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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 27, 2012, 10:23 |
Wowbagger_TIP |
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RollinThundr wrote on Jan 27, 2012, 08:39:
Wowbagger_TIP wrote on Jan 26, 2012, 19:20:
RollinThundr wrote on Jan 26, 2012, 18:59:
Wowbagger_TIP wrote on Jan 26, 2012, 18:11: We need to make government smarter and less wasteful. Obama is calling for consolidation of several agencies now, and that's at least a start. I think some of Ron Paul's ideas in this area are good too. The stuff I've heard from the other candidates? Mostly garbage. RP's too much of a isolationist. But we do agree here, smaller, smarter and less wasteful would be the way to go. Though to be honest I don't trust Obama as far as I can throw him. For all his "Hope and Change" rhetoric. he's just another corrupt full of shit politician that will say anything to try to gain votes. The fact that he throws hissy fits when he doesn't get his way and tries to circumvent congress often makes me dislike him even more. Yes, but most people that don't like Obama doing that would support someone on "their side" doing it because it means they're standing up to Congress and fighting for what they said they would do. Congress passed the bill to create the agency that Obama is trying to staff. Congress thought they could get away with creating it to get the rabble to shut up and then smother it later. This is actually him doing exactly what he said he would do, and Congress has just been playing bullshit games as they always do, no matter who is in charge. Pretending to be in session when they obviously aren't is just a load of crap. Wonder how long I'd last if I just showed up for work, said hi, and walked back out. When Bush tried to appoint people and failed, he backed off. He didn't pull a hissy fit like Obama has EVERY TIME things don't go his way. Be honest about it. Obama still could have waited the manditory 3 days to try to appoint them.
Name me one time during his entire presidency that he's taken responsibility for issues rather than blame Bush, the GOP, or the rest of us for not "understanding his vision" Mandatory? I think the word you're looking for is "customary", as there is nothing mandatory about it, and that wouldn't have mattered anyway since they kept doing those stupid pro-forma sessions where they pretend to be in session when they really aren't. It's about time that shit stops anyway. Oh, and btw, Bush didn't back off all the time either. He appointed Bolton after all, even though Congress wouldn't approve him.
As for the "hissy fit" thing, that's garbage and you know it. You only call it that because you don't like the guy. When someone you like stands up to Congress or whoever else, you applaud. It's all semantics. |
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Author |
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Jan 25, 09:57 |
Re: THQ Refocuses - Open Letter |
Lobster |
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2. |
Jan 25, 10:05 |
Re: THQ Refocuses - Open Letter |
InBlack |
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14. |
Jan 25, 11:13 |
Re: THQ Refocuses - Open Letter |
Matshock |
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16. |
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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3. |
Jan 25, 10:06 |
Re: THQ Refocuses - Open Letter |
nin |
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5. |
Jan 25, 10:19 |
Re: THQ Refocuses - Open Letter |
InBlack |
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6. |
Jan 25, 10:20 |
Re: THQ Refocuses - Open Letter |
Beamer |
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9. |
Jan 25, 10:36 |
Re: THQ Refocuses - Open Letter |
InBlack |
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4. |
Jan 25, 10:18 |
Re: THQ Refocuses - Open Letter |
Verno |
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7. |
Jan 25, 10:30 |
Re: THQ Refocuses - Open Letter |
Kajetan |
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8. |
Jan 25, 10:35 |
hmmmm |
Shataan |
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10. |
Jan 25, 10:54 |
Re: hmmmm |
Verno |
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11. |
Jan 25, 10:58 |
Re: hmmmm |
Beamer |
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12. |
Jan 25, 11:02 |
Re: hmmmm |
space captain |
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13. |
Jan 25, 11:08 |
Re: hmmmm |
Beamer |
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19. |
Jan 25, 11:17 |
Re: hmmmm |
space captain |
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22. |
Jan 25, 11:23 |
Re: hmmmm |
Beamer |
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24. |
Jan 25, 11:38 |
Re: hmmmm |
space captain |
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15. |
Jan 25, 11:14 |
Re: hmmmm |
Wildone |
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18. |
Jan 25, 11:17 |
Re: hmmmm |
Beamer |
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28. |
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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42. |
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 |
| >> |
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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