Howard Marks

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.

So we raised 5 million, brought back the company.

First wealth, because we put, we had to our name, probably at that time,

in the company, a couple million dollars of cash.

We were doing well, but that was it.

We took everything we had and we put it all on the line.

Okay, yes, we were profitable.

So year after year, we were growing it.

Then we got to $200 million, $300 million in revenue, profitable, and then the rest is history.

Now it's a multi-billion dollar company.

Hits.

So it turns out the game industry is a hit-driven industry.

So you make, let's say, 20 games a year, two or three are hits, five or seven are singles, and the rest are complete duds, which you never meet them.

And that's true today, although what the industry is doing today is they're spending 100, 200 million on a game.

that it's a franchise as a sequel.

So there's less risk because you're not introducing a whole new intellectual property.

But that's a whole different story.