I reported last week that the Gen Con bankruptcy judge placed a high-priority on paying the $150,000.00 debt owed to the Make-A-wish foundation from a Star Wars charity auction. The Judge signed the order on Friday and I asked Gen Con for an official comment on this issue and an estimate when the charity would receive payment. Here is Gen Con’s response.
Gen Con Makes Good to Make-A-Wish Foundation
SEATTLE (November 26, 2008) Gen Con LLC announced today that it has received the blessing of the United States Bankruptcy Court to pay the Make-A-Wish Foundation funds raised in a charity auction last year. Judge Thomas T. Glover, noting that children should not have to wait for their wishes any longer, made the unusual ruling in open court last week, and creditors were told a payment would be ordered.
In February of this year, Gen Con filed for Chapter 11 protection in the United States Bankruptcy Court for the Western District of Washington. This action became necessary as a result of significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events.
“A key element of our reorganization plan has always been to treat Make-A-Wish as a separate class of creditor and it was our sincere hope that we would be allowed to pay them in full upon court acceptance of our Plan. We are simply thrilled to have received permission from the court with the support of our creditors’ committee to pay them in full right now, especially before the holiday season,” said Adrian Swartout, president of Gen Con.
Over the last nine months, Gen Con’s primary goal was to stabilize operations at a reduced cost structure and to establish whether the Gen Con Indy event could be operated profitably. As a result of new efforts by the current leadership team, Gen Con reports that it had its first profitable year since 2005. It is now confident that it can operate with sufficient profitability to fund the bankruptcy Plan. Under Chapter 11 laws, debtors are not allowed to pay any claims or debts included in the filing until a Plan is confirmed.
A wire for almost $150,000 is on its way.
About Gen Con
Gen Con, LLC produces the largest consumer fantasy, sci-fi and adventure game convention in North America. Its operations include Gen Con Indy and licensees for European and Asia Pacific Gen Con shows. In 2007, Gen Con launched their Trade Day initiative to facilitate business for game industry professionals. Gen Con is a consumer and trade experience dedicated to the gaming culture and community. For more information visit the website at www.gencon.com
Trask, The Last Tyromancer