GenCon Goes Bankrupt
February 16, 2008 · Filed Under Conventions
NOT good news.
I discovered this, literally, 2 minutes after I finished my new Squidoo Lens on GenCon.
Friday, Peter announced that GenCon LLC is filing chapter 11 bankruptcy.
It’s chapter 11, which means restructuring, as opposed to going out of business. Still, it doesn’t bode well when it happens the same week that Lucasfilm sues GenCon for around a million bucks.
Another link.
And Another.
Gencon.com seems to be down today.
More updates (in the comments section) as they become available.
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- Update on GenCon Bankruptcy - Letter from Peter
- GenCon Web Site Back Up
- The Rumors of my Demise
- OK, so, I’m a d20
- Sunday Link Smashup for August 31, 2008
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Update: Tabletop Gaming News provided this excerpt from the GenCon web site (before it went down):
Gen Con LLC announced today that it has filed for Chapter 11 protection in the United States Bankruptcy Court for the State of Washington. This action became necessary as a result of significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events. Gen Con’s flagship show, Gen Con Indy, remains a vibrant, profitable event. Gen Con Indy will take place as scheduled August 14–17, 2008, in Indianapolis, Indiana.
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. “Because the fundamentals of our business are strong; and because our debt problems are challenges mostly linked to one-time events, we feel confident that the profile of our company will benefit under Chapter 11 and come out strong in the end,” said Peter D. Adkison, CEO of Gen Con.
Chapter 11 refers to the section of the U.S. Bankruptcy Code that provides for court-supervised restructuring of companies as they continue to operate normally. This proceeding is intended to help companies to become stronger financially. Gen Con LLC will continue to operate without interruption during this process and looks forward to an expeditious resolution to the short-term challenges and the ability to focus entirely on producing Gen Con Indy, The Best Four Days in Gaming. International Gen Con events are unaffected by this situation and will continue to operate as scheduled.
GamerChicksrule.com provides a list of the Lucasfilm complaints, including a link to the legal paperwork, here.