Gen con and WOC

[Flynn]

Man...someone needs to win the Mega Lottery to solve this problem .

I hate to say it, but if I won the Mega Lottery, realistically speaking, solving this problem wouldn't even make my Top Ten list. I'm pretty sure it'll all work out, in one way or another. You just got to have a little faith in the people behind the system.

With Regards,
Flynn

 

[Justin D. Jacobson]

I am afraid I am a bit ignorant of the law here. Are there limitations as to what they can use these assets to do? Are they forced to use them to pay off the liabilities before using them for other purposes? I am sure they still have more expenses for GC Indy. In short what are the limitations that bankruptcy places on Gen Con?

Basically, the trustee runs the business. But the trustee's responsibility is to try and maximize the income to the company; that helps out their creditors too. As a practical matter, as far as GC Indy is concerned, GC LLC will be doing business as normal. Behind the scenes, there will be a trustee/judge saying: "OK, I approve."

 

[lmpjr007]

Basically, the trustee runs the business. But the trustee's responsibility is to try and maximize the income to the company; that helps out their creditors too. As a practical matter, as far as GC Indy is concerned, GC LLC will be doing business as normal. Behind the scenes, there will be a trustee/judge saying: "OK, I approve."

Just wondering, but can the City of Indianapolis (or who ever owns the convention center) say, "Since you (Gen Con LLC) are in bankruptcy, we want you to pay the full amount of renting the convention hall and space for Gen Con up front, instead of paying it off at a later date?"

Personally, I would be surprised if the owner would not ask for this.

 

[TerraDave]

What is in WotC's interest. Not do bussiness with someone that already owes them a bunch of money? Or do bussiness, in the hope that more of that money will be paid back?

 

[Justin D. Jacobson]

Just wondering, but can the City of Indianapolis (or who ever owns the convention center) say, "Since you (Gen Con LLC) are in bankruptcy, we want you to pay the full amount of renting the convention hall and space for Gen Con up front, instead of paying it off at a later date?"

Personally, I would be surprised if the owner would not ask for this.

Most likely no. It depends on the contract. Additionally, the creditor would presumably have to seek permission from the bankruptcy court before simply opting out of the contract.

 

[Dragonhelm]

On a side note, starwars.com sells the R2-KT action figure (a pink R2 unit) with the proceeds going to Make-a-wish. The figures are only $10 When you can get them.

Got mine! Now I want another I can open up.

Back to topic...

 

[Jonny Nexus]

What is in WotC's interest. Not do bussiness with someone that already owes them a bunch of money? Or do bussiness, in the hope that more of that money will be paid back?

Well firstly, there's no universal answer to that. It depends on how much you think the likelihood of them paying you back will increase if you help them compared with how much extra money you might spend in helping them. I personally think it makes sense to help GenCon. After all, if a bloke who owes you money is drowning in a river, it makes sound business sense to reach in and pull him out.

But secondly, there is a goodwill aspect. Gencon is a highly valuable asset for the gaming industry/hobby as a whole, and if they're seen to be kicking it when it's down, that doesn't make good sense from a marketting point of view.

Anyhow, not that it's relevent, but since I've booked a stand at GenCon (together with trans-Atlantic flights and a hotel room) I'm keeping my personal fingers well-crossed that this year's GenCon is a success.

 

[lmpjr007]

Well firstly, there's no universal answer to that. It depends on how much you think the likelihood of them paying you back will increase if you help them compared with how much extra money you might spend in helping them. I personally think it makes sense to help GenCon. After all, if a bloke who owes you money is drowning in a river, it makes sound business sense to reach in and pull him out.

But secondly, there is a goodwill aspect. Gencon is a highly valuable asset for the gaming industry/hobby as a whole, and if they're seen to be kicking it when it's down, that doesn't make good sense from a marketting point of view.

Anyhow, not that it's relevent, but since I've booked a stand at GenCon (together with trans-Atlantic flights and a hotel room) I'm keeping my personal fingers well-crossed that this year's GenCon is a success.

I think you may have forgotten (or maybe you down know) that the largest shareholder of Hasbro is George Lucas. The same George Lucas who is sueing GenCon LLC. You think Lucas didn't go to Hasbro and say, "Hey did you hear what Gen Con LLC did to my auction products? I want you to put some heat on the people on Gen Con."

 

[Steel_Wind]

I think you may have forgotten (or maybe you down know) that the largest shareholder of Hasbro is George Lucas. The same George Lucas who is sueing GenCon LLC. You think Lucas didn't go to Hasbro and say, "Hey did you hear what Gen Con LLC did to my auction products? I want you to put some heat on the people on Gen Con."

No, Lucas is not Hasbro's largest shareholder. That would be Allen Hassenfeld. Lucas ranks as the 4th largest shareholder.

In fact, Lucas owns warrants, not shares, in Hasbro. Those warrants, if exercised, would allow him to purchase about 8.4% of the common stock of the company, but I do not believe those warrants have ever been exercised. The percentage above may be wrong now (the EDPer filings I read on the matter are now several years old) and many of those warrants may have been redeemed since. Hasbro has the right to do that under their agreement with Lucas.

Those warrants certainly do have a significant value though; no question about it.

 

[Mark Plemmons]

What is in WotC's interest. Not do bussiness with someone that already owes them a bunch of money? Or do bussiness, in the hope that more of that money will be paid back?

Seems to me that GenCon would be wise to offer WotC 'free' booths and advertising, instead of WotC paying for booth/ad space at the con, until amount of 'free' stuff equals the amount they're owed. Simply trading debt for con space. Might take years, though.