Phantom Console Put on Hold

technoid_ writes "Looks like the Infinium Labs Phantom Game Console is put on hold until they can secure some more funding. Right now the company is focusing on getting its Phantom Lapboard to the market, and may pursue the Phantom Game service later. Interesting note, they have spent almost 4 times as much on Consultants as they have in development costs so far." From the article: "From its inception in December of 2002 through September of last year, Infinium racked up $62.7 million in losses. Of that, only $3.5 million has been lost to development costs. The company has spent more than half that in advertising, even though none of its products or services have been released yet. More of the company's money has been going toward consultants ($12.8 million), salaries ($11.9 million), and general and administrative expenses ($5.9 million)."

Comments

From The Desk Of

[American AC in Paris]

Dear Venture Capitalists:

It has recently come to my attention that Infinium Labs has accumulated over sixty-two million dollars in debt.

Clearly, there are substantial numbers amidst your ranks who are perfectly willing to part with large sums of money for no good reason whatsoever.

I would ask these investors to send me $100,000 cash, in return for which I will do absolutely nothing. It should be obvious at this point that investing in Infinium Labs is an exercise in futility, humiliation and shame, so I think my offer looks pretty good, on balance. It's also much less expensive.

I eagerly await your reply in the form of crisp, new $100 bills.

Warmest Regards,
AAiP

Re:From The Desk Of

[AKAImBatman]

I would ask these investors to send me $100,000 cash, in return for which I will do absolutely nothing.

It won't work. Everyone knows that Venture Capitalists would never invest in an individual. Too much "risk." You need to first register a new Corporation in the state of California known as "American AC in Paris, Inc." with the mission statement of "making money by doing nothing." The VCs will then give you massive sums of money that you can use to pay your own exhorbant salary. Once the money runs out, you simply declare bankruptcy and free yourself from any penalties. The VCs will get to sell everything your company owns, but since it doesn't own anything, they'll get nothing.

See how VCs mitigate risk this way? :-P

DNF

[AKAImBatman]

But... but... but...

HOW WILL I PLAY DUKE NUKEM FOREVER?!?

*sob*

---

What I really want to know is, what genius thought it would be a good idea to hype the hell out of this thing before development even began in earnest? I mean, 3 mil for development, ~60 mil for other stuff? There's something seriously wrong here. Not to mention that for 3 mil most of us would have had something ready to go out the door.

I'm reminded of "The Producers"...

[DorkusMasterus]

Wanna know how to make money in this business? Promise a product for years that you have no actual intention of building. Secure funding. Blow funding on employees (friends) as well as some stellar press releases. Hire some "consultants" (hookers) and make a prototype to show off at gaming expos (or just a picture of one, at least). Keep this up until you're sued.

Re:It does not exist!

[gEvil (beta)]

That's because it doesn't EXIST! Get over it! You've been duped!

Shows what you know! I put in a preorder at Gamestop a few years. Yeah, they have my $600, but I'm guaranteed to be one of the first people with a console when it's released...