Gen Con Files For Chapter 11 Bankruptcy Protection
As everyone and their half-orc sister is reporting, Gen Con has filed for Chapter 11 Bankruptcy protection, apparently as a direct result of a lawsuit filed by LucasFilm alleging an unjust failure to uphold financial obligations relating to Celebration IV.
Press release from GenCon.com:
Gen Con Files for Chapter 11
SEATTLE (February 15, 2008) 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.
About Gen Con
Gen Con, LLC produces the largest consumer fantasy, sci-fi and adventure game convention in North America. Itts operations include Gen Con Indy and licensees for European and Asia Pacific Gen Con shows. It was acquired in 2002 by former CEO and founder of Wizards of the Coast Peter Adkison, who solely owns the company headquartered in Seattle, Washington. Gen Con is a consumer and trade experience dedicated to gaming culture and community. For more information visit the website at www.gencon.com.
Slashdot post here - http://games.slashdot.org/article.pl?sid=08/02/18/180246
TheForce.net post here -http://theforce.net/latestnews/story/Lucasfilm_Sues_Gen_Con_112361.asp