Buckle Your Seatbelt
Official Statement from Catalyst
http://catalystgamelabs.com/2010/03/17/catalyst-game-labs-press-release/
From JMH
Posted under NewsThe best way Dumpshockers can help out is to slow down, take a deep breath, and not let rumors get out of control. I have heard the rumors, I know there are problems, but I have also talked to the entire management team at CGL and have not heard plans to shut anything down. There are matters that definitely need to be addressed–specifically, the future of CGL as an organization and the outstanding, long-past-due payments to freelancers. I’ve asked management to address those issues, and they will be meeting tomorrow to discuss their best options.
So in the meantime I’d ask everyone to calm down and not spread rumors. I’m very sad that CGL has recently lost some very good people, but I remain hopeful that we will continue producing great Shadowrun products for you, and that the people who worked on those products will be paid what they are owed.
I’m happy to answer questions in this thread or through PM, but I again ask people to keep speculation on this thread to a minimum.
Jason H.
Shadowrun Line Developer
Wow. Regrettable. I’m glad I have the items I do have, if indeed the Battletech license is lost.
The bookkeeper, the capital behind InMediaRes and the layout man have bailed. 850k is not exactly loose change – it is essentially their operating capital and it is gone.
I don’t think they will be renewing the license with Topps come summer. They can’t afford it.
Steve
Lol, nice. As per the official blog, it’s been admitted to. “Somehow” 850k of operating funds got co-mingled with loren colemans personal account. Took A YEAR to find out that money they couldnt give to struggling writers was going to colemans house extension. What an asshole. Fuck Catalyst.
I think it is important to keep in perspective that we do not know the full story behind this. The $850k number and the identity of the specific owner involved are still in the area of rumors and conjecture.
What we do know is that Catalyst is not just rolling over and preemptively sticking daisies in the ground.
From the press release, which is fact, this appears to be a misunderstanding which got out of hand. The parties involved have and are cooperating with the investigation and are working to make things right.
We have every right and reason to be optimistic.
A misunderstanding? My ass. How many times have you found 850k in your account that you misunderstood as being yours? They’re telling writers they can’t pay them, and can’t find the money to, while the owner pockets the cash they supposedly didnt have. Writers weren’t leaving because of things looking optimistic, fair, and a simple mistake.
“Never ascribe to malice that which is adequately explained by incompetence.”
Quigs,
You are assuming a lot in your comments. We do not know the official dollar amount nor the specific individual involved.
We have no facts on motives either.
As more infomation is coming out I have more and more confidence that things are not as bad as the rumors would have us believe. Time will tell. Catalyst has come forward with the issue and is taking steps to make things right. The money will be paid back and the freelancers will be paid. The individual involved is cooperating.
These are all good signs.
While I definetly feel saddened by the news, it does seem like (at least to me) that they do have new products being released. So hopefully we can get something in print soon as a sign that the company is still alive and kicking.
[…] [originally seen on Scrapyard Armory] […]
this sounds like a classic small business owner mistake, when you finance your company out of your OWN savings and not open a bank account under the company name.
I don’t care the amount, I don’t care WHO did it, and I don’t want to hear the doom and gloom. I have played Battletech for 20 of the total 25 years the game has existed (hard to believe I was seven…) the game has been through three companies, a period of silence, and has grown to unimaginable proportions of awesome under CGLs care.
Catalyst is a privately held company, and therefor the details of their cash flow issues (and that is what this is, a cash flow issue, not equity) are not fore public consumption. Catalyst has plenty of options while they wait to recoup from the owners screw-up. there are Short Term loans, Commercial paper and Promissory notes, Revolving credit agreements, etc.
Meanwhile the owner responsible for this cash flow hiccup will probably (and justly) be sidelined, and turned into a silent partner, providing equity, his “owner with holdings” (that which allows a business owner to maintain lifestyle) cut back to permit the repayment and silently encouraged to seek fortunes elsewhere. I would not be surprised if this all happened months ago and a significant portion of the damage has already been repaired.
my personal theory is that the cash flow issue that lead to the 8 month delay of Strat Ops was the symptom that lead to the review.