Infinium Finds Itself In, Out Of Court Again

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."

Comments

Phantom Indeed...

[Evanrude]

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...

Re:Phantom Indeed...

[art123]

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?

Re:i wonder

[PktLoss]

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.

What about the March 31st pre-orders?

[Toxygen]

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.

Re:What about the March 31st pre-orders?

[Genin]

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

Such a disappointment

[Rallion]

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

Duh

[sreeram]

It's Timothy Roberts and Robert Shambro.

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

They know the dance steps...

[stienman]

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

Interesting thing about the website.

[Beeswarm]

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?

Hmm...

[CelticWhisper]

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?