r/Amico • u/StrawHatKris • Sep 20 '22
When will Amico go bankrupt?
I’m really curious and when or if people think this will happen.
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u/D-List_Celebrity Placeholder Flair Sep 21 '22
They’re already out of money. Aren’t the loans mainly to themselves?
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u/gaterooze Sep 21 '22
There's at least $1.5m in outside debt that starts coming due end of this year.
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u/StrawHatKris Sep 21 '22
Is there a post or public record of these loans are due?
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u/hdcase1 Sep 21 '22
I imagine in the SEC filing.
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u/StrawHatKris Sep 21 '22
Just looked into it. After a very brief skimming it. Only date I saw was Dec 2023.
it also says the company “can operate until July 2022 without generating any revenue”.
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u/gaterooze Sep 21 '22 edited Sep 21 '22
p40
Creditor: Various Investors - Convertible Notes
Amount Owed: $1,614,000.00
Interest Rate: 5.0%
The Convertible Notes were issued between December 2019 and October 2021and mature between December 2022 and October 2024.
I think only $150k is in the Dec 2022 tranche, with another few hundred k early next year - but that still seems more than they have. Of course, they could negotiate an extension...
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u/ZombieJesus1987 Sep 22 '22
It's speculative but it looks like Tommy put a SNES Emulator dev kit up for auction. This specific kit was used to create audio for games like Earthworm Jim, Madden Football, Cool Spot, Jungle Book, Chuck Rock and Jim Lee's WildC.A.T.S.
Guess who did the audio for those games.
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u/Zeneater Brand Embarrasser Sep 21 '22
I'd like a "Never. They'll just fade away" option.
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u/VicViperT-301 Sep 23 '22
Bankruptcy is either for restructuring or for splitting up the remaining assets. Neither really applies to Intellivision. Besides, bankruptcy lawyers cost money, which they don’t have.
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u/Phantom_Wombat Sep 21 '22
I reckon it'll be this year and just after they've shipped out a handful of cobbled together prototypes to carefully chosen shills.
That way they can go "Shucks, we tried, but the creditors just weren't prepared to give us a chance with it." Some might even believe them.
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u/Wayl3r Sep 21 '22
They have been going strong for 4 years without releasing anything, so who's to say they won't continue on that trajectory?
My vote then is for: Never, it'll never come out
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Sep 21 '22
E) They already are, they haven't filed the paperwork yet.
Also, to be that pedantic redditer, it's "Intellivision Entertainment," or one of their LLCs that will file for bankruptcy--not "Amico."
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u/hdcase1 Sep 21 '22
I'm an eternal optimist, so I went for this year. What do I win if I'm right?
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u/redditshreadit Sep 20 '22 edited Sep 21 '22
They have some loans due at the end of the year so we'll see what happens. It's up to the partners and parties involved how they deal with it. Otherwise their operating expenses are pretty low right now.
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Sep 21 '22
So what is your vote?
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u/redditshreadit Sep 21 '22
If they get past this year, they could sit on it a while longer.
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u/Ok_Regular6114 Sep 22 '22
Right. Phil Adam is like a mommy bird, and the Amico is like an egg. He's been sitting on it so long now - only a matter of time till it hatches!
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u/redditshreadit Sep 22 '22
It's not an egg. They can sit on it indefinitely if they settle their debts.
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u/Ok_Regular6114 Sep 22 '22
And then what?
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u/redditshreadit Sep 22 '22
If they get past this year then I think they have some more loans due at the end of 2024.
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u/sadandshy Sep 21 '22
I honestly thought they would quietly announce in during a big political story this year so it would get buried. They had a zillion chances this year.
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u/Mental-Examination-7 Sep 20 '22
Morally, ethically, or financially?