f13.net forums - Ah... Horizons... we hardly knew you.

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May 07, 2024, 09:48:06 PM

we're back, baby

From the board that must never be named:

"ARTIFACT ENTERTAINMENT FILES FOR VOLUNTARY REORGANIZATION UNDER CHAPTER 11 TO RESTRUCTURE DEBT

Horizons: Empire of Istaria Game Fans Will Experience No Interruption in Play; Within Horizons, It’s Business As Usual

July 16, 2004, Mesa, Ariz. – Artifact Entertainment, developers of the award-winning massively multiplayer online role-playing game (MMORPG) Horizons: Empire of Istaria, announced today that to restructure its debt and strengthen its competitive position, the Company has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This action was primarily due to an inability to reach a mutually satisfactory agreement with a key vendor.

The company is also in active discussions with other gaming industry players, with due diligence underway by a seriously interested company that may make an offer to acquire the assets of the company, and retain key staff to maintain operations of its Horizons game. Horizons has a worldwide following and is played by tens-of-thousands of fans in nearly 40 countries spanning territories in Asia, Europe and North America. Players are able to download Horizons for a free seven-day trial and subsequently subscribe to the game for a one-, three-, six or twelve-month commitment period.
Artifact Entertainment President and Creative Director, David Bowman, said, “Artifact Entertainment is a wonderfully creative company. We have an excellent game subscriber base through our Horizons property. We have been taking prudent steps to improve cash flow during the past 7 months. Unfortunately, we have not yet been able to reach a satisfactory agreement with a key vendor. We strongly reiterate that Horizons fans and their game play will not be affected by the Chapter 11 filing.”

About Artifact Entertainment
Artifact Entertainment, founded in November 1999, is a privately held software development company currently focused on the subscription-based massively multiplayer online game, “Horizons: Empire of Istaria”. Its mission is to provide subscription-based quality online entertainment experiences using superior technology, proven design methods, broad market appeal, customer satisfaction and the highest quality staff. To find out more about Artifact Entertainment, visit www.artifact-entertainment.com.

About “Horizons”
Developed by Artifact Entertainment and published by Atari, the MMPORPG Horizons: Empire of Istaria launched in December 2003 and currently boasts an avid following of tens-of-thousands of players worldwide. The ability to dynamically add content coupled with a first-rate crafting system has provided Horizons fans with uniquely changing game experiences. Players are also able to take on 11 fantasy roles ranging from dragon and elf to fiend and half-giant while meeting friends that circle the globe. For more information on Horizons visit www.istaria.com.

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I just wanted everyone to hear this from me. This is a business issue only, and does not impact the game. We have been working long and hard on the new changes to Horizons, and will see the first sets of changes on Blight within 30 days. We will be providing an update tomorrow, as we're ready to move the material from Blight to the other Live shards.

David Bowman
President/CEO Artifact Entertainment.com "

You can find Horizons' Chapter 11 FAQ on their website: http://www.artifact-entertainment.com/news.php?cms=07192004

Chapter 11 isn't usually a fatal blow, companies often survive and can come back quite strong after reorganization. Chapter 7 is the one you have to watch out for.....that is the true sound of "fall down go boom".

IIRC, Kmart went through Chapter 11 in the last few years, and although they are hurting, they are still far from dead.

Bring the noise.
Cheers............

Quote from: Dark Vengeance

Chapter 11 isn't usually a fatal blow, companies often survive and can come back quite strong after reorganization.

That is true, but this is Horizons.

Not suprised. Laying off 1/2 the staff 2 times can't mean anything good.

Quote from: Dark Vengeance

IIRC, Kmart went through Chapter 11 in the last few years, and although they are hurting, they are still far from dead.

Just to supplement that statement with facts, Kmart (NasdaqNM:KMRT) closed today at $74.10, down $2.96 (3.84%) from Friday's close of $77.06.

