KickStarter Psychonauts 2

[Farage]

Are you guys ready to have your money thrown down the drain?

 

[titus]

They were born ready. It's not like the dude is trying to hide it or anything.

 

[J_C]

Are you guys ready to have your money thrown down the drain?

It never happened before, so I don't think it will happen now.

 

[J_C]

Well, I don't care much for Psychonauts, but this is good news anyhow. Pillars 2 and next InExile game will probably be on fig, meaning probably more money and potentially better games.

Also means no pledge.

Yeah, inXile announces a turn based RPG and they will lining up sucking the fig dick.

 

[MicoSelva]

I am so glad that other people decided to fund this for me.

But that was the easy part, I was pretty confident it would happen.

Now the two much less probable events need to occur:
1 Double Fine actually makes the game
2. It turns out a worthy successor to Psychonauts

I have little hope these will happen, but little hope is better than none.

 

[Immortal]

I am so glad that other people decided to fund this for me.

But that was the easy part, I was pretty confident it would happen.

Now the two much less probable events need to occur:
1 Double Fine actually makes the game
2. It turns out a worthy successor to Psychonauts

I have little hope these will happen, but little hope is better than none.

This.

I feel like a communist dictator with his feet up on a desk smoking cigar as my useful idiot SJW's slowly degrade western values. It's really Win-Win.

If it gets funded and turns out to be an amazing game - I will buy it and play it.
If it gets funded and turns out to be shit, or not even released - I can laugh at all the tim shills on the codex while stroking my dick.

Win-Win.

 

[Taka-Haradin puolipeikko]

http://www.crowdfundinsider.com/201...aign-delayed-by-sec-requested-clarifications/

Spoiler

Fig “Psychonauts 2″ Equity Crowdfunding Campaign Delayed by SEC Requested Clarifications

February 2, 2016 @ 2:51 pm By Samantha Hurst

Last month, Double Fine closed the crowdfunding campaign on Fig for its highly anticipated video game, Psychonauts 2. According to the campaign page, the initiative raised over $3.8 million from 24,000 backers. A portion of the funding is part of an equity crowdfunding offer under Regulation A+, a relatively new securities exemption that allows anyone to purchase pre-IPO shares in a company. Reg A+ allows issuers to raise up to $50 million in what has been described as a mini-IPO type offer. The popularity of Psychonauts creates an intrinsic base of investors that may help to fund the company’s growth. Unfortunately it appears the equity portion has not been released to Double Fine as the SEC has requested certain clarifications.

According to report in Polygon, the campaign raised $1,954.524 in rewards-based funds as well as $1,874,500 in equity investments. The rewards portion has been dispersed but the $1.874 million remains in limbo.

The new crowdfunding platform shared in an email:

“The SEC filing must be qualified before we can collect the investment reservations placed by unaccredited investors. We received commented back from the SEC on January 17th, which was 26 days after we made our filing, and the number of comments we received were low. As a result, we currently expect to be able to complete the unaccredited process in the next 4 to 8 weeks.”

Fig also reported that the majority of reward-based backers contributed an average of $81 to the campaign, while the investors gave anywhere between $500 and $2,000.

Representatives commented:

“We already emailed all the investors with an update letting them know we’ve received comments back from the SEC and outlining next steps. Once the filing is qualified, they can complete their investment profile, which includes collecting [banking and wire transfer information], and sign the final investment documents. Once that’s complete, money is transferred, their shares are qualified and we collect info on where to send their payments.”

Double Fine shared with Polygon that the total budget for Psychonauts 2 was between $10 and $13.5 million. The funds are coming from the studio itself, the Fig campaign and an unnamed investor.

e. Probably it's just usual red tape.
So no need to panic J_C.

 

[J_C]

It's just THE usual financial burocracy, but of course TIM SCAMMED EVERYBODY TROLOLOLOL!!!

 

[DosBuster]

yeah, new law and the us government takes some time to update to modern standards so this is natural

 

[J_C]

yeah, new law and the us government takes some time to update to modern standards so this is natural

I'm glad you see it this way.

