star citizen Foundry 42, Cloud Imperium subsidiary, takes a loan and puts EVERYTHING as collateral

[WhiskeyOmega]

For the love of Linus.....Its not a straight loan. Coatts and Co are a Wealth Management company (WMC). They look after companies and people with a lot of money but in the short term if people/companies still want access to the funds whilst the WMC invest it long term. The Company can still use it in the form of a loan from the WMC. There is no interest payed back off the loan itself. Normally the WMC take a percentage of the investment later on after it has been withdrawn from the investment. CIG need to invest the $150 mil to make it last at least 10 years but they still need to be able to use it to develop the game hence the loan whilst the money is being invested. 

[Mihle]

If they was low on money, The bank wouldnt let them take that loan in that bank. so in one way its a good sign because it means that they must have quite a bit of money left.
 

BTW; someone said this, I do not know how accurate or true it is tho, so dont blame me if its wrong: 

 

[Misanthrope]

 

 

The scam of the century is now attempting to move to legit sources? Unlike stupid crowd funding backers they will come and collect.

 

Must feel nice for all said backers that basically gave a bank free money and wasted years waiting for fuck all.

[NumLock21]

45 minutes ago, zMeul said:

should ?! how hard is it to google Start Citizen, Foundry 42 or Cloud Imperium ?

literally the 1st result of googling Foundry 42 gets you to Cloud Imperium Games

 

so it the news is about NAND, everyone reading it should know exactly what NAND is?! 

 

You are the reporter. It's is your duty to give your audience some background info about who you are reporting about. Can't be bother with it? Then let someone else do the damn job.

As for nand, well they go into your SSDs as storage capacity. There seems to be in short supply and Apple has reserved a huge chunk of it for their devices. Because of the low stock on nand, price of SSDs have gone up. This affects budget builder who can no longer get a SSD into their builds.

 

In other news Tiger has relocated their office. Yeah not going to bother with who they care cause you guys and look it up.

17 minutes ago, Centurius said:

The point something has a dedicated subforum on these very forums is when putting that info in the OP is no longer needed.

Dedicated sub forum is not a excuse for not putting detail info about what's being reported.

 

Back on topic...

If I remembered, last time I've heard the games was never finalized or finished. Saw the game play looks like fun, but I'm no going to spend my hard earn money on a unfinished product.

[Derangel]

1 hour ago, zMeul said:

sure .. how many game development companies take loans and put everything as collateral ?!

Probably most of them, especially independent studios. This is only news because its CIG and people love to flip their shit over any tiny thing mentioned about that company.

[Taf the Ghost]

1 hour ago, Mihle said:

If they was low on money, The bank wouldnt let them take that loan in that bank. so in one way its a good sign because it means that they must have quite a bit of money left.
 

BTW; someone said this, I do not know how accurate or true it is tho, so dont blame me if its wrong: 

 

One of my first thoughts as a currency hedge (at a low-interest rate, you're just as likely to make money as lose on it), but the entire IP being put up as collateral seems strange for that. Mostly as I would expect the American branch would have legal claim to the IP, and there's no reason to put the IP up at collateral.

 

As I said in a previous comment, this isn't a bail-out loan, but it's not a good sign either.

[flibberdipper]

4 hours ago, TOMPPIX said:

i'm sure everything is gonna be fine.

[Juanitology]

How do we know the source is legit? Could be some random guy posting a fake pdf online. We'll have to wait on comment from CIG.

[Astronautical]

32 minutes ago, Terodius said:

How do we know the source is legit? Could be some random guy posting a fake pdf online. We'll have to wait on comment from CIG.

https://robertsspaceindustries.com/spectrum/community/SC/forum/1/thread/re-uk-tax-rebate-advance-for-foundry-42

 

[TrigrH]

12 minutes ago, Astronautical said:

https://robertsspaceindustries.com/spectrum/community/SC/forum/1/thread/re-uk-tax-rebate-advance-for-foundry-42

 

[mr moose]

3 hours ago, NumLock21 said:

You are the reporter. It's is your duty to give your audience some background info about who you are reporting about. Can't be bother with it? Then let someone else do the damn job.

As for nand, well they go into your SSDs as storage capacity. There seems to be in short supply and Apple has reserved a huge chunk of it for their devices. Because of the low stock on nand, price of SSDs have gone up. This affects budget builder who can no longer get a SSD into their builds.

 

In other news Tiger has relocated their office. Yeah not going to bother with who they care cause you guys and look it up.

Dedicated sub forum is not a excuse for not putting detail info about what's being reported.

 

Back on topic...

If I remembered, last time I've heard the games was never finalized or finished. Saw the game play looks like fun, but I'm no going to spend my hard earn money on a unfinished product.

 

I think it's a pretty thin straw to argue that people don't know what star citizen is or what foundry 42 is, or even cloud emporium.   Especially when their is enough information in the OP to work it out even if you didn't. 

[NumLock21]

Just now, mr moose said:

 

I think it's a pretty thin straw to argue that people don't know what star citizen is or what foundry 42 is, or even cloud emporium.   Especially when their is enough information in the OP to work it out even if you didn't. 

Maybe OP should write in Egyptian Hieroglyphics then if he wants people to "work it out" on what he's talking about.

BTW, the detail info was added way later.

[mr moose]

13 minutes ago, NumLock21 said:

Maybe OP should write in Egyptian Hieroglyphics then if he wants people to "work it out" on what he's talking about.

