Court Doesn't Buy Gizmondo Bankruptcy Plans

from the must-have-noticed-the-fancy-cars dept

A few weeks ago, we noted (with some surprise) that handheld gaming developer Gizmondo was somehow able to raise a $5 million bridge loan while filing for bankruptcy. This was for a company that had built a non-competitive, non-compelling expensive handheld gaming machine in a market that was already dominated by huge players. Much more importantly, though, the company had execs with criminal pasts who were paying themselves millions of dollars and even giving themselves expensive luxury cars as part of their compensation — despite the fact that the company had no real revenue. Perhaps those execs showed up at the bankruptcy court hearings in those fancy cars, because the court isn’t buying it, denying the bankruptcy plans, and demanding the liquidation of the company. No word on if the execs get to keep their cars.

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “Court Doesn't Buy Gizmondo Bankruptcy Plans”

Subscribe: RSS Leave a comment

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...