An interesting story this weekend in The Arizona Republic and recapped by Airlock Alpha sheds some new light on the case of Mesa-based Cheyenne Mountain Entertainment’s bankruptcy and failed efforts to develop video games based on MGM’s Stargate television franchise.
This is a long, twisted saga that I followed for years for Nerdvana readers and barely scratched the surface. My work was submitted among other entries that won recognition from the Arizona Press Club and was even cited in Saturday’s article by Republic reporter J. Craig Anderson.
Among the latest developments described in the Republic report:
- Former Cheyenne Mountain chairman and CEO Gary Whiting remains the focus of investors’ complaints. He has more than $6 million in civil judgments against him in Utah investor lawsuits, and a third was filed in Maricopa County Superior Court in February seeking about $4 million from Whiting and other former executives, board members and stock promoters. This suit alleges negligent misrepresentation, breach of fiduciary duty, common-law fraud and securities fraud. These investors claim they were falsely and deliberately told the game was further along in development than it actually was, leading them to believe their investment was sound.
- Anderson also looks at “the many faces of Cheyenne Mountain” in a sidebar based on court documents that shows how complex the web of entities involved had become.
- A bankruptcy consultant appointed by the U.S. Bankruptcy Court is liquidating Cheyenne Mountain’s remaining assets and seeking court permission to launch an investigation into the missing funds, with the hope of returning investors’ money:
Cheyenne Mountain’s court-appointed receiver, Keith Bierman of Phoenix-based MCA Financial Group, said company documents show millions of dollars collected from investors were not spent on development of Stargate Worlds and may yet remain in the hands of Whiting and other former company executives.
While development foundered on Stargate Worlds, an eagerly anticipated online roleplaying game based on a popular, established TV sci-fi franchise, a third-person online action game called Stargate Resistance was rushed to market. It was shut down in January 2010 after MGM revoked the license to use Stargate content.
Recently I revealed that the remnants of these Stargate games’ online promotional materials live on as little more than shameless and shady portals for online gambling — and MGM has let it go on this long.
- Is Stargate SG-1 making a comeback of some kind at San Diego Comic-Con?
- Gambling sites still having their way with Stargate franchise’s good name
- Welcome to the Stargate casino: Playing in the ruins of a sci-fi video game franchise
- A real American hero laments the end of Stargate
- ‘Stargate Universe’ finale: Looking back on 14 years as the iris closes — for good?
- ‘Stargate’ game’s website comes down
- ‘Stargate’ video game director speaks out
- ‘Stargate Universe’ canceled: Is the franchise dead?
- MGM license gone, ‘Stargate Resistance’ game to go dark in January
- Ruling gives ‘Stargate’ games back to Cheyenne Mountain receiver, but MGM pulls license
- ‘Stargate’ video game fraud case heads to court
- Fraud complaint filed over ‘Stargate’ video games
- Who’s in charge at ‘Stargate’ game developer?
- ‘Stargate Resistance’ publisher downplays bankruptcy
- Mesa video game developer axes CEO, files for bankruptcy
- ‘Stargate: Resistance’ shooter dated for Feb. 10
- Mesa developer announces ‘Stargate Resistance’ shooter
- Developer cites ‘good progress’ on troubled ‘Stargate’ MMO
- ‘Stargate Worlds’ developer shows some class
- Despite signs of life, ‘Stargate Worlds’ out of money, on hold
- Troubled ‘Stargate’ game shows up on Syfy series premiere
- Investor sues ‘Stargate’ computer game developer
- Mesa company has no funding for ‘Stargate’ computer game
- ‘Stargate Worlds’ funding secured?
- Vaporware watch: ‘Stargate Worlds’
- Mesa game developer insists ‘Stargate Worlds’ is coming
- ‘Stargate’ producer dials in on MMO troubles
- Report: Mesa developer of ‘Stargate’ game in serious trouble
- Bad times for Mesa-based game developer Cheyenne Mountain