homepage Forums Miscellaneous Outer Space Simulation & Combat Games Star Citizen Star Citizen in financial trouble?

http://www.neogaf.com/forum/showthread.php?t=1396987

Good luck everybody.


A Dsmart summary... (I know, that DS)

http://dereksmart.com/2017/06/star-citizen-final-countdown/

It could mean nothing. It could mean something. Businesses take out loans all the time. They may have other projects going forward they want to fund. They may want to invest in more physical space. Who knows.

But one thing I do know is that Derek Smart has no idea what he's talking about.

https://robertsspaceindustries.com/.../re-uk-tax-rebate-advance-for-foundry-42

Like I thought, Derek Smart has no idea what he's talking about and his attempt at amateur financial advisor misses a lot of marks in his updated response.

Can someone explain why that guy hates Star Citizen so much? He's been wrong so many times at this point that I wonder why anyone listens to him still.

The bank they are working with wouldn't touch them if they were in any real financial trouble.

Derek Smark is usually 180 degrees out of phase with reality. I assumed Star Citizen was a joke, but now that Derek Smart has taken that position, i have to assume it will be the biggest success ever.

Essentially Derek S wanted to be hired by CIG to work on Star Citizen, he has a history of bullying his way onto a project and wrecking it. When they didn't bite he started attacking and making stuff up, doxing Sandi and Chris Roberts and providing info for hit pieces like the Escapist article a year or so back, which by the way you may note was pulled by The Escapist when they learned about the source for the article, namely one Derek S.

Here is the official CIG response regarding the loan.



Re: UK Tax Rebate Advance for Foundry 42



pinned

discussion
Today at 03:39 pm
We have noticed the speculations created by a posting on the website of UK’s Company House with respect to Coutt’s security for our UK Tax Rebate advance, and we would like to provide you with the following insight to help prevent some of the misinformation we have seen.

Our UK companies are entitled to a Government Game tax credit rebate which we earn every month on the Squadron 42 development. These rebates are payable by the UK Government in the fall of the next following year when we file our tax returns.  Foundry 42 and its parent company Cloud Imperium Games UK Ltd. have elected to partner with Coutts, a highly regarded, very selective, and specialized UK banking institution, to obtain a regular advance against this rebate, which will allow us to avoid converting unnecessarily other currencies into GBP.  We obviously incur a significant part of our expenditures in GBP while our collections are mostly in USD and EUR.  Given today's low interest rates versus the ongoing and uncertain currency fluctuations, this is simply a smart money management move, which we implemented upon recommendation of our financial advisors. 

The collateral granted in connection with this discounting loan is absolutely standard and pertains to our UK operation only, which develops Squadron 42.  As a careful review of the security will show and contrary to some irresponsible and misleading reports, the collateral specifically excludes “Star Citizen.”   The UK Government rebate entitlement, which is audited and certified by our outside auditors on a quarterly basis, is the prime collateral. Per standard procedure in banking, our UK companies of course stand behind the loan and guarantee repayment which, however, given the reliability of the discounted asset (a UK Government payment) is a formality and nothing else. This security does not affect our UK companies’ ownership and control of their assets.  Obviously, the UK Government will not default on its rebate obligations which will be used for repayment, and even then the UK companies have ample assets to repay the loan, even in such an eventuality which is of course unthinkable.  

This should clarify the matter. Thank you.

Link

DS is an idiot. From what I have heard CIG has an excess of capital that they are actually investing instead of letting sit in the bank. They make a lot more money than from just the prepurchase of digital spaceships... like A LOT more...

But DS nitpicks everything in the hope of hurting them somehow which is really sad. CIG isnt an amazing company and they have all kinds of issues according to some of their former employees but nothing that isnt status quo at just about every other game studio. DS should focus a bit more interally at his recent failed games and bankrupt game company.

Off topic, but as someone who's been waiting for 3.0 before getting involved, is that coming this month like it was supposed to or did they delay it?

Hi bonchie, it`s delayed to about the end of next month (July).
Will report when 3.0 hit`s PTU. I normaly get invitation to the PTU with second or so wave.

I bought Battlecruiser 3000AD 21 years ago. What a pile of crap. Screw you DS.

Wow you can actually publicly admit that you bought BC....

You are brave sir!

I wonder if anyone from SIMHQ is playing (or have played) his (DS) actual game Line of Defense?: http://lodgame.com/info/
From what I hear and see it`s really bad and almost not playable.

Derek Smart is a hack.
A troll.
A wanna-be.
A hideously bad coder and programmer.
A braggart.
A jelous dork.

He is the Uwe Boll of game making.

Anyone who believes a word he says/prints deserves to be scammed by nigeria scams, they are that gullible.

There was a time when he would appear in ANY thread on the www that mentioned his name.

BE CAREFUL!

I've not been following it very closely these past few months but I believe Eagle Eye is correct. They have been posting fairly detailed checklists though and people are diffchecking them.

https://www.diffchecker.com/rdBkVRNe

Just have a look on the RSI web site. They have a comprehensive schedule that gets regualry updated.

And in answer to your question, Yes it has been delayed. Its just dropped back to early August as the anticpated release date for 3.0, with PTU / Evocati testing a couple of weeks before that.

https://robertsspaceindustries.com/schedule-report

for a peek at Derek Smart's work:

https://www.youtube.com/watch?v=Tx1kMbC8ZxE

https://www.youtube.com/watch?v=jFVOkfqAlUA

might not want to drink anything while watching, you might spit it out onto your monitor

Yeah, that was painful. Maybe he should try burning through $150M-worth of crowdfunding money to learn to make a game.

I'd donate to a kickstarter to send DS back to design/programing/art school. I mean, he makes games in the genera that I want games to be made in... they just are not very good games (and he is an #%&*$#)

At least the one I got was free with a DVD drive and even then it was over priced

BC back then was supposed to be what SC is now and at the time I thought "great just the game I've been looking for" but after hours, days, weeks, years of patches I could never get it to run. I keep the box just to remind me of what cr&p it is and not to touch anything of DS ever again.