An artist’s interpretation of THQ and their creditors. THQ are in the burning building.
Look, I’m not going to pretend I understand how money or accounts or any of those things work, but I nonetheless find the news that Sega is suing the bankrupt THQ for just over $940,000 a little odd.
Sega bought Company of Heroes 2 and developer Relic from THQ for $26 million USD. According to Eurogamer, Sega has now filed a lawsuit with the Delaware US Bankruptcy Court, claiming that THQ owes them $941,710.93 – the amount Valve paid THQ for Company of Heroes 2 pre-orders between September 2012 and January 2013.
The maths works like this: 20,755 pre-orders for CoH2 equates to around $1.35 million USD. Valve takes a 30% cut, leaving $940k for the devs and publishers, which Sega believe they’re entitled to. Sega also reckons that $508,877.95 of this is “entitled to priority” on the basis that Valve paid it to THQ after THQ filed for bankruptcy.
If I understand correctly (and there are no guarantees of that when it comes to finances) this means that this amount should be paid to them as a priority, as opposed to using it to repay other creditors, because it came in after bankruptcy was filed. If you know for sure what that means, though, feel free to comment below.
Anyone think Sega is likely to get this money? Is this claim legitimate? Can you buy things from someone because they went bankrupt, then sue them for money related to those things which you could only buy because they went bankrupt? Ugh, I’m so confused. Finances are rubbish.
Published: Jul 10, 2013 04:22 pm