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Remaining THQ intellectual property nets $6.55M

by: Chuck - posted: 4/23/2013 6:16:00 AM
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THQ's remaining IP's were sold at auction last week, netting the company $6.55 million and writing the final chapter on the company.  

The big winner in the auction was Nordic Games who walked away with the rights to Darksiders, MK vs. ATV, Red Faction, Destroy All Humans, Supreme Commander, and uDraw.  The Swedish publish payed about $4.9M for those assets.

Gearbox walked away with the publishing rights to the Homeworld games for $1.35M.  Gearbox CEO Randy Pitchford took to twitter after they won the auction and announced that they are looking to "Bring solid, pure builds of the original game and sequel to modern digital PC Platforms".  I'd like to get excited about this but Gearbox doesn't exactly have the best reputation when it comes to developing IP's that they didn't create.

It will be interesting to see what Nordic does with their newly obtained treasure chest of IP's.  I'm glad to see the Darksiders franchise found a new home and hopefully Nordic will give us a new Red Faction game that's more like Red Faction Guerrilla rather than Red Faction Armageddon.

THQ Inc. to Receive $6.55 Million in Sale of Certain Intellectual Properties to Nordic Games, Gearbox Software, and 505 Games

 
 
AGOURA HILLS, Calif.--(BUSINESS WIRE)-- THQ Inc. (OTC: THQIQ) today announced that it has completed the bidding and sale process on certain of its intellectual properties (IP) with three buyers emerging to pay $6.55 million for the six available lots, subject to Bankruptcy Court approval. The company is filing its motions today with the Bankruptcy Court to obtain approval of these proposed sales.
The $6.55 million sale of the IP assets breaks down as follows:
  • $4.9 million from Nordic Games Licensing AB, a Swedish-based video games publisher, for Darksiders, Red Faction, MX vs ATV, Other Owned Software (includes Destroy all Humans!, Summoner and more), and Other Licensed Software (includes Marvel Super Hero Squad, Supreme Commander and more);
  • $1.35 million from Gearbox Software, LLC, a Plano, Tex.-based developer of interactive entertainment, forHomeworld; and
  • $.3 million from 505 Games Srl, an Italian video game publisher, for Drawn to Life and Drawn to Life: The Next Chapter.
The company expects the Bankruptcy Court to hear the sales motions on May 13, 2013 and to finalize the sale transactions thereafter.
On April 18, the company filed its Chapter 11 Plan of Liquidation and Disclosure Statement with the Court. The Plan outlines how certain classes of claims will be satisfied. Once the Court approves the Disclosure Statement, voting on the Plan by certain impaired classes will commence. Both documents are available for review online atwww.kccllc.net/thq.
THQ and its domestic business units filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on Dec. 19, 2012.
For additional information about THQ, please visit www.thq.com. For information regarding the Chapter 11 case, please visit www.kccllc.net/thq.
THQ Inc. Caution Concerning Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations regarding the bankruptcy case. These statements are based upon management's current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the adverse impact of the bankruptcy case on THQ’s business, financial condition and results of operations, including its ability to maintain customer and supplier relationships; the level of interest of prospective bidders in the bidding and sale process for the remaining IP assets; THQ’s ability to obtain bankruptcy court approval in connection with the bankruptcy case; the actions of THQ’s creditors and other third parties with interests in the bankruptcy case; competitive, economic, legal, political, and technological factors affecting our industry, operations, markets, products, or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal period ended March 31, 2012 and subsequent Quarterly Reports on Form 10-Q, and particularly the discussion of trends and risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Note to editors: List of Lots Follows
 
THQ Official List of Intellectual Property Available for Bidding
Lot 1 - OWNED SOFTWARE
Red Faction     Red Faction Armageddon
Red Faction 2     Red Faction: Guerrilla
       
Lot 2 - OWNED SOFTWARE
Homeworld     Homeworld 2
 
Lot 3 - OWNED SOFTWARE
MX Alive     MX vs ATV Untamed
MX Superfly featuring Ricky Carmichael     MX vs. ATV Alive Tournament
MX Unleashed     MX vs. ATV Unleashed
MX vs ATV Reflex     MX vs. ATV: On The Edge
       
Lot 4 - OWNED SOFTWARE
Darksiders     Darksiders 2
       
Lot 5 - OWNED SOFTWARE
All Star Cheer Squad     Elements of Destruction
All Star Cheer Squad 2     Fantastic Pets
All Star Karate     Frontlines: Fuel of War
Baja: Edge of Control     Full Spectrum Warrior 1
Battle of the Bands     Full Spectrum Warrior 2: Ten Hammers
Beat City     Juiced
Big Beach Sports     Juiced 2: Hot Import Nights
Big Beach Sports 2     Lock's Quest: Construction Combat
Big Family Games     Neighborhood Games
Crawler     Pax Imperia
Deadly Creatures     Stuntman: Ignition
Deep Six     Summoner
Destroy All Humans!     Summoner 2
Destroy All Humans! 2     Terranium
Destroy All Humans! Big Willy Unleashed     The Outfit
Destroy All Humans! Path of the Furon     Titan Quest
Dood's Big Adventure     Titan Quest: Immortal Throne
Drawn to Life     uDraw
Drawn to Life: The Next Chapter     World of Zoo
       
Lot 6 - LICENSED SOFTWARE (buyer to pay any cure costs)
Costume Quest     Scripps Spelling Bee (Scripps)
Daniel X (SueJack)     Sherlock Holmes and the Mystery of Osborne House
Deepak Chopra's Leela (Curious Holdings)     Stacking
Fancy Nancy: Tea Party Time! (Harper Collins)     Supreme Commander
Jeopardy     Supreme Commander Forged Alliance
Jeopardy 2     The Biggest Loser
Journey to the Center of the Earth     Truth or Lies
Let's Ride Best of Breed     Vampire Legends: Power of Three (dtp)
Marvel Super Hero Squad: Comic Combat     Wheel of Fortune
Marvel Super Hero Squad: The Infinity Gauntlet     Wheel of Fortune 2
Marvel Super Hero Squad: The Infinity Gauntlet 2     World of Zoo
Nancy Drew: The Hidden Staircase     Worms 2
Nexuiz     Worms Battle Islands
Paws & Claws Marine Rescue     Worms Open Warfare
Paws & Claws Pampered Pets Resort 3D     Worms: A Space Oddity
PurrPals 2     Worms: Open Warfare 2 (Team 17)
Rio     You Don’t Know Jack (Jellyvision)
Rocket Riot      
Screwjumper (Frozen Codebase)