Gazillion Forced Into Involuntary Bankruptcy, Will Go Before Judge On Feb. 23
When Gazillion went under late last year, one reason given for why its employees didn't get their benefits was that the Marvel Heroes developer was facing bankruptcy claims and that its creditors would get paid first. This week, some of those claims came to light, and while they're not worth a gazillion bucks, they're not for chump change either.
MMO Fallout and Reddit have discovered court filings that name three claimants to Gazillion's assets, totaling just under $700,000. The claimants are Ed Annunziata, creator of Ecco the Dolphin and President and CEO of Playchemy; Ronald Schaffner, founder of Secret 6 LLC; and Caitlin Capes, whose website still lists her as an associate producer at Gazillion.
The Gazillion case is listed as an "involuntary bankruptcy," which you can read more about here. That law blog states that most bankruptcies in the U.S. are voluntary, meaning that the entity going under realizes what's going on and enters into bankruptcy of its own volition. Apparently, involuntary bankruptcies are far more rare and occur when outside entities decide that the company isn't paying its creditors as it should and forces the company into bankruptcy.
That seems like a far messier affair that will likely get even more messy as time goes on. This particular case will apparently go before a judge on Feb. 23, so we shouldn't have too long to wait to find out what the next step will be. Whatever it is, it will probably be messy.
About the Author
Jason Winter is a veteran gaming journalist, he brings a wide range of experience to MMOBomb, including two years with Beckett Media where he served as the editor of the leading gaming magazine Massive Online Gamer. He has also written professionally for several gaming websites.
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