Howard Marks

He had a list of demands.

We said, fine, we'll do, we'll pay you whatever.

Anyway, we got the CEO out.

We replaced the entire board.

They had about 60, they had about $40 million

in revenue with 60 million of losses.

It's called negative revenue, which means the cost of making those cartridges at that time cost them more than what they sold it for.

Right.

Well, it was not, I mean, but here's the thing when we saw in it, they had a library of extraordinary titles.

They had Pitfall, River Raid, they had Zork, they had MechWarrior, they had all these amazing games.

But again, the company was troubled.

So what we did is we took it bankrupt in November of 91.

It was a pre-pack.

We came in, we owned the debt.

We also bought out the banks.

We

paid full full dollar for the bank that was a you paid the full 20 20 million in debt though you said right you paid 20 million no two million the secure debt was the bank so the bank owned the secure debt and you know the bank can just foreclose on the whole thing yeah so we figured look let's buy them out so now we were the secured so we had secured and we had the most shares

We didn't have a majority of the shares, but it didn't matter.

So we took it bankrupt.

45 days later, we emerged from bankruptcy and we went back to our original investors in our other company and say, look, we need some capital.