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Rhode Island Honors 38 Studios Debt

admin — Wed, 19 Jun 2013 19:55:40 +0000

The state of Rhode Island approved an interest payment on $75 million in bonds related to the 38 Studios debt, but there are still hurdles to clear.

The collapse of 38 Studios left tiny Rhode Island in a tough spot, with a debt of well over $100 million thanks to the loan guarantees that brought the ill-fated game developer to the state from Massachusetts. There was actually talk last month that the state could throw its hands in the air and default on the debt, which would be bad for its credit rating but save it several truckloads of cash, but now it appears that the state will honor its debt, although it's possible that legislative shenanigans could throw a wrench into the plan.

Included in the budget passed by Rhode Island's House Finance Committee last night is an interest payment on $75 million in bonds that were sold in order to finance the 38 Studios loan. That's obviously not something that would happen if the state intended to default, but it's not necessarily the end of the tale, either. The budget, including the interest payment, must still pass the House and then be approved by the Senate, and it only covers this year's payment; successive payments must pass the same annual approval process.

State administrator Richard Licht warned Democractic lawmakers against defaulting on the debt prior to the passage of the budget, saying that the impact on the state's credit rating would drive up the cost of borrowing at a time when Rhode Island is already struggling with high unemployment and financial shortfalls. "This isn't about 38 Studios," he said. "It's about protecting our reputation."

Kingdoms of Amalur: Reckoning, the only game 38 Studios ever released and which is now owned by Rhode Island, recently earned the state $713,000 via Steam sales, less than one percent of the total money owed.

Source: Reuters

Escapist News Now: The Crew E3 2013 Demo

admin — Wed, 19 Jun 2013 19:55:35 +0000

Andrea Rene got hands-on with the newly announced open world racing game "The Crew." She spoke with the development team about public interactions, customizing your car, and more!

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Feed Dump: Putin, Squirrels and a Wal Mart Parking Lot

admin — Wed, 19 Jun 2013 19:55:22 +0000

This Feed Dump once wrestled a bear. Now it's having a contest.

For more comedy from your favorite comedy troupe from the north check out Unskippable and LoadingReadyRun.

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The LoadingReadyRun crew brings you irreverent news commentary every Wednesday at The Escapist. It's the only news show with silly hats.

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Shigeru Miyamoto Urges Developers To Embrace Novelty

admin — Wed, 19 Jun 2013 19:55:17 +0000

Super Mario Bros. creator Shigeru Miyamoto wants to see more creativity in the next generation of videogame consoles.

In a recently published interview with Time, legendary game designer Shigeru Miyamoto was asked for his thoughts on the imminent next generation of gaming consoles. While he seems to appreciate the new technology, Miyamoto hopes that the bells and whistles won't serve as a crutch in the development of future games.

"From my perspective, with regard to the more powerful hardware systems, to me what still remains incredibly important is the developers maintaining a focus on creating unique games because if all that everyone does is uses the enhanced power to create more and more games that look and feel the same, then all that it becomes is a competition about the power of the hardware rather than the uniqueness of the experience," Miyamoto states.

"That, to me, is where developers should be devoting their effort."

It's apparent that Time's interviewer devised his questions beforehand (or just completely dropped the ball on pushing Miyamoto on this point), but it seems an interesting comment coming from a man who has spent so many years as the kindly face of a corporation that has built its fortunes on sequelizing popular franchises that date back more than two decades.

Don't get me wrong, I agree with Miyamoto, and feel that his words are absolutely genuine, but, well, let's just keep our fingers crossed that the man is able to push his weight around enough to ensure that future first-party Wii U titles feature more new, interesting gameplay ideas, and fewer attempts at wooing consumers with gimmickry.

Miyamoto was also asked to explain why the Wii U's unique design elements (its touchscreen controller, etcetera) exist and how Nintendo hopes they might carry the company's development efforts for the upcoming era, and he staunchly defended Nintendo's dedication to creating fun, entertaining videogames regardless of whatever hardware its developers might be working with.

"... we've created Wii U to be the only hardware that is best-suited to the living room at a reasonable price that comes with a guarantee of the quality of Nintendo software. Obviously, we're gonna put our efforts into taking advantage of the hardware capabilities to create amazing new experiences for our consumers, but it's up to other developers to decide how they want to bring their creative ideas to life," Miyamoto says.

