, 01:06 |
Wowbagger_TIP |
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RollinThundr wrote on Jan 26, 2012, 00:24:
Wowbagger_TIP wrote on Jan 26, 2012, 00:08:
Yes it's all the 1%'s fault, you know, the group of people who already pay over 56% of the taxes in this country, if we could just force them to pay moar it'll all work out. Seems more than appropriate since they are the ones that have all the influence over the government. Oh yeah, and they have the lion's share of the wealth too. Poor people can't afford lobbyists. Nor can they afford to pay a larger share of their already ridiculously low income. People like Romney go around making bets on a whim with the kind of money that a lot of people make in a year. He makes more in a day than half the country makes in a year! He has the kind of direct influence on government that only the super wealthy can get. Of course he should pay more taxes!
The middle class has seen nothing but stagnant wages or worse, along with a lack of jobs, while the top 1% has been making big bucks even as they screw the rest of the country over. It's not socialism by any stretch of the imagination. It's just common sense. You can't get blood from a stone, and the wealthiest people have been funneling more and more of the nation's wealth to themselves over the past few decades. They always talk about growing the pie for everyone, but that hasn't been happening. The pie gets bigger, but only their share. It would seem more appropriate to cut the out of control tax and spend scheme that's so rampant in this country no? And stop having government meddle with the economy with failed stimulus after stimulus? Bush's failed, Obama's failed, the Great Depression would have been shorter had government not meddled and let the market correct itself during dips.
There is a need for regulations, I don't think anyone argues that, checks and balances are there for a reason, but there IS a middle ground that could be obtained.
Sure you can tax the rich more, the problem is the government is just going to spend even more money that way, so it makes it a pretty moot idea. Because you're right back at square one. We spend too much on a government level and it has become far too bloated. (The department of education being a prime example, the further you separate government from the citizens the more expensive it gets and the less sensitive it is to the needs of the community, school systems would be better off just at the local & state level)
The problem with you liberals is you don't separate huge company CEO's from small business owners, when you increase taxes those large companies don't blink, it's the small local businesses, the ones that create most of the local jobs that end up going under because they can't stay afloat.
Again the rich already pay more than anyone else, we have a progressive tax system in the US. Taxing them more won't do a damn thing. It's just class warfare to distract from the actual issues facing the US. Again, you're assuming arguments that I'm not making. I certainly do differentiate between small business and huge companies. I work with small businesses all the time. They aren't concerned about their tax burden. They're concerned about having customers, and with most of the country becoming poorer all the time, they're facing some real problems.
And assuming that I just want to tax the rich more is also ridiculous. I am all in favor of cutting back on government spending, but I'm very particular about how and where to cut. Republicans seem to just want to do things like abolish the EPA. They're just about slash and burn, and destroying things that actually help those at the bottom survive from day to day. Republicans were all about repealing every piece of banking and finance regulation they could get their hands on and that is one of the big reasons that a lot of the bullshit that happened on Wall St. was allowed to happen, and why those people who, quite literally, robbed this country got away with it. Sorry if I'm not willing to believe that they have the slightest fucking clue how things should work since they seem mostly interested in letting the largest businesses do whatever the hell they want, no matter what the consequences.
