[Megathread] Star Citizen

[Odeezee]

/sigh. so you are basically saying you know nothing about running a business then? thanks for letting us know.

[Deleted]

/sigh. so you are basically saying you know nothing about running a business then? thanks for letting us know.

lol. you a clueles shill. buy more jpegs, your money is well spend by Crobber.

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so to spell it slowly for the ones who need

in June 2017 , CIG's cash balance was approaching 0.

hahahaha. i can't wait for when this scam collapses, the laughs, oh man the laughs that will follow.

[masterhorus8]

/sigh. so you are basically saying you know nothing about running a business then? thanks for letting us know.

As usual, his own link points out that he's ignorant. Don't bother.

ITT: Apparently automodding is a new thing to some people! (Post is still there, and you can still post in it.)

[Deleted]

As usual, his own link points out that he's ignorant. Don't bother.

i would talk with an affiliate scam code in my signature )))

also, don't start posting "financial engineering" motivations for this loan.

CIG is not a investment fund or a financial services company (or it is? maybe laundering?). It's a simple game studio, crowfunded to avoid exactly this, evil publishers (and banks are even more evil). they don't need loans if their gifted 152,000,000 $ are not all gone.

and whatever money they make on those jpeg sales, is all based on trust. when the trust is gone the scam will collapse imediately.

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and the reddit thread (300 comments in 1 hour , 70% upvote, 50 points) is nuked from the reddit front page, hot page, new page, rising page

hahahha. lets hide the truth.

them redditors mods have assets to protect lol

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1. in the next days a lot of gaming news websites , and not only, will pick up the story. shadowbanning threads on reddit is futile, the story will explode.

2. Foundry 42 went to Coutts with their finances and came back with a floating charge, a fixed charge (on all assets), and a negative pledge. Evidently, their finances did not impress.

"game" (there is no game, just a weird cryengine mod) is toast.

[Orange Joe]

So , despite Roberts "even if the cash stops we have money to finsh" , CIG took a loan 5 days ago, collaterating everything.

See the 29 page pdf on UK gov website.



https://www.reddit.com/r/starcitizen..._coutts_co_in/

so, lol.

the end is near. i told you so etc, but tbh i don't care anymore to much, i hope you SC supporters take also some loans to buy more jpegs.

oh, and collaterating EVERYTHING means a very big loan. so 150M+ in pre orders , huge bank loans, no game.

Yet continues to post 2-3 hours after saying he doesn't care anymore.

[zealo]

Claims to not care, yet continues to keep coming back to the thread frequently.

Uh huh.

[Deleted]

hehe

the posting here took 5 minutes in the past 6 months

and i will probably be back when it's officialy dead, in about 3-4 months.

p.s. buy more jpegs, chris needs it.

[masterhorus8]

hehe

the posting here took 5 minutes in the past 6 months

and i will probably be back when it's officialy dead, in about 3-4 months.

p.s. buy more jpegs, chris needs it.

Yeah, you only had 5 minutes in the past 6 months because you've been banned every other post you make in here because they're all rubbish, baity, bullshit.

But yeah, game will be dead in 3-4 months, just like at the start of 2017 right? Or the start of 2016? or half-way through 2015?

Just keep on doing you.

EDIT: And the post is back. Was just automodding hiding it for moderator review because too many idiots reported it.

[Tradewind]

lol EvcRo doesn't understand loan amortization and refinancing. How fun!

[Rennadrel]

lol EvcRo doesn't understand loan amortization and refinancing. How fun!

Clearly didn't even pass mathematics of personal finance, but then again I doubt they actually have that as a study in whatever backwater hole he lives in.

[stellvia]

Basically this:
https://www.reddit.com/r/starcitizen...co_in/djcg5d0/

It is also possible that this is nothing more than hedging. CIG holds the majority of their funds in the US. Due to the recent election in Britain, it is likely the British pound will drop - and by a significant amount. It has been on a downward trend for a while now. So instead of shifting assets to the UK for the entire year right now and taking the exchange/tax hit at the current rate, they take out a loan - backed by cash assets in the US (which would require the box checked on the loan to be checked) and pay for Foundry 42 operating expenses out of there.

That will actually earn them money as long as the interest earned in the US + the devaluation of the pound is more than the interest rate of the current loan. A cash backed loan would probably have a reasonably low interest rate, so it isn't much of a risk.

This same type of thing is the reason why most companies do not pay operating expenses from cash reserves. It is almost always easier to do it this way.

