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Gen Con Files for Chapter 11

On Friday, Feb. 15, Gen Con LLC announced that it’s filing for Chapter 11 protection due to “significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events.” This phrase could be seen as a reference to previous Star Wars Celebration events, which are at the heart of a lawsuit filed by Lucasfilm against Gen Con in mid-January 2008. In that lawsuit, Lucasfilm claims that approximately $150,000 collected by Gen Con for the Make-a-Wish Foundation has not been paid as promised. Furthermore, Lucasfilm claims that it’s owed roughly $500,000 in fees.

In the press release, Gen Con notes that Gen Con Indy remains profitable and will take place as planned August 14-17 in Indianapolis, Indiana.



Posted by W. Eric Martin on Feb 17, 2008 at 07:00 AM in Game NewsBoardgame News / 1162

Comments:

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While I am happy that operations will continue and the con is going forward, I am troubled about it at the same time. Will we ever know if Adkinson and company *borrowed* the Make-a-Wish money to further Gen Con’s growth? I mean, if that is what went down, that would seem pretty low… as in there would be a special place reserved in the the ninth level of hell kind of low.

I like to think better of Mr. Adkinson and company, so I will reserve judgement in a “please say it isn’t so” way.

Somehow I am reminded of the Big Lebowski… let’s hope I am wrong.

Posted by William Baldwin on Feb 17, 2008 at 09:05 AM | #

My guess is that the answer is more along the lines of incompetence in managing their finances.  I’m sure there were bad decisions along the way as they did things that they hoped would work out and didn’t.  While that is a form of ‘borrowing’ I personally doubt it was undertaken with any sort deliberate or harmful intent.  It wouldn’t be the first time that one of Adkinson’s companies showed itself to not be managed with the tightest of business acumen.

Posted by Brian Leet on Feb 17, 2008 at 10:07 AM | #

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