The CGL situation p3 Options

[Sengir]

Huh, Wildfire getting at least a sizable portion of their debt owed is worse?

The problem is that IMR are essentially handing out company property because they don't have enough liquid assets to fulfill demands. On the one hand it might be a good way to free some cash, but it also can mean that there is simply no money left to meet outstanding demands.

[JM Hardy]

In other news, I've heard from multiple sources that checks for Shadowrun work are being received. Are we all caught up? No. Is it better than it was seven days ago? Yes!

Jason H.

[D2F]

In other news, I've heard from multiple sources that checks for Shadowrun work are being received. Are we all caught up? No. Is it better than it was seven days ago? Yes!

Jason H.

That's good news. I still hope you retain the license, as waiting for a new publisher would delay new releases even more. I'll keep my fingers crossed that this is only a temporary hickup and will resolve in the long run.

[ravensmuse]

Play the game and try to bring in new players. No matter what happens on the business side of things, a greater fan base will be a benefit to the game in the future.

But - and I hate to say this - I don't want to.

Shadowrun the property remains one of my favorite games, and yet, I have no will to give CGL money until this shit is straightened out. And I won't direct people to the game until it's straightened out either. Because while the creative side of Shadowrun is absolutely awesome (SR4a is seriously one of my favorite corebooks of all time) the business side is off in the bushes somewhere, doin' their own thing. It's screwing the creative side no matter how you look at it. And as I'm a creative person, and I was looking into shooting for freelance status with CGL, that's ass. That's double ass. That's two mules and a donkey standing around in a field saying that it's ass. Y'dig?

I'm just really disappointed in everything that's gone down these past few weeks. Jason, I feel you, and I've even sent some condolences your way, but seriously. Get yourselves in order before you ask me to purchase more product or bring more people into the fold. I would love to, but I can't do it with good conscience at the moment.

(and my girlfriend calls me a drama king. HA! Fraggin' HA!)

[kzt]

KZT: I'm curious where the information you got regarding # of people at 500 changing any rules regarding a corporation. At *1* shareholder, you're registered with the federal government, Federal Tax ID and all, at least if your corporate agent in your state of incorporation is doing his job, it is. What other registrations do you have in mind regarding 100 ppl +?

It's all very vague to me at this point. Based on a quick search:

http://www.sec.gov/answers/regd.htm
"Under the Securities Act of 1933, any offer to sell securities must either be registered with the SEC or meet an exemption. Regulation D (or Reg D) contains three rules providing exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the securities with the SEC. For more information about these exemptions, read our publications on Rules 504, 505, and 506 of Regulation D."

[emouse]

The problem is that IMR are essentially handing out company property because they don't have enough liquid assets to fulfill demands. On the one hand it might be a good way to free some cash, but it also can mean that there is simply no money left to meet outstanding demands.

Well, they're handing that property to the partner who owns the original copyright on that property. It would be pointless for Catalyst to sit on a stock of CTech books if Wildfire was no longer their partner. Presumably the stock is the first installment toward paying off what's owed. Hopefully that holds true, and Wildfire can turn a profit on selling that stock themselves.

The inconvenience for Wildfire is that they were not previously selling physical stock directly, so there's going to be some cost and effort associated with doing so.

[Wandering One]

It's all very vague to me at this point. Based on a quick search:

http://www.sec.gov/answers/regd.htm
"Under the Securities Act of 1933, any offer to sell securities must either be registered with the SEC or meet an exemption. Regulation D (or Reg D) contains three rules providing exemptions from the registration requirements, allowing some companies to offer and sell their securities without having to register the securities with the SEC. For more information about these exemptions, read our publications on Rules 504, 505, and 506 of Regulation D."

