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Infinium Finds Itself In, Out Of Court Again

Posted by CowboyNeal on from the proving-hardocp-right dept.

Dachannien writes "Adrenaline Vault reports that Infinium Labs is being sued by Terry Nagy for fraud and breach of contract. Infinium used his reputation and expertise in the gaming industry to generate attention for Infinium's Phantom Game Console (and $15M in venture capital), promising him payment in stock. Nagy claims that when Infinium was later bought by a shell company and went public, he had received nothing while Timothy Roberts and Robert Shambro (also named in the suit) got millions of shares of stock." However, GamePro is now reporting the lawsuit is being settled out of court, and that "both parties are working together to resolve the claims."

13 of 33 comments (clear)

  1. Phantom Indeed... by Evanrude · · Score: 4, Interesting

    I guess this just goes to show *again* the kind of folks behind Infinium labs...
    I can't believe they are even still around, with all the negative press they get, just give up and go home!

    Of course, I guess if you're raking in millions of dollars and have no scruples, keep it up...

    --

    ~.Evanrude
    1. Re:Phantom Indeed... by art123 · · Score: 5, Informative

      At least they have a real address now. I'm from Sarasota and I was very suprised the other day to see that Infinium's name (in 2 foot tall letters) is on the side of an office building downtown. This is a bank office building with many law firms and financial services firms, but only Infinium and the bank have their logo on the building. I wonder how much of their venture capital they spent on that?

  2. Re:i wonder by PktLoss · · Score: 4, Insightful

    I don't think it will directly effect the case at all.

    Though since court papers become public record, the filings presented in the case may contian information that HardOCP can use to back up their story.

    --
    paul reinheimer
  3. What about the March 31st pre-orders? by Toxygen · · Score: 4, Interesting

    If you look on www.phantom.net they say that their online store will be open on the 31st of March, but there's not a single spot on the site where you can actually click through to an order page. C'mon, even my grandparents could spot this company's worth and they don't have two clues about this industry. If you're dumb enough to give these guys money, consider that your fine for being stupid.

    1. Re:What about the March 31st pre-orders? by Genin · · Score: 4, Funny

      I actually convinced a friend to preorder. I can't wait to see how satisfied he is when he recieves his purchase ;)

      --
      I am forced to conclude you are the master of the obvious. May others take heed of your wisdom.
  4. Such a disappointment by Rallion · · Score: 5, Funny

    Anybody else really wish this wasn't being settled out of court? I'd love to follow that case.

  5. Duh by sreeram · · Score: 4, Funny

    It's Timothy Roberts and Robert Shambro.

    These geniuses picked the name "Phantom". Their parents didn't pick good names either.

  6. They know the dance steps... by stienman · · Score: 4, Funny

    Infinium Finds Itself In, Out Of Court Again

    Then you shake it all about! You do the hokey-pokey and you turn your stock around, that's what it's all about!

    -Adam

  7. Interesting thing about the website. by Beeswarm · · Score: 5, Interesting
    If you go to the phantom.net website, there's a link on the left that says Join the Phantom Forum Community!

    Click on it, and the result is a 404 Not Found error.

    Did they know I was going to go there to talk trash about the Phantom console? And why would they choose to open the site with a sound clip of someone saying "Warning?" Who are they warning against what?

    1. Re:Interesting thing about the website. by Dachannien · · Score: 3, Funny

      Actually, the server was merely being honest when it noted that the community for the Phantom was 404 Not Found.

  8. Phantom reviews will be AWSOME! by dswartze · · Score: 2, Insightful

    You know, if this thing ever does actually get released, it should have some pretty nice reviews. The gaming industry is all too often plauged with people expecting too much out of something. When (if) Half-Life 2 comes out it will likely be met with many a "sure it's good, but I thought it was going to be better, not worth all the hype and the wait." This things going to come out (actually probably not, but let's just pretend here) and everyone's going to be like "well it sucks, but it's many many times better than I thought it was going to be so it gets a passing mark in my book" and all of a sudden good reviews

  9. Hmm... by CelticWhisper · · Score: 5, Funny

    I wonder what the settlement will be? Kinda reminds me of a Dilbert comic.

    PHB: You're being appointed president of our dot-com division. Your job is to go in and fire everyone.
    Dilbert: Do I get a raise?
    PHB: How does a billion shares of stock sound?


    --
    Help protect civil rights from abuse by the TSA - visit TSA News Blog.
    http://www.tsanewsblog.com
  10. Re:Looking for a cool job? by Anonymous Coward · · Score: 2, Funny

    "Minimum of 5 years experience with all Microsoft Windows operating systems, A/D, Exchange 2000/2003, and Security"

    I don't think AD, Exchange 2000 or 2003 have been out for 5 years. I wonder if XP and 2003 Server are also included in "all Microsoft Windows operating systems."

    I guess I shouldn't be surprised after reading their letters to HardOCP.