Infinium Labs is Gone, Gets Sued

May 30, 2006 7:12 AM

Infinium Labs, the company behind the still unreleased Phantom Game Service and the more recent but still equally unreleased Phantom lapboard, will soon be no more. Don't get too teary-eyed yet, though--the company is just changing its name, to the startlingly appropriate Phantom Entertainment, the company has revealed in an SEC filing. The board of directors have also elected to double the number of shares in the company from 600 million to 1.2 billion. While the state of the Phantom console itself is still in limbo, the company remains dedicated to launching the mobile keyboard and mousing service it announced some months ago.

Meanwhile, former Infinium CEO and current Nival executive Kevin Bachus, also known for being instrumental in the launch of the original Xbox, has sued the company for unpaid wages of around $50,997. Newly redubbed Phantom Entertainment has announced its intention to "defend itself vigorously in this matter." Such a payment, however, would come as a drop in the bucket among the company's losses over the last several years, which according to another SEC filing add up to a grand total of $69,331,794. In that document, the company noted that "our independent auditors expressed substantial doubt about our ability to continue as a going concern."

Chris Remo

Filed Under

Games: PC

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mega man

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May 30, 2006 7:19 AM

how do you burn 60 million dollars and have nothing to show for it? i dont understand... did someone pocket a shitload of cash somewhere?
- vertdang
  
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  May 30, 2006 7:20 AM
  
  yes, yes they did. a SHITload of money. Think about all the investments that were made over, and over, and over.
  
  That's why you don't invest in a games company based out of a stripmall.
  - [deleted] 554076221
    
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    May 30, 2006 7:36 AM
    
    [deleted]
- ShadowRam
  
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  May 30, 2006 7:25 AM
  
  No kidding!!.. I want a list of 'who' invested in this company.. that way I know I will NEVER use that investment company.......
- zehh
  
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  May 30, 2006 7:35 AM
  
  they bought hats
  - melkore
    
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    May 30, 2006 8:40 AM
    
    made of money
- [deleted] 716648330
  
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  May 30, 2006 8:57 AM
  
  [deleted]
- Ben Barker
  
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  May 30, 2006 9:23 AM
  
  Someone needs to go to jail over it.
- Turd Ferguson
  
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  May 30, 2006 5:23 PM
  
  Ask Brewster
  - Ride-My-Rocket
    
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    May 31, 2006 4:42 AM
    
    I'd rather just have his millions, tx.
- hippolove
  
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  May 30, 2006 6:27 PM
  
  It's a rather nasty habit to wipe your buttocks with 100$ notes ,but clearly noone warned Tim Roberts about that . For shame.
- cannelbrae
  
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  May 30, 2006 7:51 PM
  
  Reminds me of a friend I talked with -
  
  Her fiance has been working at a biotech research company for about 6 years. Evidently the company has been around for about 20 years and was just about to go under. The reason? "They never invented anything".
  
  Supposedly they had a lot of bright dedicated people, but everything they came up with was either already patented or impractical to use.
  
  I hate to think how much money the place burned. I am guessing they went through a few million a month from her description.