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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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20. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:45 MajorD
 

Cutter wrote on Jan 4, 2013, 11:21:
You know what Mitch Hedberg thinks of purple people?

Too funny!

 
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19. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:39 Verno
 
Creston wrote on Jan 4, 2013, 11:30:
What, you mean another group of executives is playing dirty to make themselves rich?

And then other rich people complain about it?

CRAZAAAAY!

Yep, shame the actual talent behind everything is probably going to be left with the consequences yet again.
 
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18. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:33 Beamer
 
Warskull wrote on Jan 4, 2013, 11:31:
Current management is trying to salvage THQ as a company after previous management and the investors destroyed it. They know THQ can be profitable. It just wasted a bunch of money on stupid things like UDraw.

Investors want to chop the company up and cut their losses. In the short term it is worth more money, but in the long term a healthy THQ would probably be worth more.

These investors aren't in the long term, though. They want as much money now to invest it in things that would be even more rapidly profitable.

It saddens me that so many people see this headline and take it as confirmation of what they already suspect (management = assholes) without considering where it comes from (massive shareholders = much bigger assholes.)

The three guys signing this document each have much more money than all of THQs management team combined will ever earn.
 
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17. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:31 Warskull
 
Current management is trying to salvage THQ as a company after previous management and the investors destroyed it. They know THQ can be profitable. It just wasted a bunch of money on stupid things like UDraw.

Investors want to chop the company up and cut their losses. In the short term it is worth more money, but in the long term a healthy THQ would probably be worth more.
 
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16. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:30 Creston
 
What, you mean another group of executives is playing dirty to make themselves rich?

And then other rich people complain about it?

CRAZAAAAY!

Creston
 
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15. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:25 Beamer
 
Cutter wrote on Jan 4, 2013, 11:21:
You know what Mitch Hedberg thinks of purple people?

Cutest infestation ever?
 
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14. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:21 Cutter
 
You know what Mitch Hedberg thinks of purple people?
 
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13. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:15 MajorD
 

Beamer wrote on Jan 4, 2013, 11:06:

Second off, remember that this is coming from a bunch of rich white guys.

Are sure the bunch of them aren't purple?


 
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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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11. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:12 ASeven
 
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.
 
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10. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:12 Beamer
 
Verno wrote on Jan 4, 2013, 11:07:
I always find it amusing when shills make arguments about how creative talent can't manage themselves yet we hear these stories of mismanagement and abuse over and over again. THQ has a lot of profitable franchises yet still can't make a buck. The problem starts at the top, not the bottom. I hope it's not too late to save THQ at this point.

This doesn't even make sense. You're looking at one problem and pointing to another.

Should people point to WarZ or Fez and say the opposite?

You realize why your blanket statement doesn't really work?
 
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9. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:07 Verno
 
I always find it amusing when shills make arguments about how creative talent can't manage themselves yet we hear these stories of mismanagement and abuse over and over again. THQ has a lot of profitable franchises yet still can't make a buck. The problem starts at the top, not the bottom. I hope it's not too late to save THQ at this point.  
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8. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:07 Beamer
 
InBlack wrote on Jan 4, 2013, 10:58:
This company really had everything, great IPs, talented developers, greedy managers...oh wait....


Keep in mind that Jason Rubin fired most of the old management when he came in. This complaint doesn't much like that fact.
 
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7. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:06 Beamer
 
Tipsy McStagger wrote on Jan 4, 2013, 10:54:
Wow, This really, really sucks. I have loved and purchased most THQ games. I especially loved Space Marine and Dawn of War series. To learn that management probably sank this company into the abyss and then tried to fleece it for even more is down right infuriating.

Where the hell am I going to get my Warhammer 40k fix now?

First off, make sure you read it and judge for yourself.
Second off, remember that this is coming from a bunch of rich white guys. They're every bit as self-interested, if not more so, than management.

One argument it makes is that the sale is designed to keep THQ together. While this saves management jobs, it also saves employee jobs. It keeps the studios and IP together. This shareholder group is arguing there would likely be more value in selling them separately. Know what happens when they're sold separately? EA buys the IP and the studios get liquidated.

Don't feel bad, or necessarily side with, these shareholders. Even if their points are valid they're ultimately pissed that they may only make a few million instead of several million because this deal is designed to keep THQ together and keep jobs for as many people, not just management, as possible.

Jason Rubin tends to be a really, really employee friendly guy. No surprise the deal is structured to get less value for shareholders but keep the individual studios funded and developing (e.g., keep those developer seats full.)
 
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6. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:00 Wildone
 
LOL the 1% er's eh..fucking coclks  
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5. Re: THQ Investors Call Shenanigans Jan 4, 2013, 10:58 InBlack
 
This company really had everything, great IPs, talented developers, greedy managers...oh wait....

 
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4. Re: THQ Investors Call Shenanigans Jan 4, 2013, 10:54 Tipsy McStagger
 
Wow, This really, really sucks. I have loved and purchased most THQ games. I especially loved Space Marine and Dawn of War series. To learn that management probably sank this company into the abyss and then tried to fleece it for even more is down right infuriating.

Where the hell am I going to get my Warhammer 40k fix now?
 
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3. Re: THQ Investors Call Shenanigans Jan 4, 2013, 10:52 nin
 

Somebody save The Saints!!!!

 
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2. Re: THQ Investors Call Shenanigans Jan 4, 2013, 10:49 dj LiTh
 
Indeed! This is going to get messy.  
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1. Re: THQ Investors Call Shenanigans Jan 4, 2013, 10:27 Cutter
 
And why would this be in THQ's best interests? Claims the complaint, the sale has been designed such that THQ's current management executives will retain their positions in the company.

Wow, just wow! Greedy motherfuckers.

 
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