That last bit? The part about the other developers bringing their ideas to life on the Wii U? Also an interesting comment. There's little doubt that Miyamoto will be able to come up with a handful of interesting ways to take advantage of the Wii U, but what happens if/when Nintendo creates a console so divisively designed that only truly spectacular designers (like Miyamoto) are able to cobble together neat ideas for what to do with the technology? I don't know that this is the case with the Wii U, but Nintendo's designs grow increasingly out there with each new console generation, and at this rate it seems inevitable that the firm will eventually be building gaming machines that only its internal team of brilliant game creators are capable of utilizing. What then?

Source: Time

Nvidia’s stock jumps on license plan; Wall Street eyes Apple

admin — Wed, 19 Jun 2013 19:55:11 +0000

Nvidia Chief Executive and co-founder Jen-Hsun Huang speaks during the Reuters Global Technology Summit in San Francisco June 18, 2013.

Credit: Reuters/Stephen Lam

Icahn reiterates commitment for Dell buy

admin — Wed, 19 Jun 2013 19:55:08 +0000

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange, June 27, 2007.

Credit: Reuters/Chip East

By Michelle Sierra

NEW YORK | Wed Jun 19, 2013 3:08pm EDT

NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders.

"Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if necessary."

Icahn's letter to Dell's shareholders comes on the heels of a series of reports that Icahn could exit the Dell race after struggling to raise the $5.2 billion in debt he needed to back a leveraged recapitalization he proposed to Dell's board on May 9.

In May, Icahn initiated talks with banks and asset managers to line up financing to back a leveraged recapitalization of Dell as an alternative to an existing buyout offer led by Dell and Silver Lake Partners for $13.65 a share, or $24.4 billion. Jefferies & Co, which has already committed $1.6 billion, is leading the deal.

Icahn's time is ticking. Next month the company's shareholders are expected to vote on whether to accept the Silver Lake bid. In order to prove his commitment is legitimate, Icahn needs to have the financing ready by then.

Though the letter offers little additional details about the progress of the financing, it signals a change in the activist investor's strategy.

Under the May 9 leveraged recapitalization plan, Icahn proposed giving shareholders the option of receiving either a distribution of $12 per share in cash or $12 per share in stock valued at $1.65 per share. Now, Icahn is asking that Dell shareholders agree to a tender offer for 1.1 billion shares at $14 apiece in a stock buyback.

Icahn and Southeastern, which together own about 13 percent of Dell stock, have argued that the Dell and Silver Lake offer of $13.65 undervalues the company and that the recent numbers reported by the company are understated.

"Despite the company using scare tactics concerning the company's health, you cannot get away from the fact that their own consulting firm, BCG, believes the company would earn $3.3 billion for 2014," Icahn said. "This means the 670 million shares left outstanding after our tender will earn $3.72 per share."

Dell's proposed take-private sale price has undergone several iterations starting at $11.22 to $12.16 per share, a pricing proposed by Silver Lake in October during the early stages of the take-private conversations.

In the letter, Icahn revealed he is now Dell's second-largest shareholder after Michael Dell. This, after he purchased half of Southeastern's Dell shares for $13.52 apiece, bringing Icahn's total ownership to 152 million shares, or 9 percent of company shares.

LACK OF COMMITMENT

Icahn's lack of a firm financing commitment and Southeastern's reduction in holdings has caused some to wonder whether Icahn's offer is workable.

In a statement, Dell's special committee of independent directors said Icahn's latest proposal is incomplete.

"Mr. Icahn's concept is not, in its present state, a transaction that the special committee could endorse and execute - there is neither financing, nor any commitment from any party to participate, nor any remedy for the company and its shareholders if the transaction is not consummated," said the committee in a written response to Icahn's letter.

A spokesperson for Dell's special committee declined to comment beyond the statement issued Tuesday. A spokesperson for Michael Dell declined to comment.

Other investors wonder if Icahn is truly committed to buying the computer maker and not just seeking to drive up the price of the stock.

