Sections

TimeGate Studios IPs cause bidding war between hedge fund, Atari and SouthPeak

Wednesday, 20th November 2013 19:34 GMT By Stephany Nunneley

Section 8 and the unreleased free-to-play game Minimum from TimeGate Studios, which shut down operations earlier this year, are involved in a bidding war between companies wanting the rights to the titles.

According to the Wall Street Journal, hedge fund CNH Partners said it made a higher offer for the rights to both with an offer of $50,000 in cash plus a 25% royalty on the two games – besting the bid placed by Atari which was approved by TimeGate’s bankruptcy trustee.

SouthPeak Interactive argued its offer, $40,000 and a 50% royalty, was better than the one put forth by Atari and now CNH Partners is asking a bankruptcy judge to “reopen the sale process and to schedule a live auction.”

A judge will consider the reopening of the sale at hearing tomorrow in a US Bankruptcy Court.

TimeGate, which filed for bankruptcy in May, had projected Minimum to generate sales of between $30 million to $75 million within three and a half years.

Breaking news

0 Comments

Sign in to post a comment.