Money-strapped studio sells IP to new firm formed from the same board

Bankrupt Cheyenne in IP merry-go-round

Bankrupt US developer Cheyenne Mountain Entertainment is selling its intellectual property to a new start-up studio formed by Cheyenne shareholders.

New studio Fresh Start acquired shooter game Stargate: Resistance, apparently for $100,000, and has reserved $200,000 to maintain the online title.

Cheyenne is a studio inundated with money troubles. The firm owes staff some $1.1 million in wages, $3 million in taxes and $2 million to creditors.

The group, which in February declared itself bankrupt, is subject of a $10 million lawsuit.

About MCV Staff

Check Also

Blockchain and NFT games are banned on Steam, but not the Epic Games Store

Valve and Epic are taking drastically different approaches to blockchain and NFT games on their storefronts, as Valve has moved to remove them from its platform.