Infinium Tries 'Phantom' Name Change

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?"

Comments

Will the company ever release a product?

[BSDevil]

No.

Next question?

Re:Will the company ever release a product?

[kalphegor]

When can I play Duke Nukem Forever on Phantom?

Re:Will the company ever release a product?

[Propaganda13]

Only the Phantom knows.

Re:Will the company ever release a product?

[iced_773]

Can I play it while ascending a space elevator powered by cold fusion, or will it cause the elevator's quantum computer to crash?

Re:Will the company ever release a product?

[creepynut]

Yes, but it's been announced that Windows Vista will be released for the Phantom. Unfortunately, you'll need to wait for it to be released before you can play your copy of Duke Nukem Forever.

Re:Will the company ever release a product?

[Isldeur]

No.

Next question?

Untrue sir. I have one. I've been playing Duke Nukem Forever on it (and with my HURD kernel nontheless) all afternoon!

Re:Will the company ever release a product?

[Idolatre]

Yes that's a known issue. A workaround is to fly up there with your flying car instead.

Re:Will the company ever release a product?

[pseudochaotic]

And let me guess, you've been playing this all afternoon with your girlfriend...

No, no, that's entirely too outlandish.

Re:Will the company ever release a product?

[dalleboy]

Didn't you get the email? They are bundled.

WTF? Who are the suckers?

[randyest]

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."

Wow.

[MBCook]

They've spent $70 million dollars. Wow.

The worst part is the console. I remember a couple of years ago when the phantom was relatively new they showed off the console and some PC ports and the thing seemed at least somewhat real. At this point, they seem to have less of a console than ever. Even if they released the console they originally promised, it would be underpowered. Here are the specs:

CPU: AMD Athlon XP 2500+
Video card: nVIDIA GeForce FX 5700 Ultra, with 128MB RAM
RAM: 256MB
Hard drive: 80GB "content cache"

The HDD is good and the RAM is comparable to the 360. The graphics card is very outdated (the Wii is probably more advanced), and the CPU at 1.8 GHz doesn't quite compare with triple 3.2 GHz cores of a 360.

And they'd probably have to charge PS3 type prices just to try to stay afloat, and I think we all know how well they'd do with those prices.

Amazing that some investors are just this stupid. At this point, how could they EVER make that money back? Even if they sold that keyboard for $200 and it was pure profit, they'd have to sell 350,000 of 'em and they'll never do that (especially at that price).

It's like watching Duke Nukem Forever's development, only more absurd.

Re:Wow.

[kfg]

a couple of years ago when the phantom was relatively new they showed off the console and some PC ports and the thing seemed at least somewhat real.

And demonstrated that they had invested nearly several hundred of those $70 million on something other than coke and hookers.

You're still talking like the console was ever supposed to be a real product. The object you bring up that was displayed is something called "bait." Myself I prefer to dry fly fish for trout on the surface rather than bait fish for suckers feeding in the muck on the bottom.

KFG

Calling it 'phantom' is too subtle

[cant_get_a_good_nick]

Why they don't just rename the company "Vapor', will save a lot of blog discussions....

Re:Calling it 'phantom' is too subtle

[bagsc]

"The Board of Directors believes that the name change would be in the best interests of the Company because the new name better reflects the long-term growth strategy of the Company."

Seems pretty straightforward: Phantom growth strategy.

Infinitum?

[WoLpH]

They should change "Infinium" to "Ad infinitum" delay the release till infinity...

Paraphrasing the Bard...

[Stormwatch]

"What's in a name? That which we call a phantom
By any other word would smell as fishy."

Re:Paraphrasing the Bard...

[TheDreadSlashdotterD]

"That is not dead which can eternal lie,
But with strange aeons even the Phantom may die."

Phantom Entertainment

[0racle]

I love it! That is the best laugh I have had all day. Have them buy 3D Realms and it will be the joke of the year.

March 2006: Scott Miller, CEO of 3D Realms, announced that the company intends on developing a sequel to Duke Nukem Forever.

Re:Phantom Entertainment

[Jeff DeMaagd]

The difference is that 3D Realms was a good company with a good product gone horribly wrong. Infinium labs was an inherently corrupt idea from the start.

Either way, in comparison, NASA, an often misdirected of an agency, was able to make Deep Space One from project concept approval to launch pad in three years. Deep Space One, a project that tested twelve previously untested technologies in space and every one of those technologies succeeded.

Re:WTF? Who are the suckers?

[neuro.slug]

Vijay, the world's most desperate venture capitalist.

-- n

Quote

[nEoN nOoDlE]

"The Board of Directors believes that the name change would be in the best interests of the Company because the new name better reflects the long-term growth strategy of the Company."

I'll say.

Re:Vaporware...

[Khashishi]

This is vaporware.

no, this is Phantomware

Whoa

[Parham]

This company definitely needs to be put into the Guinness World Records... $69 million wasted with nothing to show. According to the related wikipedia article, they started back in 2002. They had four years to come up with something, anything, and managed to only gain fame through their downfall. They could have bought that for a lot less -__-.

Comment removed

[account_deleted]

Comment removed based on user account deletion

Re:WTF? Who are the suckers?

[cgenman]

So if they started in 2002, they've been going for 4 years. 4 years at 70 million dollars is 17.5 million dollars per year.

Assuming a 50% marketing, promotion, and etc cost, that leaves 8.75 million for staff and development. Assuming a generous 100,000 per year compensation package and 100,000 in per-employee support costs (office space, etc), that's a full-time staff of 44 developers.

44 developers, working full time, for 4 years. With a full marketing budget for a product that doesn't exist. Assume a 50/50 split between hardware and software, that's 22 people making the console and 22 people programming the interface, including artists.

70 million really should have been enough. Can you say "scam?"

SEC is also after them.

[Anonymous Coward]

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

Tim Roberts

[mybootorg]

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.)

Re:WTF? Who are the suckers?

[Bobartig]

according to their own SEC filings, they've spent about 10% or so of their budget on R&D (on a new console here, mind thee), and about 70%+ on 'consulting fees'. Scam? Yes.