THQ Disclosure Filing Reveals New Bankruptcy Information On WWE And Bids For Other Assets
A filing submitted by THQ related to the auction of remaining assets reveals new information about how WWE and Yuke's avoided participation in the sell-off. It also discloses numbers related to the bids that have been submitted for the six lots currently available.
In the lengthy document, it was revealed that at the time of bankruptcy, THQ owed WWE $7.6 million and developer Yuke's between $15 million and $20 million for development and royalties.
Those two companies extricated themselves, and the license was terminated and all claims waived. THQ agreed to pay WWE for royalty payments earned during the Chapter 11 case. Yuke's also waived claims above and beyond a settlement amount of $250,000.
The transfer of the license to Take-Two Interactive involved not only the equipment used to make the WWE titles, but also certain THQ employees in order to continue development (we assume of WWE '14, which was already underway at the time of bankruptcy). The hiring of employees benefitted THQ by reducing severance and other obligations (such as accrued vacation time) by approximately $140,000.
With regard to the remaining six lots of intellectual property, 17 final bids were received, and the aggregated revenues are expected to be between $6 million and $7 million. Game Informer has been told that a statement will be issued on Monday regarding the disposition of these assets.
We do know (via Games.On.Net) that TeamPixel, who was hoping to revive the Homeworld series via Kickstarter, has been outbid. Supporters can request a refund, as detailed in an update on the Kickstarter page. As you might recall, THQ's initial auction saw marquee franchises, including Saints Row, Metro, and Company of Heroes, end up at new homes.