You are viewing a single comment's thread.

view the rest of the comments →

argosciv ago

(7/20)

Shillfarms (and/or worse)

Continued:

DEN became indicative of excess in the era of the dot-com bubble, with high pay for executives while not generating any revenues and very little traffic.[18][14]

In October 1999, a young man from New Jersey identified only as Jake W. filed a lawsuit alleging that Collins-Rector had sexually molested him for 3 years beginning in 1993 when he was 13-years-old[2][19]. The lawsuit was filed just prior to DEN's scheduled IPO, causing concern among potential investors[20] and leading to the resignations of Collins-Rector, Shackley, and Pierce, leaving Ritts in charge[2][21]. Additional lawsuits against all three resigned executives followed[22][23]. The controversy and turmoil caused by the allegations led DEN to withdrew its IPO and subsequently filed for bankruptcy.[16]

In 2014, Michael F. Egan III filed suit, alleging he was sexually assault by Goddard, Singer, Neuman, and Ancier at parties hosted by DEN executives[24][25][26][27] but the suits against Neuman and Ancier were dropped[28][29][30]. Ancier sued Egan and his attorneys[30], with the attorneys ultimately apologizing to Ancier and Neuman, saying the allegations were false.[31]

Following the bankruptcy of DEN, the company's trustee alleged possible fraudulent sale of assets prior to its bankruptcy.[16]

[17]:

Other ventures

Internet Gaming Entertainment

In 2001, Pierce founded Internet Gaming Entertainment (IGE), a company which pioneered the MMORPG currency-selling services industry.[19] Between 2004 and 2005, IGE spent more than $25 million buying out seven smaller competitors, including four auction platforms and a number of fan and content sites.[20] In 2005, Pierce estimated that IGE accounted for about 50% of this online market in the U.S., which has about $500 million in annual volume.[20][21]

Pierce brought in Steve Bannon, the then former Goldman Sachs banker, to seek venture capital and a deal was made in February 2006 yielding $60 million of which Pierce took away $20 million for a minority stake. The next year, facing a class-action lawsuit, the company failed, had no assets and Pierce was forced out.[22]

Pierce founded ZAM, a network of websites oriented around massively multi-player online role-playing games (MMORPG), such as World of Warcraft, Star Wars: The Old Republic, Rift, EverQuest, etc., in 2003.[23] The ZAM.com network included gaming websites such as ZAM.com, Wowhead, Thottbot, Torhead, and D3DB.

[19. wiki: Internet Gaming Entertainment]:

IGE (Internet Gaming Entertainment) is a company which trades in virtual currency and accounts for MMORPGs. One of the main dealers in virtual economy services, members of the gaming community were often critical of IGE, as its services may allow players to break rules in online games.[1]

During its peak time, it had offices in Los Angeles, Shanghai, and headquarters and customer service center in Hong Kong.[2][3] It was reformed in 2007 by Jonathan Yantis

History

IGE was founded in 2001 by Brock Pierce, a former child movie star,[4] and Alan Debonneville. They met each other while playing Everquest and decided to form IGE. Pierce was the main investor in the company while Debonneville was managing the operations. Brock Pierce was also the co-founder of the controversial failed dot-com Digital Entertainment Network (DEN).[5] Media reports claim that Marc Collins-Rector is a silent partner in IGE.[6] IGE initially used an address in the city of Marbella, Spain, where Collins-Rector and Pierce shared a villa until it was raided by Interpol in 2002.[7][8]

In January 2004, IGE acquired its major competitor, Yantis Enterprises, then run by another secondary market figure, Jonathan Yantis,[9] for $2.4 million and 37% share of the company. Yantis later sold his shares back to IGE in exchange for 22 monthly payments of $1 million due to conflicts and disagreement.

IGE's parent company, RPG Holdings, purchased Allakhazam in November 2005,[10] as announced in May 2006.[11] This purchase followed the acquisition of Thottbot.

During late 2006 and 2007, Debonneville was forced out of the company. Later Debonneville sued Pierce for various reasons related to an investment made by Goldman Sachs a year earlier, which Debonneville ended winning in a settlement.

IGE tried to restructure its upper management team by recruiting new executives. IGE began to lose revenue due to the frequent deletion of accounts involved in trading. In May 2007, a lawsuit was filed against IGE by Antonio Hernandez for "substantially impairing and diminishing [player's] collective enjoyment of the game." In June 2007, Pierce was replaced as CEO by Steve Bannon, who had been placed on the board following the Goldman Sachs investment.[12]

During the final months of IGE leading to its reformation, the board of directors decided to sell the company to their former partner Jonathan Yantis.[12] IGE's parent company was then renamed Atlas Technology Group Inc,[13] which is owned by Yantis, while Brock went with Affinity Media.