That's a specific exemption to privately held companies if they choose to sell stock (after the initial stock distribution, which you decide # of shares and how many per person when you register the corporation). It also seems to reference private transfers of stock (not new stock sales for capital, but selling some of your privately held stock) but I'd have to read through the full legalese to turn it into something intelligible again. Definately nothing to do with number of shareholders in the corporation having anything to do with corporate activity or registrations. That item would come into play if a single shareholder sold personal stock after the fact and now had two shareholders... at least from the crib sheet version they've got there. I didn't read 504, 505, nor 506 nor the Form D amendments referenced there in any great detail.

There are references to what's considered a sophisticated investor, which basically means not some Joe Schmoe tossin' money into an IRA and hoping for the best, and there's only so many of those you're allowed per year, as well as a cap for the exception on how much money can be transferred around during a 12 month period.

Sorry folks, not trying to derail, and if this becomes a more... intricate conversation we'll hop over to another thread, just trying to clarify and understand where KZT's information can be confirmed in regards to augmentin's idea.

[Dwight]

The problem is that IMR are essentially handing out company property because they don't have enough liquid assets to fulfill demands.

This asset was product inventory, from what was essentially a sideline (developing) business. Product inventory --> liquid asset --> pay off debts = being in business, in this case the middle step was virtual. Shedding a sideline business isn't "great" by itself but it is usually the best move when you are in trouble (EDIT: in this case somewhat forced upon them anyway by the termination of contracts....which isn't surprising since they lacked the cash/flow to make print runs at will as well as pay their debtors)

I don't think you understand that CGL just having the option to pay debt using inventory (no other company having a lien on it) is a whole lot better than the situation could be with debtors locking up assets so the company can't try maneuver to get out from under debt.

[ketjak]

I'm not sure on how much I'm allowed to say nor when the gag lifts... I will say that I have heard stories about how disturbingly high the number of people who answer yes to some questions.
I think you can add the rest together based on the following...

Lifestyle

animals

Now slow down - there is no evidence that Loren L. Coleman has inappropriately touched animals he may or may not have purchased using company funds.

-Ket

[BlueMax]

That reminds me:
"When did you stop beating your wife?"

Dude, If you guys are going to do Classic Schtick I am in.

BlueMax
/thank you
//thank you very much
/// I will be here all weak, try the Soyeal
//// and for Big D's sake, tip your waiter

[kzt]

Sorry folks, not trying to derail, and if this becomes a more... intricate conversation we'll hop over to another thread, just trying to clarify and understand where KZT's information can be confirmed in regards to augmentin's idea.

As I said, the issue with this was that being able to sell stock in multiple states to random people who probably don't make an average of $200,000 per year for the last 3 years is complex and probably requires an expensive lawyer to avoid breaking the law. Then you have the state regulation of security sales...

[Sengir]

This asset was product inventory

Damn, I somehow read "they transferred to copyright to Wildfire". Sorry about that.

[Wandering One]

As I said, the issue with this was that being able to sell stock in multiple states to random people who probably don't make an average of $200,000 per year for the last 3 years is complex and probably requires an expensive lawyer to avoid breaking the law. Then you have the state regulation of security sales...

Somehow, I missed that as the essence of your post, my apologies. Must have misread it somehow. Luckily, the states controlling security sales is (mostly) non-existant, and the fees for lawyers for corporations setting up through an in-state agent (I personally recommend Delaware and Nevada, they're the most tax-lenient and because of that have some of the best agencies) are usually reasonable for the requirements, especially for common questions like this to be answered. Hell, they probably have it as boilerplate if requested and the nice receptionist just makes a copy for $20. (IMG:style_emoticons/default/grinbig.gif)

You're right on one thing though, I'm no longer sure what is considered a 'sophisticated investor' by law, it didn't come up for the few startups I created (and crashed, but that's because of other skills I lacked... ah well), so, well, I honestly don't remember. What you say above makes some sense though for the regulations. Thanks.

[X-Kalibur]

That reminds me:
"When did you stop beating your wife?"

Last week.

[Kid Chameleon]

I'd be strangely curious to know what sorts of questions they do ask, actually. But only because I love storing potentially useless knowledge for safe keeping in my noggin.

