November 5th, 2009 by Arjan Olsder Posted in Companies & M&A | 2 Comments »
It took well over a year, but finally MCR Corporate Restructuring changed the status of TelcoGames Ltd from ‘in Administration’ to ‘Dissolved’. With this final step, the books can finally be closed and debts written off. Time of death: October 13th 2009.
In the Final Process Report we got our hands on this afternoon, the joint administrators announce that they can’t generate any more money from outstanding invoices and other business. A few highlights from the report;
“The joint administrators believe that the second and third objectives have been achieved”
This means they got a better result by selling the company as a whole then winding it up and realizing property in order to make a distribution to a secured creditor (that’s RBSIF).“Mobile Entertainment Distribution Limited (MEDL) acquired the business and assets of the company for a total consideration of 150.000 UKP. This consideration has been received in full”.
“In Addition to the consideration of 150,000 UKP, a further amount of 7% of MEDL’s monthly gross margin was to be paid by MEDL to the company for a period of 12 months from the date of the sale based on the management accounts of MEDL
What an almost total waste of time, effort and money that was then from the point of view of the content owners – jeez.
Jeez, over