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

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.

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Section 8

PS3, Xbox 360, PC

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Stephany Nunneley-Jackson

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Stephany is VG247’s News Editor, with 22 years experience (with 15 of them at VG247). With a brain that lacks adhesive ducks, the ill-tempered, chaotic neutral fembot does her best to bring you the most interesting gaming news. She is also unofficially the site’s Lord of the Rings/Elder Scrolls Editor.

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