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Gen Con Files For Chapter 11

Posted by ScuttleMonkey on from the missed-their-saving-throw dept.

Heartless Gamer writes to tell us that Gen Con LLC announced late last week that they have filed for Chapter 11. This move will not affect the still profitable Gen Con Indy event which will still happen August 14-17, 2008. "This action became necessary as a result of significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events. [...] The protections afforded by Chapter 11 will allow Gen Con to further its efforts to address its liquidity needs, preserve value for its creditors and explore strategic alternatives for the business." Evan writes to add that this is the result of LucasFilm suing GenCon.

10 of 120 comments (clear)

  1. Anyone else hope by Moryath · · Score: 3, Interesting

    that this might, JUST might, get them to move GenCon back to Milwaukee where it belongs?

    I mean, seriously - they bitched and moaned about "not enough hotel space" being the prime factor when by moving it just one weekend later they WOULDN'T HAVE TO COMPETE FOR HOTEL SPACE WITH FUCKING WISCONSIN STATE FAIR.

    Then the very next year at GenCon Indy - "not enough space in the dealers' room, we're growing out of all the hotel space we can find in Indy..." bah.

    Move it back to Milwaukee where it belongs. I miss taking my buddies to The Safehouse.

    1. Re:Anyone else hope by isomeme · · Score: 2, Interesting

      Sometime around 1975, when I was about 13 years old, we were planning to visit my grandparents near Milwaukee one summer when I realized that the fabled GenCon would happen right in the middle of our visit. I managed to work out a ride to Lake Geneva for one day, a glorious day which still lives in my memory as THE GEEKIEST DAY EVAR. I won a copy of the SPI game StarForce in a raffle within moments of arriving, and it just got better from there.

      So, yes: For some of us, Lake Geneva will always be the true home of GenCon.

      --
      When all you have is a hammer, everything looks like a skull.
  2. Re:This is a result of Lucasfilm litigation by poetmatt · · Score: 2, Interesting

    FYI,

    Its a "to be determined 500k" meaning they don't know that it's accurate. I don't know what Gencon did/didn't do, but bankruptcy stays any legal matters....therefore, until they get out of bankruptcy (or judge allows the case to move forward), Gencon gets a get out of jail free (temporarily).

  3. If it's true by rossz · · Score: 4, Interesting

    If what LucasFilm says of GenCon, then they need to be crushed. Stealing money from dying children? It would be very difficult to do something more scummy.

    --
    -- Will program for bandwidth
    1. Re:If it's true by drinkypoo · · Score: 2, Interesting

      I'm sure that perception is what LucasFilm is counting on. But is it true? Does anyone know anything about this?

      --
      "You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
    2. Re:If it's true by Anonymous Coward · · Score: 2, Interesting

      Interesting take and some blatant BS.

      BS first...Reneging on a (n alleged) promise to donate to charity is not stealing. Putting your hand in the cookie jar and taking a wad of cash out without permission would be.

      And the interesting part...So GenCon is expected donate their proceeds to charity while Lucas gets to keep his...

      Yeah, reneging on a promise to donate earnings to charity is not technially stealing...but it is every bit as immoral. And just as illegal.

      No they didn't put their hand in the cookie jar, they basically held out a cookie to a dying child, then snatched it away at the last moment.

      I can't see anywhere from the claims that indicate that Lucasfilm gets to keep anything. The original agreement appears that Lucasfilm would donate certain memorabilia to GenCon for auction, with the proceeds going to Make-a-Wish.

      Gencon apparently chose to keep the money from that auction. Lucasfilm is appropriately pissed. They are asking for the money from the auction back, plus money to compensate for the items sold. Presumably if they are given this money, they will make the appropriate donation to make-a-wish.

      It is unlikely in the extreme that any of the claims made in the suit are outright fabrications. Lucasfilm would have to have some entirely retarded lawyers to be lying about any of the items claimed as they are fairly easily checked.

      Gencon on the other hand must have entirely retarded management to think they could get away with this...and pretty scummy to withhold promised funds from dying children. Even better, filing for Chapter 11 means they will probably never be force to provide the promised funds.
  4. Re:Why am I not surprised? by Anonymous Coward · · Score: 1, Interesting

    It's not that they're (necessarily) run by those with criminal intent. Many conventions started out small and became much larger than their operators ever intended, and these are people with little business or financial know-how. It's a common sight to see conventions collapse due to unintentionally poor management in any field, really.

  5. Re:Why am I not surprised? by byennie · · Score: 5, Interesting

    Really? Do you know the people who run GenCon?

    GenCon is owned by Peter Adkison, the creator of Magic and former CEO of Wizards of the Coast. He's a gamer through and through and one of the most approachable guys on the planet of his stature. Peter made plenty off of WoTC's sale to Hasbro to do whatever he wanted - GenCon wasn't lining his pockets by any stretch of the imagination. This is the same man who responded to my unsolicited emails for help starting a gaming company. He answered any question I had, connected me with his personal contacts, and in return - just suggested that I pay it forward. I don't know anything about GenCon's legal issues, but I suspect neither do you.

    I don't know the depth of their dealings. But unless you do, perhaps you should refrain from making generalizations. God forbid you ever achieve such a level of success and find people throwing stones at you. Reserving judgement isn't nearly as sensational, but it's often warranted.

  6. I really hope so. by Viewsonic · · Score: 2, Interesting

    The Milwaukee GenCons were a thing of legend. It blew my mind when they were moving it. If I were a spiteful person, I might be happy about this news. But I'd rather they just come back home. Where they belong.

  7. Re:Why am I not surprised? by byennie · · Score: 2, Interesting

    Peter did a whole lot more than just market Magic. If Garfield had something shrink wrapped and ready to go, he wouldn't have come to Wizards of the Coast in the first place.

    That's why it's called a *partnership*. Flame all you want, but both sides need each other, and it's juvenile to suppose that anyone who can bring a product to fruition is some sort of soul-less marketing droid. What a miserable, woe is me attitude that is.