"Icahn is historically known for looking for dislocations," said a Dell shareholder. "This could be him trying to get Michael Dell to sweeten the $24.4 billion deal. Perhaps he does want to own the entity because the numbers do work. But our expectation is that we get a revised deal at $14 or higher," the shareholder added.

(Editing By Jon Methven)

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"We Are Watching You" Legislation Could Affect Xbox One

admin — Wed, 19 Jun 2013 19:04:11 +0000

A proposed bill could force Microsoft to give users more options on how it uses data gathered with Kinect.

Whereas the Kinect has largely been an add-on to the Xbox 360, Microsoft has made no bones about the Xbox One integrating its version of the motion control hardware in big and significant ways. The console's heavy reliance on Kinect, which will watch and listen to users at all times while active, could prove problematic however, if currently proposed legislation finds traction in Washington.

The We Are Watching You Act, proposed by representatives Michael Capuano (D-MA) and Walter Jones (R-NC) would place restrictions on technology that monitors and records the data of American citizens. If the bill were to pass, hardware like the Kinect would be required to provide users with an opt-in message and a warning whenever it began recording data. Microsoft would also be required to inform users on how data is being collected and who could potentially see it. If a user were to make the choice to opt out of being monitored, Microsoft would need to offer identical Kinect services to accommodate said user's privacy.

"[This technology] would essentially observe consumers as they watch television as a way to super-target ads. It is an incredible invasion of privacy," said a press release on the bill. "Think about how you would feel sharing that information with your cable company, their advertisers and your government." While Microsoft has confirmed that Xbox One's Kinect can be turned off, the passage of this legislation would probably still throw a few wrenches into Microsoft's plans for increased Kinect integration. Even if the changes made weren't dramatic, we somehow get the feeling a mandatory, on-screen "we are watching you" warning message probably wouldn't do much for the Xbox One's arguable image problem.

Source: The United States House of Representatives

Watch Fear And Loathing In Adorable, Animated Form

admin — Wed, 19 Jun 2013 19:04:06 +0000

1A4Video delivers a new animated short based on a popular film, and proves that even rampant drug use and paranoia can be cute as a button.

Initially published in 1971, Hunter Thompson's Fear And Loathing In Las Vegas was supposed to be a relatively standard political commentary, but the author's gonzo style and history of consuming frankly heroic quantities of narcotics changed the tale into something of an important meditation on America's self-serving, egocentric nature.

In 1998 Terry Gilliam adapted the novel into a film starring Johnny Depp and, well, let's just say that the flick is better remembered as an entertaining piece of psychedelia with lots of swears and quotable moments than as required viewing for burgeoning counter-culture types.

You wouldn't expect this decidedly adult nature to lend itself to an animated adaptation and yet that clip embedded at top-right is exactly that: A one minute vignette which retells the story of Fear And Loathing In Las Vegas via cutesypoo characters who are equally as likely to get hopped up on goofballs and destroy their lives in entertaining fashion as their big screen counterparts.

This clip comes courtesy of 1A4Video, a YouTube user/account that does this sort of thing with films that likewise seem ill-suited for animation. All of 1A4's clips are great fun, but there's just a certain dissonance to the idea of a cartoon based on Thompson's work that makes me smile. Plus, I so rarely get to be high brow around here. It's nice to have a chance to wear a monocle at work.

Source: Boing Boing

Trailers: Spartacus Legends – Trailer

admin — Wed, 19 Jun 2013 19:04:03 +0000

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Softbank closer to acquiring Sprint after Dish abandons bid for now

admin — Wed, 19 Jun 2013 19:03:55 +0000

Workers build a booth for Dish, a satellite TV provider, as they prepare for the International CES show at the Las Vegas Convention Center in Las Vegas, Nevada January 4, 2013.

Credit: Reuters/Steve Marcus

By Sinead Carew

NEW YORK | Tue Jun 18, 2013 9:30pm EDT

NEW YORK (Reuters) - Dish Network Corp said it would not make a new offer to buy No. 3 U.S. wireless provider Sprint Nextel in time for a Tuesday deadline and would instead focus on its tender offer for Clearwire Corp.

The decision may be good news for Japan's SoftBank Corp, which is also trying to buy Sprint. A purchase by SoftBank could provide Sprint with access to more capital that it could use to beef up its network and compete better.