After emerging from Chapter 11 in May 2003, KMRT was valued under $20 per share. Snce January 2004, the stock has been steadily on the rise, hitting a 52 week high of $84.50 earlier this month.

So yeah, KMRT came out of Chapter 11 in pretty good shape.

Bring the noise.
Cheers.............

Playnet did the same thing and we came out of it. Chapter 11 is not a fatal sign. It's actually your get-out-of-jail-free card when you're ABOUT to lose it all. Properly managed, Chapter 11 saves you from extinction.

Bruce

I don't like seeing any MMOG shut down. Horizons' has some very clever code and a lot of effort went into it... and it came away with some unique and interesting features. Pity about every thing else associated with the game, inside and out. I prefer to see developers fix the icky bits, the game evolve and get better, sort of the way SWG and AO seem to be attempting to do. I suppose I'm just sentimental. I don't let go easily. I still have a really, really terrible mud I wrote (well, it actually started out as a Diku) tucked safely away. I'm too embarassed to even look at it, but I'll probably have it buried with me.

Quote from: Dark Vengeance

IIRC, Kmart went through Chapter 11 in the last few years, and although they are hurting, they are still far from dead.

What the fuck happened over the weekend that caused the near 4% drop?! Oh... Martha gets 5 months in the big house... right...

Investors are such finicky little things, no?

Actually, the day she was sentenced it was up...

Bruce

Quote from: SirBruce

Actually, the day she was sentenced it was up...

Bruce

Finicky and slow. ;)

Well, you've got to admit that they were due for a slight setback....the stock price had nearly quadrupled within a 52-week span.

I don't think Martha going into the big house was a small consideration. Her line at Kmart has been one of the few shining gems for the company over the last few years. It was the top dog of several celebrity endorsed lines, including Jaclyn Smith and Kathy Ireland.

Plus, Kmart and Martha made a good fit. A lot of her fans and supporters are the Kmart moms, ones who want to be competent decorators, but are willing to go with DIY projects to do so on the cheap. For what little prestige they can get, Martha Stewart dust ruffles are a step up from the K-dust store label dust ruffles. Plus, those type of ladies like to support people they admire. These are the same kind of women that made Oprah into one of the most powerful women in entertainment, and keep both Oxygen and Lifetime TV as successful networks.

To bring the thread back on track though, Kmart had a healthy revenue stream that wasn't hurt much by their reorganization. Artifact will likely try to use Horizons to provide the same stabilizing force through this period.....so my guess is that Horizons is their foundation right now. If Horizons were to crumble, expect the entire Artifact house to come crumbling down.

Bring the noise.
Cheers..............

Quote from: SirBruce

Properly managed, Chapter 11 saves you from extinction.

But let's face it, this is Artifact Entertainment. "Properly managed" is not something you could ever say in conjunction with them.

Bowman's just done an interview. I suppose he must have agreed only if no one asked THE question:

How many minutes before the servers are unplugged?

Over 6 hours and counting of server downtime on the EU shard today. Tanzoon for the server status.

Quote from: Signe

Bowman's just done an interview. I suppose he must have agreed only if no one asked THE question:

How many minutes before the servers are unplugged?

At least the interview is truthful.

Quote from: Interview

Horizons Empire: How does a day as CEO/President of AE looks like? Who cooks your coffee? :P

David Bowman: Well, I usually come in around noon, but I use the side door so David Allen's old friends don't see me. Then I go into my office where I sit at my desk reading hate mail for about 45 minutes....from my own employees. After that, my will to work is usually destroyed so I tend to curl into a fetal position in the corner of women's bathroom and bang my head against the wall for a good three hours. From there I sometimes go into my office and contemplate suicide as a way to help market Horizons, because god knows no one will sign up for the game with me at the helm. As far as coffee goes, I stopped drinking it because it seems whenever I would make a cup, someone would just pee in it when I wasn't looking, so I drink vanilla coke instead.