 

[DosBuster]

What in the honest fuck is happening with Psychonauts 2?! Last update was in January, all I know is that they have a Lead Game Designer now and... that's it. Their SEC problem was supposed to be cleared up by April.

 

[Turtle-Zone 3000]

Tim Schafer's done it again.

 

[Hoaxmetal]

I had completely forgotten about this, seems like DoubleFine have forgotten too.

 

[Multidirectional]

Or maybe they actually started working instead of hyping. Slim chance, I know.

 

[tormund]

http://www.gameinformer.com/themes/...have-approval-for-crowd-investing-&GroupKeys=

Fig And Psychonauts 2 Still Don’t Have Approval For Crowd Investing

In May, Fig co-founder Justin Bailey told us that the crowdfunding and investing platform was close to getting necessary approvals. “We believe we will finalize any moment, and will let everyone know as soon as we hear from the SEC.” Two months later, the organization is updating its filing as it has not been given the green light to proceed.

Fig is partnering with FundAmerica, which will handle back-end management for the the online platform, keep track of who owns shares, and manage other aspects of the stock. Fig is changing its filing in three ways in hopes of winning SEC approval, which is holding up its ability to collect on unaccredited investments for Psychonauts 2 and other projects.

Our Take

Everything about this feels like Fig moved into crowd-based investing prematurely. The company said on multiple occasions it was close to getting approval.

Instead, potential unaccredited investors are holding non-binding options to purchase. They can walk away with no penalty. In significant numbers, it would have an impact on Psychonauts 2’s development, as well as other projects with shareholders in wait.

I believe far better investment opportunities are out there that won’t tie up your principal for years.

 

[Abu Antar]

Hilarious.

 

[Metro]

Another Double Fine catastrophe.

 

[Immortal]

We are really close to getting approval.

 

[Severian Silk]

A Double Finastrophe.

 

[Taka-Haradin puolipeikko]

Probably it's just usual red tape.
So no need to panic J_C.

Now might be a good time for it.

 

[taxalot]

Tim Schafer, Molyneux, John Romero and Cleve should band together and make a game.

 

[J_C]

Let's hope everything will be sorted out in the end. Hopefully this is just some burocracy. Not that I really care, it's just videogames.

 

[Mustawd]

Hopefully this is just some burocracy.

Registration with the SEC can take some time, and probably is an expensive process. I've been through an S-1 registration with the SEC and the whole thing was crazy complicated with auditors and lawyers.

This is probably not as complicated as an S-1, but it still will take time, and the fact that it hasn't been accepted tells me they probably underestimated how much red tape it would be. Fig isn't a publicly traded company, so their accountant probably doesn't have an SEC company background. I'm guessing they had to hire some accounting consultants, as well as a law firm, to get them through this.

anyway, yes it's more likely just red tape, and it will eventually get done. But again, for people who don't trust some of the project management of the companies involved (aka doublefine), it's probably not a heartening sign that they did not communicate possible delays to investors/backers.

 

[J_C]

But again, for people who don't trust some of the project management of the companies involved (aka doublefine), it's probably not a heartening sign that they did not communicate possible delays to investors/backers.

Totally agree. I don't really understand how could they push Fig forward without sorting these things out first.

And not that I want to make excuses for Tim, but he is not a (good) businessman, but the other 2 figureheads in this busingess, Fargo and Feargus are, they should have stepped it to help the business side of things.

 

[Mustawd]

I don't really understand how could they push Fig forward without sorting these things out first.

Happens all the time with private companies who are not accustomed to some of the rigorous standards and rules that the SEC requires. The company I referred to earlier promised their board (although not required for private companies, it's considered good corporate governance to have a board) that they'd go public with 3 or 4 different dates. But that was wishful thinking as the accounting was a freaking joke until they hired a brand new team from the ground up. They then replaced the CFO, and eventually fired the CEO when the board finally figured he didn't have the experience to take them public. Eventually this thing went public a year later, but it was a crazy shit show all the way to the end.

So yeah, it's not surprising. I'd say it's not necessarily time to get pissed at fig if you're an investor, but if this thing doesn't get off the ground in a few months, I'd seriously consider thinking about asking for my investment back. I'm no lawyer, so I don't even know if that's easily done.