It may seem like I'm piling on the Republicans, and maybe I am, but that doesn't mean I think the Democrats are any smarter or more altruistic in their actions. They just serve a slightly different set of wealthy masters. I'd like to see them all gone, save a couple of them that actually seem to have a clue. Unfortunately I don't really want a bunch of know-nothing jackasses from the Tea Party or Occupy Movement taking their place either. The real tragedy for us is that we've allowed money to take over our elections to the extent that it's practically impossible to get elected without selling your soul to the wealthy who can make or break you with non-stop campaign commercials. |
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Jan 25, 09:57 |
Re: THQ Refocuses - Open Letter |
Lobster |
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Jan 25, 10:05 |
Re: THQ Refocuses - Open Letter |
InBlack |
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Jan 25, 11:13 |
Re: THQ Refocuses - Open Letter |
Matshock |
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Jan 25, 11:15 |
Re: THQ Refocuses - Open Letter |
Beamer |
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17. |
Jan 25, 11:15 |
Re: THQ Refocuses - Open Letter |
nin |
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20. |
Jan 25, 11:19 |
Re: THQ Refocuses - Open Letter |
Beamer |
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49. |
Jan 25, 19:35 |
Re: RE: Follow up |
UConnBBall |
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21. |
Jan 25, 11:20 |
Re: THQ Refocuses - Open Letter |
Verno |
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23. |
Jan 25, 11:25 |
Re: THQ Refocuses - Open Letter |
Beamer |
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25. |
Jan 25, 11:39 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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26. |
Jan 25, 11:53 |
Re: THQ Refocuses - Open Letter |
Wildone |
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27. |
Jan 25, 12:36 |
Re: THQ Refocuses - Open Letter |
Prez |
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36. |
Jan 25, 14:22 |
Re: THQ Refocuses - Open Letter |
Jay |
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30. |
Jan 25, 13:31 |
Re: THQ Refocuses - Open Letter |
Matshock |
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31. |
Jan 25, 13:39 |
Re: THQ Refocuses - Open Letter |
space captain |
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32. |
Jan 25, 13:41 |
Re: THQ Refocuses - Open Letter |
SimplyMonk |
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33. |
Jan 25, 13:44 |
Re: THQ Refocuses - Open Letter |
rlknight66 |
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34. |
Jan 25, 13:51 |
Re: THQ Refocuses - Open Letter |
Matshock |
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41. |
Jan 25, 15:20 |
Re: THQ Refocuses - Open Letter |
space captain |
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37. |
Jan 25, 14:28 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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38. |
Jan 25, 14:56 |
Re: THQ Refocuses - Open Letter |
Matshock |
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39. |
Jan 25, 15:03 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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40. |
Jan 25, 15:12 |
Re: THQ Refocuses - Open Letter |
Matshock |
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Jan 25, 10:06 |
Re: THQ Refocuses - Open Letter |
nin |
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Jan 25, 10:19 |
Re: THQ Refocuses - Open Letter |
InBlack |
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Jan 25, 10:20 |
Re: THQ Refocuses - Open Letter |
Beamer |
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Jan 25, 10:36 |
Re: THQ Refocuses - Open Letter |
InBlack |
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Jan 25, 10:18 |
Re: THQ Refocuses - Open Letter |
Verno |
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Jan 25, 10:30 |
Re: THQ Refocuses - Open Letter |
Kajetan |
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Jan 25, 10:35 |
hmmmm |
Shataan |
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Jan 25, 10:54 |
Re: hmmmm |
Verno |
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Jan 25, 10:58 |
Re: hmmmm |
Beamer |
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Jan 25, 11:02 |
Re: hmmmm |
space captain |
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Jan 25, 11:08 |
Re: hmmmm |
Beamer |
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Jan 25, 11:17 |
Re: hmmmm |
space captain |
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Jan 25, 11:23 |
Re: hmmmm |
Beamer |
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Jan 25, 11:38 |
Re: hmmmm |
space captain |
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Jan 25, 11:14 |
Re: hmmmm |
Wildone |
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Jan 25, 11:17 |
Re: hmmmm |
Beamer |
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Jan 25, 12:56 |
Re: THQ Refocuses - Open Letter |
Creston |
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29. |
Jan 25, 13:25 |
Re: THQ Refocuses - Open Letter |
Lorcin |
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35. |
Jan 25, 14:03 |
Re: THQ Refocuses - Open Letter |
Verno |
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Jan 25, 16:05 |
Re: THQ Refocuses - Open Letter |
Silicon Avatar |
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43. |
Jan 25, 16:46 |
Re: THQ Refocuses - Open Letter |
Cutter |
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44. |
Jan 25, 17:16 |
Re: THQ Refocuses - Open Letter |
Prez |
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45. |
Jan 25, 17:25 |
Re: THQ Refocuses - Open Letter |
Burrito of Peace |
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46. |
Jan 25, 17:37 |
Re: THQ Refocuses - Open Letter |
