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Op Ed

Smart Speak -- Star Citizen - Final Countdown.
"The fact that they are taking out secured loans, means that backer funding is insufficient to continue operations. So that means they now rely on that same backer funding to not only fund operations, but to also pay these debts. So how are they going to do that in the long term, now that they are saddled with debt, for a project that was said to be fully funded.

So instead of being accountable to a publisher, or to backers who funded them, they are now accountable to investors and bankers. And these banks now own ALL of the CIG/RSI assets, of which the Star Citizen IP is the primary and most valuable – if they ever complete (they won’t) the project.

And worse, according to p16 Section 24, the bank now basically owns both Star Citizen and Squadron 42, and gives CIG/RSI permission to continue to develop and sell the games. This is revoked if CIG/RSI goes 60 days without paying their loan.

They’re screwed. It really is that simple. As are backers who forked out over $150 million, only to see CIG run out of money, then turn around and take out loans against the projects. So if CIG defaults (or decides to walk away), the bank owns everything; while not carrying the $150+ million liability that CIG owes to backers who funded (pre-paid the project).

This is like Freelancer all over again. Microsoft bought Digital Anvil. Chris failed. Microsoft kicked him out and took over the project."

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61 Replies. 4 pages. Viewing page 1.
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61. Re: Op Ed Jun 26, 2017, 15:53 RedEye9
 
jdreyer wrote on Jun 26, 2017, 13:31:
VaranDragon wrote on Jun 26, 2017, 05:20:
MoreLuckThanSkill wrote on Jun 25, 2017, 12:30:
Star Citizen is going to be studied for decades. By Psychology students primarily

This. "How a space game that never saw the light of day turned reasonable nerds into raving lunatics"

*disclaimer*

I don't believe Derek Smart's story for a second. There are too many of you, even on Bluesnews for fucks sake, who have fallen for the Star Citizen Con and are financing this tower of cards. It's disgraceful but that doesn't mean it's going to go bankrupt.

Meh, I funded the KS at $35 and haven't put anything else in. If I get SQ 42 out of it, I'll have gotten my money's worth.

If development stopped next month, I'll still have probably gotten my money's worth given all the entertainment SC has provided over the years. And the alphas have been fun to tool around in.
But you're sensible, the average AAA price tag is $60.
If you had been a fool and gave CIG hundred$ you probably would not feel the same way. Now would that be CIG's fault or yours?
 
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Vote like your rights depend on it
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60. Re: Op Ed Jun 26, 2017, 14:17 jdreyer
 
Burrito of Peace wrote on Jun 26, 2017, 08:23:
Slashman wrote on Jun 26, 2017, 00:03:
Assuming that's true, who was in charge?

jdreyer wrote on Jun 26, 2017, 03:10:
Really? Can you explain? Erin has been a fixture in the games industry for a couple decades now, and pretty successful. He's in change of SQ 42, and that's why I have confidence that it's going to come out okay.

Sure. Please remember that this was 15 years ago, though. At the time, I was initially working on Brute Force and Freelancer was on the other side of the offices. Chris Roberts was in England and Erin Roberts was running from pillar to post between both projects.

The feeling I got was that Erin Roberts was in way, way over his head. In hindsight it was very clear that he had had little to no project management experience previously. In both titles, there was some "A...no B! No...A+B...wait...back to A!" through a significant portion of development. On the Freelancer side, things didn't start to congeal until Adam Foshko and Jorg Neumann stepped in and took over the reigns. By that time, it felt more like salvaging a product to ship than actual development. Phil (who's last name I cannot remember) was supposed to be the producer but it really seemed he got squeezed out by the Roberts brothers.

There were a ton of things cut that were initially planned and while that is true of most games, these were things that were supposed to make Freelancer stand out from Privateer. Ship to ship docking, EVA traversal between the PC ship and derelict ships that were found to salvage (the ones you would later find in-game that you just shot to get them to drop their rare weapons/cargo), the Nomad systems were supposed to be a lot more "alive" with the final battle actually being fought against the whole structure as a sentient creature and not just a static art piece with some turrets and flexing buttholes, the player was supposed to find the Hispania and some of its people, there was at least an alpha version with super crappy sync issues, where you and a friend could co-pilot larger vessels with one person piloting and the other running the turrets, and I am sure more that I am missing/not remembering at 0700 with no caffeine.

The above were all cut because of poor project management. There was simply not enough manhours and milestone management to ensure that Freelancer lived up to 80% of its touted features and experience.

Good story, thanks.
 
