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GenCon files Chapter 11
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<blockquote data-quote="PatEllis15" data-source="post: 4057261" data-attributes="member: 1718"><p>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.</p><p></p><p>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. </p><p></p><p>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.</p><p></p><p>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</p><p></p><p>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.</p><p></p><p>pat E</p></blockquote><p></p>
[QUOTE="PatEllis15, post: 4057261, member: 1718"] 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 [/QUOTE]
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