PHJF |
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47. |
Jan 25, 17:42 |
Re: THQ Refocuses - Open Letter |
Prez |
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48. |
Jan 25, 17:45 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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50. |
Jan 25, 19:38 |
Re: THQ Refocuses - Open Letter |
Prez |
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51. |
Jan 25, 19:44 |
Re: THQ Refocuses - Open Letter |
killer_roach |
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52. |
Jan 25, 19:47 |
Re: THQ Refocuses - Open Letter |
Cutter |
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54. |
Jan 25, 21:04 |
Re: THQ Refocuses - Open Letter |
Matshock |
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55. |
Jan 25, 21:59 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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56. |
Jan 25, 22:29 |
Re: THQ Refocuses - Open Letter |
PHJF |
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62. |
Jan 26, 00:51 |
Re: THQ Refocuses - Open Letter |
Matshock |
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58. |
Jan 26, 00:08 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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61. |
Jan 26, 00:24 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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63. |
Jan 26, 01:05 |
Re: THQ Refocuses - Open Letter |
space captain |
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77. |
Jan 26, 09:42 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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64. |
Jan 26, 01:06 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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65. |
Jan 26, 01:57 |
Re: THQ Refocuses - Open Letter |
TurdFergasun |
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71. |
Jan 26, 06:26 |
Re: THQ Refocuses - Open Letter |
Bhruic |
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53. |
Jan 25, 20:39 |
Re: THQ Refocuses - Open Letter |
bhcompy |
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67. |
Jan 26, 03:15 |
Re: THQ Refocuses - Open Letter |
Jerykk |
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68. |
Jan 26, 04:14 |
Re: THQ Refocuses - Open Letter |
Prez |
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70. |
Jan 26, 04:30 |
Re: THQ Refocuses - Open Letter |
InBlack |
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72. |
Jan 26, 06:38 |
Re: THQ Refocuses - Open Letter |
Burrito of Peace |
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73. |
Jan 26, 07:58 |
Re: THQ Refocuses - Open Letter |
Prez |
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75. |
Jan 26, 08:57 |
Re: THQ Refocuses - Open Letter |
InBlack |
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76. |
Jan 26, 09:09 |
Re: THQ Refocuses - Open Letter |
Bhruic |
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84. |
Jan 26, 11:33 |
Re: THQ Refocuses - Open Letter |
Prez |
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78. |
Jan 26, 09:45 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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79. |
Jan 26, 10:11 |
Re: THQ Refocuses - Open Letter |
Verno |
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81. |
Jan 26, 10:47 |
Re: THQ Refocuses - Open Letter |
Matshock |
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82. |
Jan 26, 11:09 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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83. |
Jan 26, 11:28 |
Re: THQ Refocuses - Open Letter |
Matshock |
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86. |
Jan 26, 13:02 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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88. |
Jan 26, 14:44 |
Re: THQ Refocuses - Open Letter |
Matshock |
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89. |
Jan 26, 15:47 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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85. |
Jan 26, 12:32 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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87. |
Jan 26, 13:13 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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90. |
Jan 26, 17:16 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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91. |
Jan 26, 18:11 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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92. |
Jan 26, 18:59 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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93. |
Jan 26, 19:20 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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94. |
Jan 27, 08:39 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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95. |
Jan 27, 10:23 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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80. |
Jan 26, 10:32 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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57. |
Jan 25, 22:36 |
Re: THQ Refocuses - Open Letter |
Cutter |
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59. |
Jan 26, 00:08 |
Re: THQ Refocuses - Open Letter |
RollinThundr |
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60. |
Jan 26, 00:11 |
Re: THQ Refocuses - Open Letter |
Wowbagger_TIP |
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66. |
Jan 26, 02:40 |
Re: THQ Refocuses - Open Letter |
space captain |
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69. |
Jan 26, 04:17 |
Re: THQ Refocuses - Open Letter |
Kajetan |
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74. |
Jan 26, 08:53 |
Re: THQ Refocuses - Open Letter |
Verno |
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