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The only thing that flat-earthers have to fear is sphere itself.
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59. Re: Op Ed Jun 26, 2017, 13:31 jdreyer
 
VaranDragon wrote on Jun 26, 2017, 05:20:
MoreLuckThanSkill wrote on Jun 25, 2017, 12:30:
Star Citizen is going to be studied for decades. By Psychology students primarily

This. "How a space game that never saw the light of day turned reasonable nerds into raving lunatics"

*disclaimer*

I don't believe Derek Smart's story for a second. There are too many of you, even on Bluesnews for fucks sake, who have fallen for the Star Citizen Con and are financing this tower of cards. It's disgraceful but that doesn't mean it's going to go bankrupt.

Meh, I funded the KS at $35 and haven't put anything else in. If I get SQ 42 out of it, I'll have gotten my money's worth.

If development stopped next month, I'll still have probably gotten my money's worth given all the entertainment SC has provided over the years. And the alphas have been fun to tool around in.
 
Avatar 22024
 
The only thing that flat-earthers have to fear is sphere itself.
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58. Re: Op Ed Jun 26, 2017, 12:50 Zanthar
 
Luke wrote on Jun 26, 2017, 11:57:
Agent-Zero wrote on Jun 26, 2017, 08:45:
Derek Smart is a complete fucking moron. hes so jealous of these fuckers he cant even see straight... thats the only story here

And you have been scammed

Your mama was scammed by your pappy when he said that he would pull out, now we are all stuck paying for that mistake.
 
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57. removed Jun 26, 2017, 12:35 Agent-Zero
 
* REMOVED *
This comment was deleted on Jun 28, 2017, 18:09.
 
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56. Re: Op Ed Jun 26, 2017, 11:57 Luke
 
Agent-Zero wrote on Jun 26, 2017, 08:45:
Derek Smart is a complete fucking moron. hes so jealous of these fuckers he cant even see straight... thats the only story here

And you have been scammed
 
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55. Re: Op Ed Jun 26, 2017, 11:56 Luke
 
Zanthar wrote on Jun 26, 2017, 11:47:
What happened to that shitty MMO Derek Smart was working on? If Derek didn't have a rich mother to support his failed projects He'd be flipping burgers.

Speaking of failed project.........you will never get your stupid payed funding back now learn to live With it you have been scammed

Pretty sure ya jump right in when a new scammer scream "give me some money or i wont make the game " crowdfunder
God people are soooo easy
 
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54. Re: Op Ed Jun 26, 2017, 11:47 Zanthar
 
What happened to that shitty MMO Derek Smart was working on? If Derek didn't have a rich mother to support his failed projects He'd be flipping burgers.  
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53. removed Jun 26, 2017, 08:45 Agent-Zero
 
* REMOVED *
This comment was deleted on Jun 28, 2017, 18:08.
 
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52. Re: Op Ed Jun 26, 2017, 08:23 Burrito of Peace
 
Slashman wrote on Jun 26, 2017, 00:03:
Assuming that's true, who was in charge?

jdreyer wrote on Jun 26, 2017, 03:10:
Really? Can you explain? Erin has been a fixture in the games industry for a couple decades now, and pretty successful. He's in change of SQ 42, and that's why I have confidence that it's going to come out okay.

Sure. Please remember that this was 15 years ago, though. At the time, I was initially working on Brute Force and Freelancer was on the other side of the offices. Chris Roberts was in England and Erin Roberts was running from pillar to post between both projects.

The feeling I got was that Erin Roberts was in way, way over his head. In hindsight it was very clear that he had had little to no project management experience previously. In both titles, there was some "A...no B! No...A+B...wait...back to A!" through a significant portion of development. On the Freelancer side, things didn't start to congeal until Adam Foshko and Jorg Neumann stepped in and took over the reigns. By that time, it felt more like salvaging a product to ship than actual development. Phil (who's last name I cannot remember) was supposed to be the producer but it really seemed he got squeezed out by the Roberts brothers.

There were a ton of things cut that were initially planned and while that is true of most games, these were things that were supposed to make Freelancer stand out from Privateer. Ship to ship docking, EVA traversal between the PC ship and derelict ships that were found to salvage (the ones you would later find in-game that you just shot to get them to drop their rare weapons/cargo), the Nomad systems were supposed to be a lot more "alive" with the final battle actually being fought against the whole structure as a sentient creature and not just a static art piece with some turrets and flexing buttholes, the player was supposed to find the Hispania and some of its people, there was at least an alpha version with super crappy sync issues, where you and a friend could co-pilot larger vessels with one person piloting and the other running the turrets, and I am sure more that I am missing/not remembering at 0700 with no caffeine.

The above were all cut because of poor project management. There was simply not enough manhours and milestone management to ensure that Freelancer lived up to 80% of its touted features and experience.
 
