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Cheyenne Mountain Entertainment in Receivership

The Cheyenne Mountain Entertainment Website settles the question of whether the company is bankrupt or not, saying a receiver has been appointed to sort through the affairs of the troubled Stargate Worlds developer (thanks Voodoo Extreme). The update sheds light on where things currently stand, which is not good:

With regard to actual operations, game development has ceased. Not to be redundant, but there are no employees. The online game, Stargate Resistance, was launched sometime in mid-February prior to appointment of the Receiver. However, because of the funding issue, unpaid wages and creditor issues, a joint venture agreement was entered into on March 2nd with an entity called Fresh Start Studios, LLC (“FSS”) whereby CMG contributed the assets of Stargate Resistance and FSS took over support and all operating cost. The principals behind FSS are some of your fellow concerned shareholders of CME and CMG. They have taken this step in an effort to preserve the game and prevent it from going offline because they felt there was no other alternative. Another logistical operational issue exists with regard to the building premises currently occupied by CME and CMG. Again, due to a lack of available funds, the company cannot pay back due rent and property taxes of approximately $35,000 that is due and the landlord has indicated that he will “lock the doors” at midnight March 31st. In addition, it appears that the actual tenant who signed the original lease is not CME or CMG. Therefore, CME and CMG will begin vacating the premises today unless some unforeseen last minute reprieve occurs. It is a very fluid situation to say the least.

6. Re: Cheyenne Mountain Entertainment in Receivership Mar 27, 2010, 23:06 Rigs
..look who's laughin now suckas

Geeze, Wildone, bitter much?

It's always sad to see another developer go down, especially in this kind of economic market. But I don't doubt that in a few years we'll see dev companies sprouting up monthly when the economy rebounds. Maybe this time they'll remember the bad times and not go splurging on the wild office toys...or, in this case, they'll actually put their own names on the office lease...

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