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Infinium Tries 'Phantom' Name Change

Posted by ryuzaki0 on from the must-stop-from-snickering dept.

simoniker writes "Former Infinium Phantom 'console' developer and current Lapboard accessory creator Infinium Labs has revealed multiple new details in financial filings, including the fact that it's changing company name to Phantom Entertainment, as long as shareholders approve. But with the SEC prosecuting former CEO Timothy Roberts, 'accumulated losses since inception of $69,331,794', and _another_ former CEO, Kevin Bachus, now suing the company for back pay, will the company ever release a product?"

3 of 83 comments (clear)

  1. WTF? Who are the suckers? by randyest · · Score: 4, Interesting

    What I really want is a list of the names of those who loaned that shyster $70 million! Man that'd be a valuable list. :)

    A separate SEC filing released on May 22nd has updated those interested on Infinium's parlous state of accounts: "Our loss from operations for the quarter ended March 31, 2006 was $2,752,327. Our loss from operations for the year ended December 31, 2005 was $29,814,606. At March 31, 2006, we had a working capital deficit of $11,523,869 and accumulated losses since inception of $69,331,794. In their report on our audited financial statements for the year ended December 31, 2005, our independent auditors expressed substantial doubt about our ability to continue as a going concern."

    --
    everything in moderation
  2. SEC is also after them. by Anonymous Coward · · Score: 2, Interesting

    They started in Sarasota and hosed quite a few local investers, then moved. So we follow the tale of these crooks.

    http://www.heraldtribune.com/apps/pbcs.dll/article ?AID=/20060517/BUSINESS/605170595/-1/GOOGLE01

  3. Tim Roberts by mybootorg · · Score: 5, Interesting
    Having known Tim Roberts and his twin brother Peter since they were suburbian teenagers growing up in West St. Louis County, I can tell you that this console will never happen. (His twin brother Peter died of a drug overdose several years ago). I shouldn't say that it will never happen - that's just my opinion - because there's always the possibility that Tim will somehow manage to sell the company to someone that will ultimately deliver.

    Do some searching on Tim and you'll find that he's started a whole host of companies where investers were coralled and then the money was spent in lavish style. See DBN and Savvis Communications. These companies were sold off early on, and after Tim bowed out, one did rather well. Savvis continues to this day. But as far as I can tell, Tim only excels in bullshitting investors into opening their wallets, then spending and spending and bullshitting some more.

    Do some more searching and you'll find whole web pages devoted to exposing either Tim or his Phantom console as a hoax, scam, pump n' dump scheme etc. Some of them are really entertaining to read through.

    (I knew Tim when he was teenage phone phreak trafficing in Commodore 64 games over a 300 baud... then the screaming fast 1200 baud Hayes modem. Anyone C64 people remember the "Wacko Cracko Brothers"? Hehe. Name that year.)