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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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40 Replies. 2 pages. Viewing page 1.
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40. Re: Shenanigans Jan 5, 2013, 12:49 Jackplug
 
This is what happens boys and girls to ppl who back/make shit games!!  
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39. Re: Shenanigans Jan 5, 2013, 00:16 Lokust
 
Sepharo wrote on Jan 4, 2013, 23:14:
Prez wrote on Jan 4, 2013, 23:07:
Sepharo wrote on Jan 4, 2013, 21:05:
I will pistol whip the next person who says shenanigans.

What are YOU doing with a pistol???

Probably on level 1 of gun game.

Or did I miss a reference there?

Super Troopers.
 
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38. Re: Shenanigans Jan 4, 2013, 23:14 Sepharo
 
Prez wrote on Jan 4, 2013, 23:07:
Sepharo wrote on Jan 4, 2013, 21:05:
I will pistol whip the next person who says shenanigans.

What are YOU doing with a pistol???

Probably on level 1 of gun game.

Or did I miss a reference there?
 
Avatar 17249
 
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37. Re: Shenanigans Jan 4, 2013, 23:07 Prez
 
Sepharo wrote on Jan 4, 2013, 21:05:
I will pistol whip the next person who says shenanigans.

What are YOU doing with a pistol???
 
Avatar 17185
 
Goodbye my Monte boy. May you rest in the peace you never knew in life.
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36. Re: Shenanigans Jan 4, 2013, 23:04 Cutter
 
WyldKat wrote on Jan 4, 2013, 21:13:
Sepharo wrote on Jan 4, 2013, 21:05:
I will pistol whip the next person who says shenanigans.

What's the name of that restaurant you like with all the goofy shit on the walls and the mozzarella sticks?

Is it Raisins or Bennigans? And your folks will only take you there if you can get your dad out of the White Swallow Bath House.

Heh, I hope the SP game is good.
 
Avatar 25394
 
James Woods: Oh that's fun. That sounds like you had a fun time. Where would I fit in with the fun time, huh? Where does James Woods fit into the fun?
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35. Re: Shenanigans Jan 4, 2013, 21:13 WyldKat
 
Sepharo wrote on Jan 4, 2013, 21:05:
I will pistol whip the next person who says shenanigans.

What's the name of that restaurant you like with all the goofy shit on the walls and the mozzarella sticks?
 
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34. Re: Shenanigans Jan 4, 2013, 21:05 Sepharo
 
I will pistol whip the next person who says shenanigans.  
Avatar 17249
 
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33. Shenanigans Jan 4, 2013, 20:24 SlimRam
 
I wasn't going to comment on this but Blue mentioned 'Shenanigans' and i've learned from South Park that when you call shenanigans, by God, the shenanigans BETTER be justified!

Here's to hoping that Blue appreciates the true immensity of declaring shenanigans and uses the power wisely, as i'm sure he will
 
Avatar 57335
 
"Angels with silver wings, shouldn't know suffering, I wish I could take the pain for you

If God has a master plan, that only He understands, I hope it's your eyes He's seeing through"

Depeche Mode - Precious
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32. Re: More Big Picture Details Jan 4, 2013, 18:58 HorrorScope
 
This business trick has been gaining in popularity in my area. Right up there with offshore accounts to evade taxes for big biz. Some may say gov't is too big, but perhaps if everyone was doing more of the right thing paying anywhere near what they should be, the gov'ts wouldn't be bankrupt. And our tax rate isn't world leading high, some just try to sell you that.  
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31. Re: THQ Investors Call Shenanigans Jan 4, 2013, 18:49 Rhino
 
Shhh. His irrational hate for the company is all that he has. Let him have his fun. ;-)  
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30. Re: THQ Investors Call Shenanigans Jan 4, 2013, 18:06 nin
 
Meanwhile, I'm just kicking back enjoying the flames and rubble that once was THQ. Good riddance.

Yeah, you keep announcing that in every THQ thread.

 
http://www.nin.com/pub/tension/
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29. Re: THQ Investors Call Shenanigans Jan 4, 2013, 17:41 zombiefan
 
Hahaha...is this really news to anyone? Not me. The company TANKED due to poor decisions from leadership; did you really not expect this coming from management? You guys are dumber than you look.

Meanwhile, I'm just kicking back enjoying the flames and rubble that once was THQ. Good riddance.

