Howard Marks
👤 SpeakerAppearances Over Time
Podcast Appearances
sent the facts.
The guy was like, who are these people?
And we made a deal with the CEO saying, look, we want you out.
We want to change the board.
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