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51. Re: Op Ed Jun 26, 2017, 06:00 Bopper
 
I know someone who knows someone who worked there who said Chris Roberts kept showing up to work with a new Porsche every 2 months and ordered a 60k dollar espresso machine only he could use poor backers.  
- Boppa
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50. No subject Jun 26, 2017, 05:52 Mashiki Amiketo
 
Cutter wrote on Jun 25, 2017, 21:48:
Mash, you're one of the few people around here I respect but how do you know any better than the rest of us what the state of their finances are? Sure you can secure loans to write off taxes against the principle, but they're also a last ditch effort of companies in trouble. The reality is no one beyond CR and said bankers know for sure. It's one or the other, and unless CR allows his backers that information than, yeah, you can bet they're in financial trouble. And if it wasn't the latter why weren't they above board with this in the first place? The whole thing reeks of scam at this point more-so than it ever did.



There's more info out there that let's me get a better guess on the state of everything. You can read their reasoning including the filing history. A lot of what's in the article is wrong because the author of the article doesn't understand the terms that are in use. To borrow from the kia thread on it:

Collateral means the Chargor's right, title and interest in and to the property charged pursuant to Clauses 4.1 and 4.2 hereof and the property assigned pursuant to the Clause 5 hereof; excluding in all cases the Excluded Collateral;
Excluded Collateral means the assets that have been charged pursuant to the Nat West Security Agreement; and all Intellectual Property Rights and all exploitation and distribution and other rights and all title, interest and materials with respect to the video game provisionally entitle "Star Citizen";"

In other words, the entire article is pretty much garbage. They may be in trouble, but I doubt it. The money that they're pulling in monthly doesn't reflect that, on top of that the terms of the loan for payment are more then the standard working day period. Which means that the bank believes they have the ability to pay beyond the grace with their current finances. Not gonna say I'm right or wrong, it could be both or not at all though.

CIG's clarification also add's more to this showing that they want to get a head and cash in for tax rebates, plus high-flux of the current exchange rates. And having played forex markets a bit, their move is smart especially the closer that things move towards brexit and May's complete and total disastrous fuckup by running that election as she did.

I will say though I didn't back this at the start, and I still haven't. But we'll see in time as to how this all shakes out.
 
--
"For every human problem,
there is a neat, simple solution;
and it is always wrong."
--H.L. Mencken
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49. Re: Op Ed Jun 26, 2017, 05:20 VaranDragon
 
MoreLuckThanSkill wrote on Jun 25, 2017, 12:30:
Star Citizen is going to be studied for decades. By Psychology students primarily

This. "How a space game that never saw the light of day turned reasonable nerds into raving lunatics"

*disclaimer*

I don't believe Derek Smart's story for a second. There are too many of you, even on Bluesnews for fucks sake, who have fallen for the Star Citizen Con and are financing this tower of cards. It's disgraceful but that doesn't mean it's going to go bankrupt.

This comment was edited on Jun 26, 2017, 05:33.
 
Avatar 58327
 
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48. Re: Op Ed Jun 26, 2017, 03:10 jdreyer
 
Burrito of Peace wrote on Jun 25, 2017, 22:00:
As someone who worked on Freelancer, I find that mention of the title funny.

Chris Roberts didn't fuck it up, Erin Roberts did.

Really? Can you explain? Erin has been a fixture in the games industry for a couple decades now, and pretty successful. He's in change of SQ 42, and that's why I have confidence that it's going to come out okay.
 
Avatar 22024
 
The only thing that flat-earthers have to fear is sphere itself.
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47. Re: Op Ed Jun 26, 2017, 02:47 Kosumo
 
FAKE GAME  
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46. Re: Op Ed Jun 26, 2017, 00:15 NicklePop
 
FAKE NEWS  
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45. Re: Op Ed Jun 26, 2017, 00:07 El Pit
 
https://youtu.be/9jK-NcRmVcw

Mwahaha
 
They're waiting for you, Gabe, in the test chamber!
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44. Re: Op Ed Jun 26, 2017, 00:03 Slashman
 
Burrito of Peace wrote on Jun 25, 2017, 22:00:
As someone who worked on Freelancer, I find that mention of the title funny.

Chris Roberts didn't fuck it up, Erin Roberts did.

Assuming that's true, who was in charge?
 
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43. Re: Op Ed Jun 25, 2017, 23:55 warmbluelasers
 
Ranger55 wrote on Jun 25, 2017, 12:34:
I work for a Fortune 100 company. Often times, while we have the cash on hand to fund big projects, or even parts of projects, we will still go to lenders to finance the projects. It is no different than using a line of credit. Do you want to blow all of your cash now on a server farm, or do you want to put it on credit and pay it out over time?

I have nothing at all to do with business operations, and I do this all the time with my private finances. There are benefits to juggling credit, and accountants are always on about having "debt" to knock down taxes and such. A loan doesn't mean anything bad until it's defaulted. Then it's shit city.
 
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42. removed Jun 25, 2017, 23:41 Agent-Zero
 
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