 
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28. Re: THQ Investors Call Shenanigans Jan 4, 2013, 17:07 Prez
 
Just another example of what can happen when a corporation gets too big - it stops being a labor of love for a passionate few and instead becomes and unweildy multi-appendaged monstrosity run by a conglomerate of people with no creative vision for whom short-term profit trumps creative success as the main driving force to succeed. In light of all that has happened it's pretty obvious I think that the THQ gamers came to know and love died long ago, it just took a while for the corpse to know it was dead.

The best hope we have now in my view is that the much-loved properties end up in the possession of entities who can do them justice and aren't just as soulless, dysfunctional, and creatively dead as THQ became.
 
Avatar 17185
 
Goodbye my Monte boy. May you rest in the peace you never knew in life.
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27. Re: THQ Investors Call Shenanigans Jan 4, 2013, 15:10 WyldKat
 
Slightly related, I saw that the THQ bundle on Steam is $25 now. Is there any kind of provision in Steam that these games have to be kept up if a company disappears? Can they be pulled from your library if a new owner decides they want to stop Steam distribution?  
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26. Re: THQ Investors Call Shenanigans Jan 4, 2013, 14:33 LittleMe
 
IMO a big part of the reason why investors behave this way is because 401k tax laws have grossly exaggerated demand for stocks. So when demand is high, it encourages more unethical behavior because there is extra money in the system that can be exploited. It also means perception drives value more than it should (thus the 90's stock bubble).

So when I hear people demonize all rich people just for being rich, it unnerves me not only because it's a false collectivist label, but also because the incentives for their behavior are ignored. It's not about how rich they are, it's about the system into which they are put. That is, a decadent corporate socialist, or fascist economic system.
 
Avatar 23321
 
Political freedom can only be preceded by economic freedom which is preceded by monetary freedom.
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25. Re: THQ Investors Call Shenanigans Jan 4, 2013, 13:11 Beelzebud
 
Par for the course for modern corporate/wall street behavior.

No one gives a shit about long-term investments, and building a company that will last a hundred years. They all seem to think it's a get rich quick scheme, which it is for many. What they don't care to notice is the trail of wreckage they're leaving behind in the countries that made their success possible.

THQ and their shareholders would have dick without the talent that made games, but the talent will be the first ones they screw over.
 
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24. Re: THQ Investors Call Shenanigans Jan 4, 2013, 13:05 Wallshadows
 
So when a company decides to go public, are they sent any kind of lube gift basket for all the fucking they will eventually receive?  
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23. Re: THQ Investors Call Shenanigans Jan 4, 2013, 12:56 Beamer
 
Parallax Abstraction wrote on Jan 4, 2013, 11:45:
Beamer wrote on Jan 4, 2013, 11:15:
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

A lot of the yes men are gone but Farrell's still the Chairman and CEO. He is higher up the totem pole than Jason Rubin or anyone else. And stupid crap like the uDraw was his idea. The core of THQ's problems is still running things. Much as I think splitting up the company is a dumb idea, Farrell doesn't deserve his job and I think THQ's long-term survival depends on him getting kicked to the curb. Rubin gets it, Farrell hasn't ever.

Farrell is absolutely a big problem, I agree, but from what I understand he's in charge of very little, acting more as a figurehead.
 
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22. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:48 PsychoMoggieBagpuss
 
Not exactly surprising. As soon as you go the public company route then you are immediately at the mercy of the investors/shareholders who are in it for their dividends.
Once it's stopped paying out then they will push for a breakup/sale to maximize their own profits. Employees are just another expense that the investors don't give a shit about.
It's even worse for those companies that are listed as you're immediately at the mercy of the short sellers, no ones ever in it for the long term.
 
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PMB / Shodan
http:/www.futilez
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21. Re: THQ Investors Call Shenanigans Jan 4, 2013, 11:45 Parallax Abstraction
 
Beamer wrote on Jan 4, 2013, 11:15:
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

A lot of the yes men are gone but Farrell's still the Chairman and CEO. He is higher up the totem pole than Jason Rubin or anyone else. And stupid crap like the uDraw was his idea. The core of THQ's problems is still running things. Much as I think splitting up the company is a dumb idea, Farrell doesn't deserve his job and I think THQ's long-term survival depends on him getting kicked to the curb. Rubin gets it, Farrell hasn't ever.
 
Parallax Abstraction
Geek Bravado | YouTube (Watch/Rate/Comment on my shows!)
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40 Replies. 2 pages. Viewing page 1.
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