3DO is basically dead...

[vectorclub]

In case you missed it, 3D0 filed for Chapter 11. The company that was finaly pushing out some new games, such as Street Racing Syndicate, Jacked, and others is broke. From what I have heard there is just a few employees left to help with the Chapter 11 issues.

As a 3DO console owner, it is kind of sad to see them go. On the other hand, crap like the Army Men series makes it a good thing for them fold tent. The world can use less poorly developed games.

I liked the sound of Jacked and SRS, but 3DO has failed to deliver a solid title in years. Manyh of their games felt under developed or like rehashed PSOne games.

I can see another game publsiher buying up 3DO assets. It will be interesting to see what happens.

[numbware]

Originally posted by vectorclub
...The company that was finaly pushing out some new games, such as Street Racing Syndicate, Jacked, and others...

I've never even heard of those games. Were they any good?

[Tx685]

3do may be dead but street racing syndicate is still coming out x-box 7/1 and ps2 6/24.

[vectorclub]

but street racing syndicate is still coming out x-box 7/1 and ps2 6/24

I would not bet on it. There website does not mention their current Chap 11 issues, but if you calltheir HQ you will hear a sad story from those who are still there to answer the call. As far as I know all their assets will be frozen until the courts decide what to do. I would hope another publisher, maybe EA or Atari would step in and purchase those games since they are close to be done, or at least they should be close to being done.

[vectorclub]

[05.29.03]


3DO Files For Bankruptcy

The handwriting was on the wall, it seemed. Now it is official: 3DO filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of California, and will try to sell off the company and/or its assets.
In a prepared statement, CEO Trip Hawkins said the company was is expected to continue to operate as it works through the bankruptcy process.

"This filing gives us more time to complete transactions in the interest of our stakeholders," Hawkins said. "While we hope that this news will generate additional new opportunities, at this point we are focused on pursuing either the sale of the entire company or the sale of its assets."

Hawkins had been a sort of lender-of-last-resort for the company, propping up the company with his own personal wealth to the tune of about $12 million as company cash reserves grew low. But the company continued to spiral downward. Last year, the company was almost delisted from the NASDAQ market after failing to meet share-price targets, but managed to stay on the board by issuing a reverse 1-for-8 stock split.

As recently as March 26, the company seemed bullish on its future. It secured a $10 million line of credit with IIG Trade Opportunities Fund, prompting this quote from Hawkins: "We are emerging again as an operating company and have passed through some critical stages." Unfortunately, as the quarter drew to a close, poor sales in the March quarter left it unable to fully tap that credit, and Hawkins apparently did not want to bail the company out one more time.

On May 8, the company warned employees that there would be a mass layoff in July. By law, large companies are required to give 60 days notice when mass layoffs are looming.

On May 13, 3DO announced that it was exploring its options, including a merger or selling publishing rights to its games in progress. Apparently those efforts did not bear out.

Today, as a result of the bankruptcy filing, 3DO shares have plummeted 83 cents to a 50-cent share price: down 62 percent.

[AirAllen01]

The only way that Street Racing Sydicate will come out is if 3DO sells the game to another company. The problem with that is they still need liscenses from certain companies to use their cars and their name. I've heard the game is basically finished except for the liscenses and if they can be obtained then they can get one of the other companies to buy it out from them, then the game will still come out.

[Tx685]

I'm about 80% sure the game will come out.

[Graphik Styles]

what system is it for.........and i've never heard of it before......

[AirAllen01]

It's supposed to come out on the X-BOX, but not really sure it's coming out any more.

[BLU CIVIC]

this site says itz coming out on ps2 and x-box
http://xbox.ign.com/articles/389/389...65&submit.y=20

but the way itz described kinda reminds me of www.midnightchallenge.com

[AirAllen01]

When did 3do claim, cuz the article is dated March 14, 2003.

[alphalanos]

no this cant be happening. ive been waiting for SRS to come out for nearly 7 months. However, I beleive that Eutechnyx will release the game for GC, Xbox and PS2. you know them right? they made Le Mans 24 hours and other fine racing titles.

[alphalanos]

in fact check out 3do.com and on the right side there is a link: SRS is upcoming for all systems.

[RockinWRX]

Originally posted by BLU CIVIC
this site says itz coming out on ps2 and x-box
http://xbox.ign.com/articles/389/389...65&submit.y=20

but the way itz described kinda reminds me of www.midnightchallenge.com

Just like midnight challenge ,eh? I just lost interest. Looks like EA's new Underground street-racing game will fill a very empty position.

[AirAllen01]

Yes, but all these sites and reviews are dated back to March. 3DO claimed bankruptcy either the end of May or the beginning of June. I'm not sayin that it isn't coming out, but I'm not saying it is. I don't think it will unless 3DO either shops it around to other companies, or makes it anyways in a last attempt to make some profit.