GenCon files Chapter 11

[ppz]

Hrm, well it seems to me that GenCon as a company made a mistake, and vastly underestimated what kind of revenues they could get from SWC IV. The company doesn't have any assets to sell to make up the deficiet, and are really a one trick pony. I'm guessing that they know they have to pay, but that Lucas wants them to pay NOW.

Now, with the lawsuit in the wings, it make sense that Gen Con protect its one asset (Gen Con Indy), so that they CAN actually raise the money to pay off the debt.

If they just go to court today (with out Chapter 11 protection) Gen Con looses, and Gen Con Indy (the LLC's only asset) is transferred to Lucas Film.

Thus the end of Gen Con Indy as we know it, and likely a guarantee that the Make-a-Wish foundation never gets their money

Seems to me that, while unpalitable, this is probably the best course for MaW to get their funds, and for gen Con Indy to move forward year after year.

pat E

That's what this whole mess sounds like to me, especially judging by how Peter said how he didn't manage the business like a business.

Here's to hoping for a great Gen Con '08, and many more to come. If worse things do happen, I'll probably just start traveling a little further to go to some other cons instead.

 

[Xath]

Please refrain from making blanket derogatory statements.

 

[broghammerj]

Please refrain from making blanket derogatory statements.

Xath, I appreciate you keeping the inflammatory comments to a minimum but I don't know why your simple phrase of "blanket derogatory statements" made me think of things like, "You're a bad blanket....your not even soft.....that color is atrocious...I hope you get a hole you moth ridden tattered rag!"

To get back on topic. Has anyone decided to head to Gen Con with thoughts that it may not be around in the future? Or perhaps the opposite that they will not be going as they don't want to support Gen Con in the face of not paying Make A Wish?

I am switching to a new job in July and have a baby on the way around that time so I thought I should focus on family rather than go. Unfortunately, this was going to be the first year I attended. Perhaps now I won't have a chance.

 

[Yellow Sign]

Looking at the filing, it appears that Gencon has about 3.5 million in debt.

 

[Plane Sailing]

Please refrain from making blanket derogatory statements.

To further make the point in case anyone missed it - maybe people out beyond ENworld make fun of certain nations, US states or racial groups, but inside ENworld we've got people from all over, and certain stereotypical swipes can be more offensive than you think.

Thanks

 

[kenobi65]

Well, if worst comes to worst GenCon will be sold to pay off its debt.

And, who is the likely buyer? Hasbro.

I'm not so sure about that idea.

I seem to recall that the primary reason that GenCon (the convention) got sold off to GenCon LLC, and why Dragon and Dungeon got sold / spun off to Paizo originally, was that Hasbro decided that those businesses (running conventions, and publishing magazines*) weren't part of their core strategy.

Unless that's changed, I don't see Hasbro bringing GenCon back into the fold.

* - Yes, I obviously recognize that WotC has since brought Dragon/Dungeon back into the fold, but not as traditional magazines.