Squadron 42/Star Citizen (New Space Shooter from Chris "Wing Commander" Roberts)

[kingoffighters]

Everytime I hear procedural, I cringe a little.

[koda]

Haven't investigated beyond this screencap, but fucking lol.

[Error]

Have they decided to actually go into space at this point?

[Cowutopia]

Have any of you tried any of these alpha modules?

[sedition]

Haven't investigated beyond this screencap, but fucking lol.

Here is the official response.

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.

Of course, initially, someone on the internet was doing some bad guess work... no surprise.

Alpha 3.0 should be coming in August with a lot of new features. It will be interesting to see how that plays and if it is legit or a total mess.

[koda]

Of course, initially, someone on the internet was doing some bad guess work... no surprise.

Thanks for the follow-up info. I didn't quite care enough to look into it myself, but found it just amusing enough to pass along. My bad.

[sedition]

They have to have a good release with 3.0 and show some Squadron 42 soon.

[gamevet]

This news sucks!

I was really looking forward to seeing this game being released. You'd think that $150 million would be enough money to get this game completed.

[Joust Williams]

The fact the game needs 150MM+ and goes after money in this way is telling IMO.

To be clear, I can see a big publisher who has to answer to shareholders doing this, but some indie dev who already has what? Almost the budget of GTA V? Lol

Bamboozlepalooza

[Frogacuda]

You'd think that $150 million would be enough money to get this game completed.

I don't think any amount is enough to "complete" it, in the sense of delivering what they promised.

I expect we'll get some kind of seriously scaled back version in the end. Could even be good, it just won't be what they're promising now.