Court Doesn't Buy Gizmondo Bankruptcy Plans

from the must-have-noticed-the-fancy-cars dept

A few weeks ago, we noted (with some surprise) that handheld gaming developer Gizmondo was somehow able to raise a $5 million bridge loan while filing for bankruptcy. This was for a company that had built a non-competitive, non-compelling expensive handheld gaming machine in a market that was already dominated by huge players. Much more importantly, though, the company had execs with criminal pasts who were paying themselves millions of dollars and even giving themselves expensive luxury cars as part of their compensation -- despite the fact that the company had no real revenue. Perhaps those execs showed up at the bankruptcy court hearings in those fancy cars, because the court isn't buying it, denying the bankruptcy plans, and demanding the liquidation of the company. No word on if the execs get to keep their cars.