It is unlikely CIG is running low on cash. Due to British law, an floating charge loan that results in insolvency within a single year is frequently discharged as the bank should have known better than to offer a loan to an insolvent company. Other creditors get paid first. So the bank had to make a judgement call on whether or not they believed CIG was solvent now and in a situation that they would be for at least a year.

This is almost certainly tied to the pound dropping like a rock. It is getting funds where they are needed without shifting cash around or pulling it from current investments.

The majority of the game's development is being done out of the UK...

[Deleted]

hahaha the shills can only come up with weak personal insults

the more you read in details the more you get amazed

the terms of the loan are atrocious.

currently , everything Star Citizen is owned by that bank and CIG only has a license to use.

this shows 2 things:

a. funding charts are and were bollocks, all lies.
b. they run out of money

funny stuff

People are missing the most important part of these loan documents... paragraph 24.1 and 24.2.

Translated from legalese...

24.1 - Bank grants license to CIG to continue to develop and sell the game. (This implies that the bank now owns it since they are able to grant license for it)

24.2 - That license is revoked if CIG go 60 days without paying their loan.

TLDR - As of this agreement the bank owns the game, assets, property, etc. of CIG and CIG now has a license yo use them until they stop paying.

Raises 150 million, leases own game from a bank. GG

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EDIT: And the post is back. Was just automodding hiding it for moderator review because too many idiots reported it.

yeah, that's the standard SC supporter profile, you are right here.



Please post productively. Infracted. -Edge

[Zeta333]

Basically this:
https://www.reddit.com/r/starcitizen...co_in/djcg5d0/



The majority of the game's development is being done out of the UK...

there are much easier ways to protect yourself from money issues like this than taking out a loan with the entire company and future earning as collateral. Regardless of what you claim this is pretty fishy untill they release a statement and even then. The entire company and thier product and earning are up as collateral for money. You dont do that if your fine on money.

[Odeezee]

how can you claim to not know the details of the deal or why it was needed or anything about it except the fact that CIG took out a loan of unknown size for an unknown reason with unknown stipulations/limits/etc with the IP and future earnings as collateral with one of the most reputable and exclusive banks in the world (the Queen's bank) and come to ANY factual conclusions as to the state of CIG, SC or SQ42???!!!!! /sigh smh

[zealo]

how can you claim to not know the details of the deal or why it was needed or anything about it except the fact that CIG took out a loan of unknown size for an unknown reason with unknown stipulations/limits/etc with the IP and future earnings as collateral with one of the most reputable and exclusive banks in the world (the Queen's bank) and come to ANY factual conclusions as to the state of CIG, SC or SQ42???!!!!! /sigh smh

At this time, these people want the game to actively fail so they can mock people about "being right" on the internet afterwards.

[Tackhisis]

In the meantime, is the 3.0 out? It is already past the timelines they posted some months ago.

[kenn9530]

In the meantime, is the 3.0 out? It is already past the timelines they posted some months ago.

it should be coming at some point soon i would say at least a month or 2, it will be ready when its ready. Problem is the level of detail they want which makes things take longer, its a plus and negative.

[1001]

how can you claim to not know the details of the deal or why it was needed or anything about it except the fact that CIG took out a loan of unknown size for an unknown reason with unknown stipulations/limits/etc with the IP and future earnings as collateral with one of the most reputable and exclusive banks in the world (the Queen's bank) and come to ANY factual conclusions as to the state of CIG, SC or SQ42???!!!!! /sigh smh

Lol, the bank got done for allowing $2.4 billion to go through its system violating money laundering rules. They were ordered to pay back $6.6 million that they made as profit for handling the funds.

A couple of months prior they were fined $1.7 million by the authorities in Singapore for anti-money laundering breaches.

https://www.bloomberg.com/news/artic...ering-breaches

So reputable.

In the meantime, is the 3.0 out? It is already past the timelines they posted some months ago.

Date keeps on getting pushed out, evocati eta is for mid to late July now but in all reality it is likely to miss that date.
It might be ready for Gamescom although I'm kinda sceptical.

[masterhorus8]

In the meantime, is the 3.0 out? It is already past the timelines they posted some months ago.

If you want to slog through the links, this post goes over the changes and has an Excel document that goes over how each goal has changed, for better, or mostly, worse. Some things cut from 3.0, other things added, most of it delayed, some things done, etc.

yeah, that's the standard SC supporter profile, you are right here.

It seems you don't understand what automodding is...but that's nothing new for you. Haters gonna hate. Stay ignorant. You keep this thread alive every month when you come back from your vacations.

[Daffan]

Funny thing is this drama is not even the biggest issue.

It's the bad flight model and combat that nobody likes. lol