Acclaim Entertainment Files for Bankruptcy

Prof. Jonathan Ezor, Touro Law Center writes "According to this story in Long Island Business News, Acclaim Entertainment has filed for Chapter 7 bankruptcy in the Eastern District of New York bankruptcy court, meaning it will liquidate its assets and shut down. The story states in part, 'Computer game maker Acclaim Entertainment (Nasdaq: AKLM) has filed for voluntary Chapter 7 bankruptcy, which would result in the liquidation of the company's assets. The company filed papers in U.S. Bankruptcy Court in Central Islip that estimated its debts at more than $100 million and its assets at $10 million to $50 million. The filing said it had more than 200 creditors.' Game Over."

Comments

Re:Acclaim lost it years ago

[Babbster]

The management team never even had the decency to tell them they were no longer employed.

There can be legal issues involved with letting a bankruptcy cat out of the bag at the wrong time, especially with a publicly traded company. It's certainly a shame for the employees but they've known for a long time that Acclaim was operating hand to mouth at best.

Re:Game publishers

[unclethursday]

Vivendi owns Sierra, you know. And Vivendi was looking to dump it's game division a while back, and may still be looking to do it.

The two largest third party publishers in the market are EA and Activision. Not EA and Vivendi Universal.

good riddens...

[Anonymous Coward]

I won't miss Acclaim at all. They acquired and then ruined one of the best independent comic book companies ever, Valiant. Shortly after purchasing the comic book company, they changed all the writers and artists, ran all the books into the ground and then canceled them. All this just to get the rights to make a few Turok games.

Not only did this really piss off loyal readers such as myself, it contributed to the comic book market crash, completely ruining the value of all of Valiant's back issues. :-(