Well, the toughest part for me was before the polygraph. They go over with you all the questions they are going to ask. So when they ask "Have you ever stolen anything?" you have to tell them all of the times you did. So when the polygraph is on they can phrase it like, "Other than that one time, have you stolen anything?" Once you bear your soul to the operator, it's a lot easier. Most of the questions were pretty standard, have you ever stolen anything, taken drugs, drink to excess, have you ever committed a crime, etc. There were a few weirder ones. Would anyone say yon don't give your full effort/do you do a complete days work and have you ever lied to your parents. Some other guys I knew got shit for the latter. The former I was worried about, because no one spends their entire shift working. You have downtime, especially in a high tech world. Luckily I got through it, though I learned not to try to beat the dang thing.

[D2F]

Well, the toughest part for me was before the polygraph. They go over with you all the questions they are going to ask. So when they ask "Have you ever stolen anything?" you have to tell them all of the times you did. So when the polygraph is on they can phrase it like, "Other than that one time, have you stolen anything?" Once you bear your soul to the operator, it's a lot easier. Most of the questions were pretty standard, have you ever stolen anything, taken drugs, drink to excess, have you ever committed a crime, etc. There were a few weirder ones. Would anyone say yon don't give your full effort/do you do a complete days work and have you ever lied to your parents. Some other guys I knew got shit for the latter. The former I was worried about, because no one spends their entire shift working. You have downtime, especially in a high tech world. Luckily I got through it, though I learned not to try to beat the dang thing.

Or you could just take a bunch of downers beforehand (IMG:style_emoticons/default/nyahnyah.gif)

[Wandering One]

Or you could just take a bunch of downers beforehand (IMG:style_emoticons/default/nyahnyah.gif)

Being a sociopath is much cheaper and more efficient. (IMG:style_emoticons/default/wobble.gif)

[Kid Chameleon]

Or you could just take a bunch of downers beforehand (IMG:style_emoticons/default/nyahnyah.gif)

This thread wasn't available at the time. (IMG:style_emoticons/default/twirl.gif)

[Dwight]

This thread wasn't available at the time. (IMG:style_emoticons/default/twirl.gif)

And you were unable to Google 4chan?

[Kid Chameleon]

And you were unable to Google 4chan?

Not at work. (IMG:style_emoticons/default/wobble.gif)

[Cain]

We are working to settle and legal issues as quickly as possible. However, I hope you recognize that simply saying "We'd like to settle this legal issue quickly" does not immediately make it go away.

I can have some input into payments, but I do not have all the necessary information--things like a current list of outstanding ICAs, cash on hand, etc. So many decisions are made by the people that have that information.

Okay. Since you don't have the final say, what would be your choice of projects to pay off? Strictly hypothetical, and since you don't decide payments, it only amounts to which existing and announced projects you'd like to see in the hands of fans.

Also, paying off a few freelancers may be too little, too late. Paying them all off would put CGL in a stronger position, wouldn't you agree?

[Adam]

Seriously, Cain -- Jason has nothing to gain from answering questions like that, and a lot to lose. Even if he had nothing to lose, it's time and effort he could be spending _working on Shadowrun._

[tweak]

What's going on with the GEN CON events? I downloaded the file today, and I saw some Catalyst ones that don't make any sense given the recent license changes. When can I expect updated events?

[tweak]

In other news, I've heard from multiple sources that checks for Shadowrun work are being received. Are we all caught up? No. Is it better than it was seven days ago? Yes!

Jason H.

Great job! Seriously, you have taken so much shit over the past couple of weeks. I hope everything works out okay.

[Bull]

What's going on with the GEN CON events? I downloaded the file today, and I saw some Catalyst ones that don't make any sense given the recent license changes. When can I expect updated events?

The Gen Con events were submitted months ago, long before the trouble start (Public trouble, anyways). I can't speak for exactly how these will be worked out, as that's not my department.

However, at worst, these events just get canceled. At best, Wildfire and Posthuman take over the slots and handle running those events themselves.

Bull