 Statement from CGL regarding financial situation, Addressing the rumors |
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 Mar 17 2010, 04:13 AM
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#1
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Moving Target  Group: Members Posts: 595 Joined: 12-May 05 Member No.: 7,392  |
The following was just posted to CGL's website, and I was asked to disseminate it far and wide:
>>>>> Catalyst Game Labs recently completed a detailed financial review of the company. We learned that over the past several years the company has achieved dramatic growth in terms of demand, increased total revenues and strong sales with an increasing market share in the gaming industry, despite a lackluster economy. We are thrilled by that news and are eager to move forward with our upcoming original game Leviathans, along with our other new casual games. We also remain committed to plans for our beloved licensed games: Shadowrun, BattleTech, Eclipse Phase, and CthuluTech. While we wish the review had only uncovered positive news, we also discovered our accounting procedures had not been updated as the company continued to grow. The result was that business funds had been co-mingled with the personal funds of one of the owners. We believe the missing funds were the result of bad habits that began alongside the creation of the company, which was initially a small hobby group. Upon further investigation, in which the owner has willingly participated, the owner in question now owes the company a significant balance and is working to help rectify the situation. The current group of owners was presented with this information on Monday. Administrative organization for the company is under review, and accounting procedures have been restructured, to correct the situation and provide more stringent oversight. We feel the management team at Catalyst did the responsible thing by seeking this financial review and we will continue to restructure as needed. We are in discussions with our partners and freelancers to remedy any back payments that may also be due as a result of this review. We are embarrassed that this situation did occur but we hope our eagerness to make these changes, along with our reputation for making great games, will encourage you to stand by us. We understand that for a few employees the news was too stressful and we wish them all the best in their new endeavors. However, the majority of the team remains and will continue to bring great entertainment to you all. We appreciate the support our friends, freelancers, and fans have provided us in the past and look forward to a successful future. >>>>>> While I don't imagine this answers all questions people may have, I hope this sheds some light on the situation, particularly Catalyst's determination to continue producing products and to remedy back payments to freelancers. I remain open to questions people may have. Jason H. |
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Mar 17 2010, 04:26 AM
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#2
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Moving Target Group: Members Posts: 489 Joined: 14-April 09 From: Madison, WI Member No.: 17,079 |
Unless the "owner" in question is very wealthy, you'd think they'd notice hundreds of thousands of dollars in extra "co-mingled" income. That or fire your accountant stat.
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Mar 17 2010, 04:29 AM
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#3
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Moving Target Group: Members Posts: 188 Joined: 26-August 05 Member No.: 7,622 |
QUOTE (Semerkhet @ Mar 16 2010, 11:26 PM)  Unless the "owner" in question is very wealthy, you'd think they'd notice hundreds of thousands of dollars in extra "co-mingled" income. That or fire your accountant stat. This is when you bring in the lawyers and lose a lot of money in attorney fees. |
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Mar 17 2010, 06:18 AM
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#4
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Runner Group: Dumpshocked Posts: 2,946 Joined: 1-June 09 From: Omaha Member No.: 17,234 |
Thanks for the update Jason. I for one have been very happy with CGL and wish them best of luck, as long as you guys put out good products i'll keep buying.
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Mar 17 2010, 01:51 PM
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#5
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Shooting Target Group: Dumpshocked Posts: 1,755 Joined: 5-September 06 From: UCAS Member No.: 9,313 |
Wow computer died and been out touch mostly for few weeks. Finally back online and log in to spot whats up with Catalyst. Sad to see so many good people leaving but I hope things can work out for the sake of our game.
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Mar 17 2010, 02:31 PM
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#6
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Neophyte Runner Group: Members Posts: 2,328 Joined: 2-April 07 From: The Center of the Universe Member No.: 11,360 |
So when will the free lancers that are owed money get paid? (Stupid question, but figured I'd ask anyway)
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Mar 17 2010, 02:43 PM
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#7
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Moving Target Group: Members Posts: 595 Joined: 12-May 05 Member No.: 7,392 |
Freelancers are supposed to be getting statements shortly that would set out what they are owed and, from what I have heard, establish a payment schedule.
Jason H. |
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Mar 17 2010, 05:31 PM
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#8
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jacked in Group: Admin Posts: 8,987 Joined: 26-February 02 Member No.: 463 |
QUOTE (JM Hardy @ Mar 17 2010, 05:13 AM) ...particularly Catalyst's determination to continue producing products and to remedy back payments to freelancers. I sure hope you will make it thru this mess and continue the way you did before (and the Freelancers will get paid for their hard work, too). You did a really great job with the game lines. (IMG:style_emoticons/default/smile.gif) Bye Thanee |
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Mar 17 2010, 05:36 PM
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#9
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Incertum est quo loco te mors expectet; Group: Dumpshocked Posts: 6,546 Joined: 24-October 03 From: DeeCee, U.S. Member No.: 5,760 |
I don't understand. The company is voluntarily disclosing this information? As in, without prompting, admitting fault and accepting responsibility?
