A receiver has been appointed to oversee things at Mesa-based video game developer Cheyenne Mountain Entertainment as it goes through Chapter 11 bankruptcy, according to a news release on the company’s website.
Last month, Cheyenne Mountain Entertainment filed for bankruptcy just days after releasing a third-person PC shooter, Stargate Resistance, in lieu of the long-delayed MMORPG Stargate Worlds. Around the same time, the company announced it had fired chairman and CEO Gary Whiting and accused him of wrongdoing against the company. This led to confusion over who was in charge.
“The above actions have effectively ended the six week battle over control of the companies that began on February 3rd with the filing of a complaint in Superior Court by shareholder plaintiffs requesting appointment of a Receiver,” the company announced. “It is uncertain at this time what the effect of these actions and the pending bankruptcy proceeding will have on the Company’s operations and financial condition. The Receiver will be attempting to bring stability to the Company as it seeks solutions to its financial problems.”
Via the MMORPG Examiner
SPECIAL THANKS ARE IN ORDER:
Discuss Literary Adventures at the Facebook group 'For the Love of All Things Edgar Rice Burroughs.'Trademarks TARZAN®, TARZAN OF THE APES®, JOHN CARTER OF MARS®, DEJAH THORIS®, PELLUCIDAR®, A PRINCESS OF MARS® and EDGAR RICE BURROUGHS® are owned by Edgar Rice Burroughs, Inc.