Satellite TV provider Dish said in a statement that it was not practical for it to submit a revised offer on the June 18 deadline imposed by Sprint even though it "continues to see strategic value in a merger with Sprint."

Dish said it would consider its options with respect to Sprint without providing further details. While missing the deadline would make it more complicated for Dish to make a new offer, in theory Sprint would have to consider any new offers it gets ahead of a June 25 shareholder vote on the SoftBank deal.

The Dish decision was the latest turn in a takeover battle that started on April 15 when Dish - led by its chairman and founder, Charlie Ergen - offered to buy Sprint for $25.5 billion in a challenge to SoftBank.

Known for his aggressive tactics in deal-making, Ergen is looking to expand into the wireless market as Dish's traditional pay-TV business has been maturing.

SoftBank is controlled by billionaire founder Masayoshi Son, who is known as a risk-taker despite his country's normally cautious corporate culture. If SoftBank succeeds in buying Sprint, it would rank as the largest overseas acquisition by a Japanese company.

After Sprint shareholders said they preferred Dish's offer, SoftBank was forced to raise its bid for Sprint on June 10 to $21.6 billion from its previous offer of $20.1 billion. The revised deal would give SoftBank 78 percent ownership of Sprint compared with a 70 percent stake under its earlier offer.

SHAREHOLDER VOTE

Sprint accepted the latest SoftBank offer as it provides shareholders with more cash than the previous agreement. Sprint shareholders are due to vote on Sprint's agreement with SoftBank at a June 25 meeting.

While SoftBank's latest offer is an improvement for shareholders, it provides $3 billion less direct capital investment in Sprint itself than the previous offer. New Street analyst Jonathan Chaplin said in a research note earlier on Tuesday that he believes SoftBank will make large capital investments in Sprint after the deal is done.

Paulson & Co, Sprint's second-biggest shareholder, has already said it would vote for the latest SoftBank deal but other Sprint shareholders have said they wanted to hear Ergen's response before making a decision on the latest bid.

Sprint shares fell 11 cents, or 1.5 percent, to $7.21 in after-hours trading, suggesting that at least some shareholders appeared to lose hope for a higher bid after Dish's statement.

SoftBank shares rose 5 percent in Tokyo following the announcement.

Along with shareholder support, SoftBank still also needs approval for the deal from the U.S. telecommunications regulator, the Federal Communications Commission.

The Japanese mobile operator still expects to be able to close its deal with Sprint in early July, a SoftBank representative said. Sprint declined to comment on the Dish statement.

Dish said that it was unable to meet Sprint's deadline because of changes the wireless company made in its agreement with SoftBank, such as higher break-up fees that raised the hurdles for a Dish deal.

CLEARWIRE BATTLE

SoftBank, one of Japan's top mobile operators, has promised that Sprint would be able to save money on equipment such as smartphones by getting bulk-buy discounts from vendors.

SoftBank has also argued that it could bring Sprint valuable expertise in wireless technology, an area where Dish's Ergen has no experience.

Dish's promise was additional wireless spectrum that it has bought in recent years as well as the opportunity to expand its video services to cellphone users.

But even if SoftBank wins the Sprint deal, its battle with Ergen is not over as Dish is also fighting with Sprint to buy out the minority shareholders of Clearwire, which is already majority owned by Sprint.

The board of Clearwire - a small wireless provider with a vast trove of valuable wireless airwaves that both SoftBank and Dish want - last week recommended that its shareholders vote against Sprint's $3.40 per share offer at a June 24 meeting and instead urged them to accept Dish's tender offer to buy Clearwire shares for $4.40 each.

Sprint has filed a lawsuit against Dish and Clearwire over the Dish offer and Clearwire's recommendation.

Some analysts have said that if Dish fails to win Sprint it could use a minority ownership of Clearwire as a bargaining chip to help it forge an agreement with SoftBank either to buy spectrum or to create a network partnership.

While SoftBank has said that it would be happy for Sprint to just own a minority stake in Clearwire, it would forgo savings and some control if Clearwire remains a separate company with a separate board and a separate network.

(Additional reporting by Greg Roumeliotis, and Jonathan Stempel in New York; Editing by Bernard Orr, Diane Craft and Chris Gallagher)

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