More News about Gen Con LLC bankruptcy filing

February 23rd, 2008 § 0 comments

A few excerpts from indystar.com:

This year, Gen Con Indy is expected to attract 25,000 attendees who will spend more than $25 million on lodging and entertainment.

So the average Gen Con Indy attendee spends about $1000 dollars over the entire convention. That seems a little high to me, based on the number of times I’ve seen gamers discuss how they attend Gen Con as cheaply as possibly — it seems to be part of “gamer pride” to try and work the system as much as possible.

Indeed, in a statement issued Feb. 15, Gen Con said the “flagship” convention “remains a vibrant, profitable event” and will take place as scheduled from Aug. 14-17. The Chapter 11 filing won’t affect its other conventions in France, Australia and the United Kingdom, either.

“Gen Con LLC will continue to operate without interruption during this process,” the company said in a statement.

Seattle-based Gen Con said it had to file for bankruptcy in Washington state because of “significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events.”

In the filing, Gen Con lists its assets and liabilities as each between $1 million and $10 million. It owes $748,956.81 to its largest creditor, convention services company George E. Fern Co. of Columbus, Ohio. Gen Con owes the Indiana Department of Revenue $116,858.70 in sales and income taxes, but Gen Con disputes that claim, according to the filing.

Owing GeoFern is tough — they’ll probably want to be paid in advance for this year’s show. I’ve seen this situation happen with publishers and printers before: if the publisher falls behind on payments to the printer, the printer won’t do the next project unless the publisher pays in advance, and often they’ll want the publisher to cough up a portion of the back-payment as well. This often leads to publishers hopping between printers, which can create an entirely new set of problems.

That said, I’m sure that GeoFern has had a long relationship with Gen Con LLC and Gen Con as a whole, and that they’ll be willing to work with Gen Con to make things happen.

Some of the comments on the IndyStar article are especially hilarious. I very much like one:

This is the inevitable result of gamers losing control to business managers….

I don’t think that one needs any commentary to make funnier.

My son has attended for the last few years and it is his “little vacation” away from reality doing what he likes best, playing with his buddies WWE card games. He is not bothering anyone and I know where he is for the 3-4 days he is there. All of his buddies chip in for a room at the Hyatt and it is their “spring break” from work and school. He is 21 now and if this is his way of chillin where drugs and booze arent included(yeah he is straight edge, thank God I did something right)then I say go for it!

And this is way off topic, but if your kid is Straight Edge, then it shouldn’t matter if there are drugs and booze at the convention (which there certainly are!), because he’s not going to do them anyway. But if it helps you sleep at night…

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