GP2 News: Microprose in receivership

Well, it had to happen: Microprose have just announced that they have run out of money and have gone into liquidation. Sad for GP2, looks like it may never be released at all. :( R.

> Well, it had to happen: > Microprose have just announced that they have run out of money and have > gone into liquidation. Sad for GP2, looks like it may never be released > at all. :( I have not heard this but even if it was true and the company was shut down, the finished game would be bought as assets are liquidated and then released. They're not going to del *.* to a finished game.

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>Well, it had to happen: >Microprose have just announced that they have run out of money and have >gone into liquidation. Sad for GP2, looks like it may never be released >at all. :( >R.

Hello Richard, It does not really matter what happens to Microprose as the F1GP 2 will actually be released by Spectrum Holobyte which purchased Microprose early last year. I am sure that after everyone has their copy of F1GP 2 all the delays that we have all exprienced will all but be forgotten. Patience is a virtue. Erick J. Davis

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>Subject: GP2 News: Microprose in receivership >Date: Mon, 24 Jun 1996 22:37:38 +0100 >Well, it had to happen: >Microprose have just announced that they have run out of money and have >gone into liquidation. Sad for GP2, looks like it may never be released >at all. :( >R.

Ahh!! The*** tries to tell us Microprose is broke. The*** does not know that Microprose make more money weekly from CIV and CIV2 ALONE than he will make in a year. On top of this, they I am not sure who has noticed, but F1GP1 is back on the top 40 hitlist. Not bad for something released 5 years ago. Microprose in liquidation? More like rolling in dough. Ashraf --- DISCLAIMER: My comments are my own and not necessarily those of my employer OR my service provider. ************************************************************************** Ashraf Ghebranious "If it takes only one person to suppress your religion, then it cant be much of a religion then can it?" - me To find out more about the cult that is Scientology, subscribe to ALT.RELIGION.SCIENTOLOGY. Dont get me wrong, these people are dangerous! "Jesus woman! I dont give a ***!" Rhett Butler, slightly paraphrased **************************************************************************

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> Well, it had to happen: > Microprose have just announced that they have run out of money and have > gone into liquidation. Sad for GP2, looks like it may never be released > at all. :( > R.

Who told you this? Bill Gates? Mike T.

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>>Well, it had to happen: >>Microprose have just announced that they have run out of money and have >>gone into liquidation. Sad for GP2, looks like it may never be released >>at all. :( >>R. > Hello Richard, > It does not really matter what happens to Microprose as the F1GP 2 will >actually be released by Spectrum Holobyte which purchased Microprose early >last year. I am sure that after everyone has their copy of F1GP 2 all the >delays that we have all exprienced will all but be forgotten.

Unless (of course) it is something like Across the Rhine & needs patching up the whazoo. And SH/MPS drops support like they did for ATR. Then is will not be forgotten :-) So do the F1 cars still float for 30 seconds when they flip over? How is realism compared to ICR2. A good framerate only gets you so far. Hey, we are not talking "Battle Cruiser 3000 AD" are we? :-) To Geoff's credit, World Circuit was pretty late too. And it completely kicked ass. I really do expect the same with GPII. > Erick J. Davis

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> Well, it had to happen: > Microprose have just announced that they have run out of money and have > gone into liquidation. Sad for GP2, looks like it may never be released > at all. :( > R.

Luckily for those who are waiting for GP2, Richard is wrong. Microspose does not even exist as a separate legal entity to go into receivership, since Spectrum Holobyte merged with Microprose in 1993. The merged company is named Spectrum Holobyte and trades on the Nasdaq exchange (under the symbol SBYT). The company continues to use the Microprose name because it has wide recognition in *** circles; and in a corporate press release a couple of months ago, Spectrum Holobyte indicated that would make even greater use of the Microprose name. So, where did these liquidation rumors start? Probably from the Nasdaq's insistence that Spectrum Holobyte raise its net worth to continue trading on the exchange. Following is a copy of Spectrum Holobyte's news release on this issue from last Friday. NEWS RELEASE NEWS RELEASE NEWS RELEASE NEWS RELEASE ALAMEDA, Calif., June 21 /PRNewswire/ -- Spectrum HoloByte, Inc. (Nasdaq: SBYT), a world-wide interactive entertainment company, today announced it has received commitments from foreign investors to privately purchase approximately $10 million of its Common Stock. The price of the shares so committed is at a 12% discount off the five-day trailing average trading price of the Company's common shares from the date of such commitments. The Company expects to close such private sales prior to June 28, 1996. In addition, the Company has entered into an agreement to issue 750,000 shares of Series B Convertible Preferred Stock in order to retire $6 million principal amount of its outstanding Convertible Subordinated Debentures, which are not due until the year 2002. The Series B Preferred Stock will be convertible into an equivalent number of shares of the Company's Common Stock. Stephen M. Race, Chief Executive Officer, commented, "The Nasdaq National Market System requires the Company to maintain at least $4 million of tangible net worth. On March 31, 1996, the Company had a solid balance sheet, with $35.4 million in cash and a 3:1 current ratio. Despite this balance sheet strength, the Company had negative tangible net worth. The Company raised private equity and reduced its debt to comply with Nasdaq's request that it achieve compliance with the net tangible assets requirement by July 12, 1996 in order to remain listed on the National Market System. The $16 million balance sheet improvement we were able to achieve more than makes up for the March 31, 1996 shortfall. The Company intends to take similar measures if required to offset any operating losses in the current quarter. The Company does not believe that the private placement and debt exchange were necessary from an operational standpoint or to bolster liquidity. We do believe, however, that remaining on Nasdaq National Market is in the best interests of our shareholders." -- No, Toto, I don't think we're in Kansas anymore. ..Woof \____|> /\ /\ -- No, Toto, I don't think we're in Kansas anymore. ..Woof \____|> /\ /\

Yea right, I guess GP2 is going to just disappear after it has taken 2 1/2 years to develop. There is nothing that can stop this game from coming out now, Microprose or No Microprose. Mark