Stargate Resistance and Stargate Worlds developer Cheyenne Mountain Entertainment has filed for Chapter 11 bankruptcy protection in the USA. Or maybe the actual development subsidiary of CME, Firesky, has.
The option was made public in an official forum post. However, as the GamerLaw site points out, "Contrary to what Gamesindustry says, it is not actually clear from the statement whether CME has entered Chapter 11, or just its subsidiary Firesky, the actual developer of Stargate Resistance..."
It doesn't stop there though. CME is also suing its own CEO, Gary Whiting. In a statement CME states that, "Gary Whiting, the Company’s former, Chairman and former CEO of its subsidiary Cheyenne Mountain Games, Inc. has been named in a complaint filed in Maricopa County, Arizona Superior Court by shareholders, derivatively on behalf of Cheyenne Mountain Games, Inc. and Cheyenne Mountain Entertainment, Inc., alleging various wrong doing against the Company.
"The Company also became aware a few months ago that Mr. Whiting, was named in a complaint filed in Utah County, Utah, (Case No. Civil 0904022438), and that he has caused the Company to be named in that same lawsuit, and he has allegedly obligated the Company for monies paid to Garvick Properties, LLC, a limited liability company controlled by Mr. Whiting (“Garvick”).
"Mr. Whiting and Garvick purchased various securities from the Company and its subsidiaries and has failed to honor the terms of these purchases and has failed to pay the payments when due; therefore, the Company and its subsidiaries have foreclosed on the collateral securing Mr. Whiting’s and Garvick’s obligations including all shares and units owned by Garvick and Garrick Enterprises, LLC."
The shareholders and board of the Company have removed Mr. Whiting as a board member and as an officer and terminated his employment with the Company and any of its subsidiaries. The Company has joined the litigation against Mr. Whiting for alleged wrongdoing. "
Curioser and curioser.
The option was made public in an official forum post. However, as the GamerLaw site points out, "Contrary to what Gamesindustry says, it is not actually clear from the statement whether CME has entered Chapter 11, or just its subsidiary Firesky, the actual developer of Stargate Resistance..."
It doesn't stop there though. CME is also suing its own CEO, Gary Whiting. In a statement CME states that, "Gary Whiting, the Company’s former, Chairman and former CEO of its subsidiary Cheyenne Mountain Games, Inc. has been named in a complaint filed in Maricopa County, Arizona Superior Court by shareholders, derivatively on behalf of Cheyenne Mountain Games, Inc. and Cheyenne Mountain Entertainment, Inc., alleging various wrong doing against the Company.
"The Company also became aware a few months ago that Mr. Whiting, was named in a complaint filed in Utah County, Utah, (Case No. Civil 0904022438), and that he has caused the Company to be named in that same lawsuit, and he has allegedly obligated the Company for monies paid to Garvick Properties, LLC, a limited liability company controlled by Mr. Whiting (“Garvick”).
"Mr. Whiting and Garvick purchased various securities from the Company and its subsidiaries and has failed to honor the terms of these purchases and has failed to pay the payments when due; therefore, the Company and its subsidiaries have foreclosed on the collateral securing Mr. Whiting’s and Garvick’s obligations including all shares and units owned by Garvick and Garrick Enterprises, LLC."
The shareholders and board of the Company have removed Mr. Whiting as a board member and as an officer and terminated his employment with the Company and any of its subsidiaries. The Company has joined the litigation against Mr. Whiting for alleged wrongdoing. "
Curioser and curioser.
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