They must be hiding something... |
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Mar 17 2010, 06:54 PM
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#10
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Moving Target Group: Members Posts: 628 Joined: 13-December 09 From: Montreal, Quebec Member No.: 17,963 |
That owner should sell stuff he owns to give back to his company. Or hypotheque his life for the company ... Anyone up for the run (IMG:style_emoticons/default/wink.gif) (Kidding)
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Mar 17 2010, 06:55 PM
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#11
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Hoppelhäschen 5000 Group: Members Posts: 5,807 Joined: 3-January 04 Member No.: 5,951 |
QUOTE (nezumi @ Mar 17 2010, 06:36 PM) I don't understand. The company is voluntarily disclosing this information? As in, without prompting, admitting fault and accepting responsibility? If, by "voluntarily" and "without prompting" you mean "trying to put a positive spin on a potentially disastrous leak fueling the rumor-mill", then yes. |
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Mar 17 2010, 10:36 PM
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#12
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Shooting Target Group: Members Posts: 1,849 Joined: 26-February 02 From: Melbourne, Australia Member No.: 872 |
Does this mean I will be able to buy my hardcopy of Vice at my local game store? *sniff*
- J. |
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Mar 17 2010, 11:10 PM
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#13
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The back-up plan Group: Retired Admins Posts: 8,423 Joined: 15-January 03 From: San Diego Member No.: 3,910 |
[Redacted]
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Mar 18 2010, 02:13 AM
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#14
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Moving Target Group: Members Posts: 183 Joined: 10-January 10 Member No.: 18,025 |
I have a copy of Vice. rather nice it is yes
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Mar 18 2010, 02:19 AM
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#15
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Canon Companion Group: Members Posts: 8,021 Joined: 2-March 03 From: The Morgue, Singapore LTG Member No.: 4,187 |
Funny how Vice pops up in thread that deals with CGL's financial situation.
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Mar 18 2010, 05:34 AM
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#16
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Moving Target Group: Members Posts: 346 Joined: 17-September 06 From: Utah USA Member No.: 9,402 |
QUOTE (JM Hardy @ Mar 16 2010, 10:13 PM) We understand that for a few employees the news was too stressful and we wish them all the best in their new endeavors. Sounds like some people got screwed over. Who'd we loose? |
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Mar 18 2010, 06:14 AM
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#17
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Runner Group: Members Posts: 2,650 Joined: 21-July 07 Member No.: 12,328 |
QUOTE (tweak @ Mar 17 2010, 03:29 PM) This is when you bring in the lawyers and lose a lot of money in attorney fees. Lots of small business owners use personal accounts (which is dumb) to conduct business out of. It's only a problem when you cannot cough up the money - then you are stuffed. |
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Mar 18 2010, 06:49 AM
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#18
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jacked in Group: Admin Posts: 8,987 Joined: 26-February 02 Member No.: 463 |
QUOTE (Ayeohx @ Mar 18 2010, 06:34 AM) Who'd we loose? http://adamjury.com/2010/no-longer-with-catalyst/ Bye Thanee |
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Mar 18 2010, 08:36 AM
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#19
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Moving Target Group: Validating Posts: 664 Joined: 7-October 08 From: South-western UCAS border... Member No.: 16,449 |
QUOTE (Thanee @ Mar 18 2010, 01:49 AM) That BLOWS. It's hard to imagine a current SR book that doesn't have his name in the credits. |
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Mar 18 2010, 12:23 PM
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#20
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Target Group: Members Posts: 56 Joined: 26-September 07 From: The Glitterman Member No.: 13,422 |
The Kat takes an extended vacation from the Shadows and I come back to a whole heap of money sling'n, or lack there of, going on in the corporate belly of the beast. I hope they can repair the damage done and keep my Shadowrunners in business for years to come.
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Mar 18 2010, 10:01 PM
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#21
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Moving Target Group: Members Posts: 256 Joined: 27-July 09 From: Aurora Barrens, Denver Member No.: 17,433 |
Hmmm I would suggest hiring a group of shadowrunners to take his thieving ass out, but sadly we can't do that yet.
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Mar 19 2010, 10:13 PM
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#22
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Great Dragon Group: Members Posts: 7,089 Joined: 4-October 05 Member No.: 7,813 |
edit: link to where i got this information.
tiger eyes (Jennifer Harding, was financial person... unsure of exact title), Adam Jury (layout guy, probably did half or more of everything else too), and an unnamed operations manager. |
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Mar 19 2010, 11:22 PM
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#23
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The back-up plan Group: Retired Admins Posts: 8,423 Joined: 15-January 03 From: San Diego Member No.: 3,910 |
The list of staff members who have resigned is:
Jennifer Harding, Bookkeeper and Office manager Adam Jury, Lead Layout David Stansel-Garner, Operations Director Please forgive my previous error, I have redacted my comment. |
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Mar 20 2010, 01:03 AM
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#24
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Shadow Cartographer Group: Members Posts: 3,737 Joined: 2-June 06 From: Secret Tunnels under the UK (South West) Member No.: 8,636 |
And do we have a running total of which freelancers have given serious consideration to never working with CGL again? Seems to be a few of them and other than Adam's ever-stirling work, most the Shadowrun material has come from freelancers, has it not?
K. |
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Mar 20 2010, 01:54 AM
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#25
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The back-up plan Group: Retired Admins Posts: 8,423 Joined: 15-January 03 From: San Diego Member No.: 3,910 |
I do not have that information, and believe that it is a very subjective discussion for each individual.
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Lo-Fi Version | Time is now: 20th April 2024 - 04:41 AM |
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