The only thing that I would think would be the story and characters. The other things are part of the star citizen universe.
SQ42 is kind of like a “mod” that sits on top of star citizen, with some additional assets, but mostly using stuff from the main game world. Like all the ships, for instance, are already in the game for use in the broader sense.
Imagine you had some mod like Gary’s mod on HL2. If Gary used his mod as collateral, Valve wouldn’t be in danger of losing anything about the core HL2 base, even though it shares almost all of its assets.
I think it may have just made financial sense to do so.
They took on a loan that involved significant collateral. All loans carry inherent risk. Banks have seized a lot of assets over the centuries based on making loans that debtors felt would be easy to repay.
The loan also contains interest service, even if the entire principal is paid in full next quarter, and even if the lending terms and interest are minimal.
But hey, they know their business. Perhaps all on the up-and-up.
Question remains why they need such a small loan now (tax rebate is estimate below $5 million) and why they had to give the bank a floating charge and negative pledge. It’s not currency exchange rate, that is the biggest bullshit i ever heard because neither CIG nor the Bank knows how the pound will develop and it might even cost CIG more if the pound recovers.
Floating Charge means that from now on everything F42 UK does is covered as collateral even if it does not exist yet. They create a new ship, it’s automatically part of the collateral. Which extends to Star Citizen. The exclusion of Star Citizen is in name only (the IP).
Negative Pledge means that F42UK and parent company can not get any other loans. If for example CIG US would try to get a loan in the US and send money to CIG UK they would be in breach of contract and default on the loan.
This is typically only done for bailout loans. Never for a simple advance on tax were you typically only put up the tax credit as security and maybe a savings account.
The Bank obviously thought that there is a good chance CIG will not make it to the end of the fiscal year to get the tax rebate and therefor asked them to put up everything. This is a private Bank that knows when to make profit and it is pretty obvious that they have attached a very high interest rate on this and hope CIG will default.
It’s amazing that you guys are taking random comments on an article from a video game site as serious sourcing regarding corporate and financial matters.
These are the same conspiracy nuts who said CIG was going out of business a year ago.
I thought it was enlightening that he explained some of the terms of the loan agreement, which only make the whole thing seem more weird.
That said, I think it’s amazing that you don’t seem to think this is weird or even worth of consideration. I get that you believe in the project and all, but a little bit of skepticism is a healthy thing to have.
Remember how yesterday you said CIG wouldn’t even dignify this with a response, and then 4 minutes later they posted a lengthy response?
It’s amazing to me that you haven’t once considered the possibility that there’s more here than CIG has blithely explained away even after you were so spectacularly wrong just hours ago.
Perhaps consider the content of the comments and rebut those, rather than the source?
Absolutely, because apparently it had been picked up by various sites, who then had to retract their stories and apologize.
I mean, sure, you guys can get all worked up… again… over unsubstantiated rumors. But realize that is what you’re doing… because you’ve done it before.
There’s no actual merit to the comment though. It’s just an opinion, offered by a non credible source. There’s no actual facts presented, because he has no access to actual facts.
Using financial terms to sound informed isn’t the same as actually BEING informed.
Again, go nuts if this is what you guys want to do… it really doesn’t matter. But you’ve been down this road before.
There’s obviously more than what CIG has said on their side, that’s a given. That doesn’t mean it’s necessarily dire or that a ton of journalists and random game developers who have never ran (and been involved in the finances of) a multi-million dollar international organization actually understand what they are looking at.
This is all I’m saying. It’s just kind of nonsensical to take the word of these random folks who have no established credibility at all on these topics.
If you had some kind of corporate law professor, or financial experts talking about stuff? Then sure, that might actually mean something. But some random guy making a comment on an article that is citing a Reddit post by Derek Smart? Really?
Yea I’m not actually informed as to the terms. Clearly there was a loan, and that seems strange just because. When there’s no smoke doesn’t mean there’s hidden fire, it might mean obviously there no fire. But there does seem like some puffs of smoke are rising. Add to the fact they’ve still been unable to deliver the product promised and apparently don’t really show signs of being able to do so.
I’m not staking a claim to Random Redditer as the prophet of doom any more than Derek Smart, supergenius is the avatar of Real Serious Game Development. But common sense and experience warn me that there may be problems.
The article author said he’s doing his own investigation of the whole thing, he’s contacted both CIG and the bank for more info, and the article is actually more supportive of CIG than the opposing view. You’d know if you had read it before saying “DEREK SMART” and closing your eyes.
Again, you can believe what you want, but the author of the article isn’t really some kind of serious business journalist who covers corporate law or financial matters.
No, not at all. I’ve seen so many red flags on this project from its inception that I highly doubt it will ever be anything close to what was promised, if it ever sees the light of day properly.
I don’t need more skepticism. But I think a little bit of it would benefit the project supporters/believers - either to push the devs when they need to be pushed, or to deal with frustration when their dream is unfulfilled - which, for me, at this point, is a certainty.
