Dreamwave

[The NZA]

Newsarama...i hate seein this.

 

 

DREAMWAVE'S ASSETS GO ON THE BLOCK

 

Here we go again.

 

The Bankruptcy Trustee handling the sale of Dreamwave Productions’ assets is calling for tenders (offers) for the purchase of Dreamwave’s interest in trademarks and inventory of comics. The move follows the company filing for bankruptcy at the beginning of this year.

 

The marks for sale in the Tender Sale include Dreamwave’s studio owned titles: Warlands, Neon Cyber, Shidima, Echo, Fate of the Blade, Garden of Blades, Limbo City, Arkaniumm, Necrowar, Dark Minds, Capsoul, and Sandscape. Other marks include those of the term “Dreamwave” and “DW & Design” (though Dreamwave published series based on Transformers, Teenage Mutant Ninja Turtles, and CAPCOM properties, those were licensed to Dreamwave by the owners, and their marks are not included in the sale).

 

The inventory for sale (held both at a warehouse and at the “Lee residence”) runs easily into the thousands of items, mostly copies of Dreamwave-owned titles, as well as TMNT issues, and CAPCOM titles. Additionally, other products including lithograph tubes, shirts, various non-DW comics, posters and lithographs are listed. As for Dreamwave’s unsold Transformers inventory, reportedly, Hasbro (owner of the Transformer property) is the current owner, though it is unclear whether the company had a clause in their agreement with Dreamwave that it would assume ownership of unsold titles in this type of situation, or if Hasbro asserted ownership of the stock as a result of DW’s non-payment of licensing fees owed. Reportedly, the issues are being held in a Diamond warehouse.

 

As with other bankruptcy sales, the inventory listed is “as is, where is” meaning that the Trustee, Stern Cohen Shier Inc. makes no claims to or guarantees upon the condition of any of the items, or on the trademarks themselves. Additionally, the Trustee reserves the right to sell all or part of the assets prior to the announced sale, when offers are due. Interested parties can submit offers for individual marks, or the entire inventory (marks and products).

 

As per bankruptcy sales, monies generated from the sale of the assets represent the only hope of unpaid freelancers seeing any back pay, though, as history has shown, freelancers rarely see a penny from the sales of assets, as the bulk (or all) of the money goes to secured creditors such as the government (for back taxes) and larger businesses that the company had worked with.

 

From the notice of the sale:

 

The assets for sale may be inspected by appointment with the Trustee. Tenders must be submitted to the office of the Trustee by 5:00 pm on August 2, 2005, and they will be opened, in the presence of the Official Receiver, on August 3, 2005 at 2:00 p.m. Conditions of sale and a listing of the assets may be obtained from the Trustee.

 

Stern Cohen Shier Inc.

In its capacity as Trustee in Bankruptcy

of the Estate of Dreamwave Productions Inc.

45 St. Clair Avenue West, Suite 1200

Toronto, Ontario

M4V 1K9

Tel: (416) 967-6772 Fax: (416) 967-7662

 

Warlands, Street Fighter, Darkstalkers, Transformers...how could they not work? I thought they had awesome sales last year, from Pat Lee alone...