BTW, the detail info was added way later.

 

Now your just being silly, did the OP change the title, because all the info is there as well.

[BuckGup]

lol good

[yian88]

A stupid too ambitious project for its time, they should have really cut in the development of heavy graphics models and focus on features gameplay/servers/stability/ vulkan etc.

This game will never see dailight and will go down as the worst fail in crowdfunding ever, altough it seemed most successfull for a while it will fail, they are daydreaming or some shit.

Games are all about gameplay i havent seen anyhing impressive so far, it has potential but not even close to where it should be, they need to hire more game developers/designers and get to work.

They can add ships and skins and costumes later, they need the gameplay/stability in there first and to actually release the game so the money rolls in then they can develop what they want.

[rattacko123]

still worth the $40 I paid for it  
Besides, this is only squadron 42, star citizen would be unaffected by such a loan.

[Jito463]

10 hours ago, TOMPPIX said:

https://robertsspaceindustries.com/spectrum/community/SC/forum/3/thread/cig-loan

nothing to worry about

That link is dead for me.  The other link from @Astronautical works, though.

[Hawx]

 

Seriously though, this is literally nothing for the armchair accountants to worry about. zMeul update your post with the response.

[Prysin]

Star Citizen is a modern day ponzi scheme. Get over it, and get out of it.

[Helly]

so much hate this game gets. Probably only because it is crowdfunded. This game will happen, none of you here has to believe in it or even care but it will still happen.

 

5 hours ago, huilun02 said:

Even if they do manage to deliver on the final product, it gonna be inaccessible af. It leaves out casuals and anyone who doesn't have the horsepower to run it. And then once you get in you get absolutely shafted by backers with their thousand dollar magic pony craft. A $60 experience or maybe more who knows

It won't be inaccessible, anything backers buy now can be obtained by anyone later. You don't even have to pay any real money for it then either. It just takes time to get the bigger ships. There's missions for the starters that take place in the safer patrolled area's. Very little chance of getting attacked by pirates etc... Yes of course backers have an advantage but they paid for it, some paid a shitton for it, so they deserve to start a little ahead of the rest dont they?

 

1 hour ago, Prysin said:

Star Citizen is a modern day ponzi scheme. Get over it, and get out of it.

WRONG, thats just WRONG.... get over it.

[Helly]

1 minute ago, huilun02 said:

Sure they can be ahead in progression, but starters getting blown up immediately aren't going to be happy. This is fact that neither of us can do anything about. And by accessible I mean the proportion of audience who are both interested in a space sim and have the hardware to enjoy the game.

like i said starters will start in the patrolled area's where they won't be blown up. Anyone that starts a fight there will be hunted down by either other players (bounty hunters) or AI NPC ships patrolling the system. So no neither of us can do anything about it but CIG already did.

 

This game runs at 60FPS today on 970's, 290x etc..... and it won't be final until at least a year. If you don't have that kind of hardware a year from now, what kind of gamer are you?

[Mihle]

17 hours ago, Taf the Ghost said:

One of my first thoughts as a currency hedge (at a low-interest rate, you're just as likely to make money as lose on it), but the entire IP being put up as collateral seems strange for that. Mostly as I would expect the American branch would have legal claim to the IP, and there's no reason to put the IP up at collateral.

 

As I said in a previous comment, this isn't a bail-out loan, but it's not a good sign either.

My guess is that they could get lover interest rate when they put up the entire IP as collateral. And them doing it, in my mind seems like they are confident it wont turn out bad.

[Mihle]

2 hours ago, huilun02 said:

Sure they can be ahead in progression, but starters getting blown up immediately aren't going to be happy. This is fact that neither of us can do anything about. And by accessible I mean the proportion of audience who are both interested in a space sim and have the hardware to enjoy the game.

1 They are are areas where you are safe from PvP, and they are going to do so that if you are a player that prefver PvE, you will if possible, play with people that also prefer PvE. same with that people that prefer PvP, will come with people that play PvP.

[Hawx]

24 minutes ago, Mihle said:

My guess is that they could get lover interest rate when they put up the entire IP as collateral. And them doing it, in my mind seems like they are confident it wont turn out bad.

It's already been explained that it's an advance tax rebate (so the bank will get paid back next year when CIG receives their government rebate). Also pointed out is that the IP clause is nothing but a formality.

 

Quote

The collateral granted in connection with this discounting loan is absolutely standard and pertains to our UK operation only, which develops Squadron 42.  As a careful review of the security will show and contrary to some irresponsible and misleading reports, the collateral specifically excludes “Star Citizen.”   The UK Government rebate entitlement, which is audited and certified by our outside auditors on a quarterly basis, is the prime collateral. Per standard procedure in banking, our UK companies of course stand behind the loan and guarantee repayment which, however, given the reliability of the discounted asset (a UK Government payment) is a formality and nothing else. This security does not affect our UK companies’ ownership and control of their assets.  Obviously, the UK Government will not default on its rebate obligations which will be used for repayment, and even then the UK companies have ample assets to repay the loan, even in such an eventuality which is of course unthinkable.  

 

[NumLock21]

2 hours ago, Helly said:

If you don't have that kind of hardware a year from now, what kind of gamer are you?

The one who's going to pwned joo arse so hard in the game, with my ancient hardware, it will make you cry to your mama kind.