The bailiffs descend on Trip Hawkins' house
It has hit the newswires this morning that 3DO has filed for Chapter 11 bankruptcy protection bringing an end to the outfit running autonomously.
Despite cash injections of late from flamboyant CEO Trip Hawkins, the operating costs of the first resurrection strategy appear to have been overwhelming, with Chapter 11 protection being sought to prevent the firm from being asset-stripped by its creditors.
Specifically, classic bankruptcy, carrying the title Chapter 7 in the US, sees the assets of the debtor firm liquidated and distributed proportionally amongst the creditors. Chapter 11 on the other hand provides protection from this for the debtor, in order to develop a plan to resolve its financial woes.
It is believed that Hawkins is in deep negotiations with several publishers, looking to sell all, or part of 3DO’s development project portfolio. This follows an announcement last week from Hawkins, declaring that he was looking to either merge or partner with another firm, and was willing to invest more of his own money in order to ensure the survival of the veteran US outfit.
Some analysts have been amazed that any firm offering so little in the way of innovation, or in fact any game with any merit whatsoever, has managed to stave off this inevitable conclusion for so long.
Despite cash injections of late from flamboyant CEO Trip Hawkins, the operating costs of the first resurrection strategy appear to have been overwhelming, with Chapter 11 protection being sought to prevent the firm from being asset-stripped by its creditors.
Specifically, classic bankruptcy, carrying the title Chapter 7 in the US, sees the assets of the debtor firm liquidated and distributed proportionally amongst the creditors. Chapter 11 on the other hand provides protection from this for the debtor, in order to develop a plan to resolve its financial woes.
It is believed that Hawkins is in deep negotiations with several publishers, looking to sell all, or part of 3DO’s development project portfolio. This follows an announcement last week from Hawkins, declaring that he was looking to either merge or partner with another firm, and was willing to invest more of his own money in order to ensure the survival of the veteran US outfit.
Some analysts have been amazed that any firm offering so little in the way of innovation, or in fact any game with any merit whatsoever, has managed to stave off this inevitable conclusion for so long.
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