GenCon lawsuits and take overs

Lucasfilm v. Gen Con Lawsuit Dismissed

Earlier we had a post about an action between Lucasfilm and GenCon. It Looks Like it has been resolved with a dismissal request by Lucasfilms. They will probably just let it be handled through the bankruptcy action that GenCon has filed.

This from a couple of weeks ago:

SEATTLE (November 26, 2008) Gen Con LLC announced today that it has received the blessing of the United States Bankruptcy Court to pay the Make-A-Wish Foundation funds raised in a charity auction last year. Judge Thomas T. Glover, noting that children should not have to wait for their wishes any longer, made the unusual ruling in open court last week, and creditors were told a payment would be ordered.
1. In February of this year, Gen Con filed for Chapter 11 protection in the United States Bankruptcy Court for the Western District of Washington. This action became necessary as a result of significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events.
“A key element of our reorganization plan has always been to treat Make-A-Wish as a separate class of creditor and it was our sincere hope that we would be allowed to pay them in full upon court acceptance of our Plan. We are simply thrilled to have received permission from the court with the support of our creditors’ committee to pay them in full right now, especially before the holiday season,” said Adrian Swartout, president of Gen Con.
Over the last nine months, Gen Con’s primary goal was to stabilize operations at a reduced cost structure and to establish whether the Gen Con Indy event could be operated profitably. As a result of new efforts by the current leadership team, Gen Con reports that it had its first profitable year since 2005. It is now confident that it can operate with sufficient profitability to fund the bankruptcy Plan. Under Chapter 11 laws, debtors are not allowed to pay any claims or debts included in the filing until a Plan is confirmed.
A wire for almost $150,000 is on its way.
Also there is a group trying to buyout (or save) GenCon.

Anthony Gallela, former (and current acting) Executive Director of GAMA, will lead the company formed to run Gen Con if the efforts of the Gen Con Acquisition Group are successful, he told ICv2 on Tuesday. “The investors are all outside the industry, very well funded, and can support the offer, and support Gen Con’s growth and development and continuation,” Gallela said. Gallela is also currently the VP-Sales and Marketing of Bucephalus Games The offer from the Gen Con Acquisition Group came in on the eve of the filing of Gen Con’s final plan for emergence from bankruptcy, and was subsequently rejected by Gen Con.