Affinity Media was said to be one of the parent companies of IGE, though the company no longer has any ownership stake. Affinity Media's senior vice president of business development John Maffei, noted that "we’re no longer in that business." [14] Affinity retains control of Allakhazam.com, Thottbot.com, and has since purchased Wowhead.com.[15]

In April 2014, IGE announced a formal service agreement with virtual currency provider EpicToon.com, who confirmed they will be handling IGE's virtual currency line of business.[16][17]

Revenue

Like all the other in-game currency traders, the vast majority of IGE's revenue comes from buying/selling World of Warcraft gold. Its website traffic, and allegedly its revenues, have been declining since 2006 due to the increased competition from the in-game currency traders based in China and the constant bombardment of anti-real-money trading measures by Blizzard Entertainment, the publisher of World of Warcraft.18

Games

Current

  • WildStar (video game) (PC)
  • Elder Scrolls Online (PC)
  • FIFA 14 (PC, iOS, Console, Mobile)
  • DC Universe Online (PC)
  • Diablo 3 (US/EU/Asia)
  • Final Fantasy XIV
  • Guild Wars 2 (US/EU)
  • Rift (US/EU)
  • RuneScape
  • Star Wars: The Old Republic (US/EU/AP)
  • TERA (US/EU)
  • The Secret World
  • World of Warcraft (US/EU)

Former

  • Age of Conan (US)
  • Aion Online (US/EU)
  • Everquest II
  • Final Fantasy XI
  • Lineage 2
  • Vanguard: Saga of Heroes

So let's just recap for a moment...

David Brock | Shareblue | MMfA (+ John Podesta) | American Bridge 21st Century | CTR (+ John Podesta) | George Soros $$

Marc Collins-Rector | DEN | Microsoft (Bill & Melinda Gates Foundation) | IGE | Brock Pierce | Steve Bannon | Goldman Sachs

NXIVM (+ Trump Tower | Brassner | Pivar | Warhol | Koons) | Oprah | Tom Cruise | Scientology (~ Beech Aircraft Corporation/Raytheon Aircraft Company | Goldman Sachs | Hawker Beechcraft) | New CAN | Michael Avenatti | Mark Burton | "The Online Gamer" | Scientology Ireland | Scientology Canada[0] | Operation Snow White[0]


Okay, now, what the hell is Steve Bannon doing showing up in this?

Let's take a closer look at his involvement with IGE...

[20. https://web.archive.org/web/20090303224228/http://www.wired.com/gaming/virtualworlds/magazine/16-12/ff_ige?currentPage=all (19: ref 12)]:

The Decline and Fall of an Ultra Rich Online Gaming Empire

By Julian Dibbell | 11.24.08

~~In the months ahead, IGE hired more adults, a slew of VPs with decades of industry experience among them. The company also brought on a former Goldman Sachs investment banker named Stephen Bannon, whose mission was to land venture capital.

By spring 2005, Yantis was telling IGE affiliates that the company would be announcing limited licensing agreements permitting it to operate aboveboard in at least five North American MMOs. Yantis himself, however, wouldn't be sticking around to see it happen. Pierce and Yantis had arrived at, as Pierce puts it, a "difference of opinion," and in June, after months of negotiation, the terms of Yantis' exit were finalized: For 22 monthly payments of $1 million each, the company would get Yantis' stake back, along with his agreement not to set up a competing business for at least three years.

Goldman Sachs started making visits, inspecting the Asian operations and talking with Bannon and others about terms. Finally, on February 7, 2006, the deal was inked: Goldman Sachs, together with a consortium of private funds, made a reported $60 million investment in the company. Part of the money was used to buy Pierce, Salyer, and IGE's general counsel, Randy Maslow, out of some of their stock in the company. Pierce walked away with $20 million and still retained the controlling share of a company that was doing more than a quarter of a billion dollars in sales a year. The only top IGE officer who failed to profit from the deal was Debonneville, who, for reasons that remain disputed, was excluded from selling any part of the 17 percent stake he'd built up. Two and a half months later, he left the company.

Continued ahead in comment 8...


Curiously, if Yantis's payments began in June 2005, they should have ended in March 2008...

wiki: Portal: Current Events: March 2008

March 4, 2008 (Tuesday)

United States presidential election, Super Tuesday II: