Company News Herve wants employees to leave

[Sol Invictus]

The CEO and goons like Molitor are indeed assholes. You don't need an MBA to realize how low-down and dirty it is to refuse to pay a development studio halfway through the development of their game, simply because you're more interested in 'redirecting' the money towards 'more promising projects' (e.g. console games) even though contracts were signed agreeing that you would fulfill your end of the deal.

People wonder why Lionheart was half finished. Now you know why.

As for why we 'bash' the CEO Herve Caen, it's because he owns a majority stake in the company's shares, and is the chairman of the Board of Directors of Interplay, as well as the chairman of the Board of Directors at Titus, as well as the CEO of both of those companies. He is also the self-titled "Chief Visionary Officer" of these companies, meaning that any shortcomings of the company fall under his responsibility and not under the responsibility of the relatively powerless investors who have no power over the decisions he makes.

Nobody can force him to step down from his position of CEO because he is, after all, the owner of the company.

 

[Fireblade]

Unless the CEO also happens to be a major investor/founder/owner, he may have no role at all in setting the company's direction. His job is to carry out the wishes of the board of directors.

Herve Caen is the majority stockholder in Interplay. He carries out his own wishes which are, apparently, "make mediocre to shitty console games for SLAM DUNK! profits." Too bad he's incompetent.

According to Interplay's last 10-K filing, Titus is their majority stockholder, owning 71% of Interplay.

http://biz.yahoo.com/e/040427/iplye.ob10-k.html

Does Herve Caen own a majority of Titus? Wasn't able to find anything.

 

[POOPERSCOOPER]

Just by reading some of Hervs quotes, I can tell you it was his fault.

 

[Spazmo]

Herve does indeed own the majority of Titus and is also that company's CEO. Well, him and his brother Eric, really, but the point is that Herve is in charge and he's a moron.

 

[Fireblade]

Well, if all of that is true, then at least he has set himself up to take the fall. If you are a majority owner, chairman of the board, CEO, etc then there's really no one else to blame when the company fails. Small comfort, maybe.

 

[Capelworth]

Herve does indeed own the majority of Titus and is also that company's CEO. Well, him and his brother Eric, really, but the point is that Herve is in charge and he's a moron.

Caen is the CEO, but he hasn't owned the majority of shares in Titus since the change in parity of the convertible bonds in June 2003. He gave up control of Titus to avoid bankruptcy last summer. I won't disagree with your final point, however. :wink:

 

[Briosafreak]

What capelworth said, but remember Fireblade that Herve is the CEO and acting CFO of Interplay, he`s the one to blame really.

 

[Saint_Proverbius]

No, Herve Caen is the majority shareholder of Interplay, along with his brother and Titus coming in tied for second place. Titus owns 58M shares. Eric Caen, Herve's brother and sex toy, owns 58M shares also. Meanwhile, Herve owns 78M shares. Originally, Herve and Eric eah had a third of the majority, with their company they used to control also having a full third. Like Capelworth pointed out, Eric and Herve gave up full control of the company(Titus) to creditors in order to stay afloat.

Like Briosafreak pointed out, Herve is also the CEO and CFO of the company(Interplay), meaning he sets the direction as well as hold the purse strings of the company. Everything boils down to him, the responsibility and the buck both end at his desk.

Now, as for people playing amatuer CEO here, maybe that's true. However, many of us predicted a lot of things that came to pass, like IWD2 not selling well, Fallout Enforcer not selling well, giving up the rights to make BG3 would doom the company, etc. I even stated back in 2001 that going console was a huge fuck up for the company when they started doing it because they hadn't had a lot of success in that area. It's rather odd that we've been more right about these choices then the CEO has.

 

[Talorc]

i'd like to see him go down on criminal charges out of this...

How? The entire point of a corporation is limited liability - the owners/directors aren't held financially or legally responsible for the "company's" actions. Yeah, the employees can sue Interplay, but you can't get blood out of a turnip. Herve can be dumb sometimes but probably not in that way.

I don't think the employees will lose unemployment for quitting, though. Interplay is in breach of contract (i.e. not paying them).

Thats not quite true - in "normal" circumstances - yes the point of incorporation is to limit the investors liability to just the business ventures and assets of the company, prevent the investors other unrelated assets from being drawn into any problems.

But that assumes that directors act NORMALLY - eg in accordance with their Fiducary and other duties towards the company, investors, creditors & employees. eg if they commit Fraud or other offences, then they may indeed be personally - or even criminally liable.

A corporation CAN NOT commit a fraud - it doesnt have the arms / legs / voice in order to commit a fraud! Only a real live breathing human being can commit fraud.

 

[Country_Gravy]

It's called "Piercing the Coporate Veil." It's tough to do in a lot of circumstances, but it can be done. Look how hard it was to place blame on that Enron and WorldCom crap. I don't really know how much of this stuff works, but I do know that it is tought to take out the guys at the top when stuff goes to hell.

 

[Fireblade]

No, Herve Caen is the majority shareholder of Interplay, along with his brother and Titus coming in tied for second place. Titus owns 58M shares. Eric Caen, Herve's brother and sex toy, owns 58M shares also. Meanwhile, Herve owns 78M shares. Originally, Herve and Eric eah had a third of the majority, with their company they used to control also having a full third. Like Capelworth pointed out, Eric and Herve gave up full control of the company(Titus) to creditors in order to stay afloat.

You are misinterpreting the share numbers, I believe. There are only about 94M shares of Interplay outstanding total. My interpretation of this amended filing:

http://biz.yahoo.com/e/040429/iplye.ob10-k_a.html

Is that Eric Caen personally owns 18333 stock OPTIONS (no stock) in Interplay. Herve Caen personally owns 2000 stock OPTIONS and 8,679,306 shares of stock.

Titus owns 58,426,293 shares. However, these shares are thrown in under Herve Caen and Eric Caen's names as well, because they are directors/CEO of Titus. I think that's where your misconception came in.

Also note from the above filing (as has been mentioned already): "Herve Caen and Eric Caen each own less than 5% of the outstanding shares of Titus."

Based on the above it would seem Herve Caen personally owns "less than 5%" of Titus, and 9.2% of Interplay (not counting his unexercised stock options). Eric Caen personally owns "less than 5%" of Titus, and 0 of Interplay.

 

[Briosafreak]

This is Titus:

1. GLG : 13.82 %
2. Crédit Lyonnais : 4.79 %
3. Syalis : 3.77 %
4. Hervé Caen : 3.36 %
5. Eric Caen : 3.34 %

Nombre de titres : 19 251 096
Capitalisation boursière : 4 428 Milliers EUR

Dirigeants
Président Directeur Général : Monsieur Hervé Caen
Finances : Monsieur Pascal Bérenger
Communication : Monsieur Eric Caen
Contact Investisseurs : Madame Corinne Puissant
Contact Actionnaires : Madame Corinne Puissant

And Interplay:

Name and Address Beneficially Owned(1) Percent(2)
---------------- --------------------- ----------

DIRECTORS:
Herve Caen............................. 67,450,021 (3)(4) 71.9%
Eric Caen.............................. 67,449,021 (3) 71.9%
Michel Welter.......................... 48,333 (5) *
Nathan Peck............................ 0 --
Michel Vulpillat....................... 54,833 (6) *
Maren Stenseth......................... 8,333 (7) *
R. Parker Jones........................ 8,333 (8) *

NON-DIRECTOR NAMED EXECUTIVE OFFICERS:
Phillip Adam 206,779 (9) *
Gary Dawson 81,667 (10) --

5% HOLDERS:
Titus Interactive SA................... 67,449,021 (3) 71.9%
Parc de l'Esplanade
12, rue Enrico Fermi
St-Thibault-des-Vignes
77462 Lagny-sur-Marne Cedex
France
Universal Studios, Inc................. 4,658,216 5.0%
100 Universal City Plaza
Universal City, CA 91608

Directors and Executive Officers as a
Group (9 persons)................. 67,768,632 (11) 72.2%

(4) Includes 1,000 shares of our Common Stock issued to Mr. Caen in 2002 pursuant to a non-discretionary grant made under the terms of our Employee Stock Purchase Program.

Universal is now known as VU, Vivendi/Universal

Links:
Interplay
Titus

 

[Rosh]

Uh, yeah, it would occur to me that some people do, because I am one of them. I am not a CEO though, or even an executive officer of any kind. Are you? Maybe there is someone here who has the resume or credentials to compete with the guy you're talking shit about. I have a hard time believing that any/many of the people bashing him here have anything approaching that. If you are one that does, then that's fine, bash on. If everyone here does, then I apologize--I didn't realize I stepped into a board of directors meeting...

Suggestion:

Learn the situation involving Interplay a bit more, and how it's comprised, before you look like a total bumbling fool. Yes, you can blather on about how corporations work, but the bullshit of "credentials" is a fairly laughable one. You are using the same stupid argument that people will pull out to defend crappy design. "Let's see YOU do better!"

Sorry, but I don't have to be in such a position to know that failing to observe responsibilities to the employees is a bad thing. I don't have to be (insert some gaming "god" here) to know that many of the decisions, most entirely originating with Fifi, were completely poor for the market. I also have enough integrity to not pull the things he has done. I don't need "credentials" to know that what Fifi has been doing is highly unethical and quite likely illegal.

BTW, just because his company is clearly failing does not mean he was a failure as an executive, necessarily. I don't know the inside details surrounding Interplay's management, because they don't invite me to their board of directors meetings.

It doesn't take much to realize who has been at the reigns for quite some time and since Fargo was removed as CEO. It doesn't take much to see that Fifi was...aw, hell. Why should I tell you this? You can prove some intelligence and figure out why people don't like him. Well, since you failed the first time, try again.

What is the problem with people and discussing within context?

Oooh! Look! Interplay is a corporation! I've been involved with a corporation! Therefore, I'm going to post a whole load of crap on that basis even though I have little touch in reality to the discussion involving Fifi and the others at the wheel of the S.S. <s>Interplay</s> Minnow!

What happened to people learning about a subject before they rape their keyboard? Wait...cluelessness and presumption was how Interplay got into this position to begin with. You sound just like the person they need, especially if Fifi needs someone to propose that the CEO has no responsibility for his own actions, legal or otherwise. In case you just skimmed down to the end, there's a reason why people give Fifi and others flak. I suggest you figure it out instead of wasting bandwidth.

Then, of course, you can read the fucking newsbit to see what Fifi is doing before you post more irrelevant material. Again. I don't know why a lot of people think they have any place in the conversation when they don't know jack shit about it and post the things you have, but I'd suggest that you don't continue. Suggesting that Fifi is an "experienced executive" was by far the most idiotic thing I've had the misfortune to read all day.

 

[Vault Dweller]

BTW, just because his company is clearly failing does not mean he was a failure as an executive, necessarily.

I apologize for joining the discussion so late, but it's way to stupid to ignore. Fireblade, my young and foolish friend, you're looking at it from the wrong angle. Herve is a failure as an exec not because his company is clearly failing but because of the reasons why it's failing. Hopefully, I don't need to explain further.

I don't know the inside details surrounding Interplay's management, because they don't invite me to their board of directors meetings.

Maybe they should, you'd fit right in. :wink:

His job is to carry out the wishes of the board of directors.

His job, at the very least, is to make sure the damn company is functioning and able to pay bills and make money. He failed at all three.

In the startup community that I personally exist in, there are numerous examples of companies that failed miserably yet their CEO's were not considered responsible at all.

Surely you realize that it's wrong because CEOs are responsible for everything. That's what they are being paid the big bucks for. I've seen many companies fail and it was always the CEO's fault. Unfortunately, there are too many people who fail to connect the dots.

In that case, it is not the CEO's fault at all, he may have done his job expertly.

What the fuck are you talking about? If a CEO sees that an owner is a fucking moron, he should not take the job because he's the one responsible for people he'd have to fire later because he was stupid enough to follow the plan.

 

[Saint_Proverbius]

You are misinterpreting the share numbers, I believe. There are only about 94M shares of Interplay outstanding total.

Yup, you're right. Yahoo is listing those people with their stock in addition to the stock in Titus's name. I stand corrected.

However, that still doesn't change the fact that Herve and Eric have bought/founded three software companies and they're all failing miseribly. I think that's the best indicator there that both of them suck as CEOs. They founded Titus, it's failing bad and creditors now own it. They bought Virgin and Interplay with Titus, and both of those are doing poorly. Virgin is now Avalon because Herve didn't pay for the rights to the Virgin name, and it's now in creditor hell as well. Interplay isn't that far off from the same situation.

 

[Fireblade]

Suggestion:

Learn the situation involving Interplay a bit more, and how it's comprised, before you look like a total bumbling fool. Yes, you can blather on about how corporations work, but the bullshit of "credentials" is a fairly laughable one. You are using the same stupid argument that people will pull out to defend crappy design. "Let's see YOU do better!"

I have only been correcting wrong facts. I never claimed to have all of the facts, but as it turns out a lot of people here thought they had the facts but didn't. Not that that was the main point of my original post. People took my off-handed comment and turned it into a big war. I guess the deal here is that this guy possibly killed the pet company of certain people here and if anyone dares question their little crusade against him, they're outraged.

 

[Rosh]

I have only been correcting wrong facts.

Bullshit. Then explain the posts where you kept waffling about "bashing the CEO" with the validation you set that someone needs to have business credentials. You've only corrected a couple of facts, but have posted a lot of fluff.

Of course, I could redirect your attention to the original post in this thread, but I have a feeling you'll just ignore that, again.

Here's a hint for those a little hard of thinking:

I seriously doubt the board of directors (snicker) want Fifi acting like this unless they were him or directly involved with him. There's a reason why Fifi sunk his money into the company in desperation, and why he was laughed out of Vivendi and still remains a running joke there. Much like yourself in this thread.

I never claimed to have all of the facts,

Yet presume to go for blowing up a clueless tirade about how we're being mean to the poor, innocent "experienced executive".

You'll need to try harder to be able to come up with some convincing bullshit than that. This isn't the GameSpy forums.

but as it turns out a lot of people here thought they had the facts but didn't.

Only about stock numbers. We know who was in control. Something about the employees giving us the information kind of makes you look like a dumbass.

Not that that was the main point of my original post. People took my off-handed comment and turned it into a big war. I guess the deal here is that this guy possibly killed the pet company of certain people here and if anyone dares question their little crusade against him, they're outraged.

Now that's both hyperbole and mouth-stuffing, and on top of that a straw man argument. How much more laughable to you have to be before you find yourself to be the one who is being laughed at? It also shows that you, yet again, have little clue about the situation other than some stock numbers and you have experience with corporations.

Yet, we've talked personally to employees, investors, and many other people, for much longer time than you've been capable of understanding what a conversation consists of. It means that you first learn the pertinent bullshit and drop the numbers "victory", as the numbers don't mean a damn thing at this point and it's irrelevant to the topic aside from a footnote. If you have problems understanding the topic, do some research before you presume to butt in again.

Otherwise, you'll be treated like a ten year-old who's flapping on about how cool World War II was because they shot a gun.

 

[Fireblade]

Well, golly, Mr. Rosh. You're such a genius and have knowledge from so many inside sources, that I don't know why anyone else even bothers posting on this topic. Why don't you just write up a doc on "Interplay: How It Is", then the rest of us idiots can just fuck off because you've already got it all figured out. Comments from a few random employees and guys who've bought a few shares should definitely be enough to be the authority. Not only that, but you've got the arrogant, holier-than-thou, bully attitude down pat, so you MUST be the authority.

BTW, since you mentioned going back to the original post in this thread, why don't we go back to my original post in this thread, where you will find that I was merely commenting that it's somewhat amusing that a bunch of people on a gaming site message board think they know how to run a company better than a long-time CEO. Of course, that was before I realized you were here. If I had known that The Expert himself was gracing us with his presence here on the Codex, I never would have made such a vile comment, obviously.

 

[plin]

Also, who are these "insider sources"?
Is it a long time pal you know that works for interplay? Or is it some person emailing you this information that could quite possibly be pulling it out of his ass (also, not just the info, but also his identity as an employee)?

There's always more than meets the eye in things like this. But you guys seem content with the information you get from role playing game forums (edit: and yahoo finance and isn't the other one lycos? The stock charts and articles).

 

[Sol Invictus]

I wonder if it's time to drop the hammer on this discussion and reveal who our sources are. But that would get people fired for the sake of pleasing a couple of asshats who seem to hold persistent to the belief that we're just pulling this information out of our asses and from 'some guy emailing us random bullshit and pretending to be an IPLY employee'.

Meh.

Edit: There's such a thing as e-mail headers, you know.

 

[plin]

I'm sorry to be an asshat by asking. I don't give a damn either way. All I'm asking is if it is a friend you know personaliy (in reality, not just the net) or some guy you don't know emailing you. I'm not asking for his name and address....

 

[StraitLacedDeviant]

Well, golly, Mr. Rosh. You're such a genius and have knowledge from so many inside sources......

If I saw a house on fire and a guy outside with a petrol can and a match I wouldn't need to be a pyromechanical engineer to figure out who the arsonist was. Its painfully obvious to even the most dimwitted that Herve is responsible for all the horrible decisions that have led to Interplays downfall. And yea I think I could do better in his job because, christ knows I couldn't do much worse. He has driven three previously successful companies into the ground. I don't need to see his friggin credentials to wonder about his CEO skills.

 

[Briosafreak]

a bunch of people on a gaming site message board think they know how to run a company better than a long-time CEO.

Ok that does it. Look Herve and his pals have been liquidating Interplay, Titus and Avalon for years now. We`ve been colecting info on their disasters FOR YEARS. We got mails from small investors trying to show the world how he DEPLETED INTERPLAY and moved lots of money to Titus, a company that had liquidation as one point for discussion in the last general assembly. We`ve talked to professionals from the stock market, lawyers, people from the gaming business and from Interrplay FOR YEARS. We followed every SEC filling, got independent analisys, got inside info that we splatted on the news for i don`t know how long now, and suddently you start from nowhere and come with the idiotic idea Herve Caen might be a good executive? You`re kidding right? Even the yes men from the board had to stop him once from taking $200.000 once because the EXCUSE WAS BORDERLINE CRIMINAL. People still don`t know where the 1.4 million dollars they had the 29th of December are. And the 2001 proposal to sell Iplay for 200.000 million he stoped, and the 2002 for 150.000 he didn`t got, until he placed the company at 0.048 for share, doesn`t that tell you enough about his qualities as a CEO and CFO? Come on, i`m the guy that placed the pics from FO3 on the net for the world to see, that gave the story how things happened 8 hours after everything happened, SAint was saying what would occur FOR MONTHS, everyone that came here had an idea of what was about to happen with BIS because OF THE IDIOTIC DECISIONS BY HERVE.

We freaking took days and days of our lives building a freaking network to KNOW THINGS BEFORE MANY EMPLOYEES KNOW and succeeded in 90 per cent of the cases, so please don`t come with that bullshit, talk about games if you want, this is a good place for it and leave Herve`s idiotic moves for those that don`t have a stupidly naive view of him and all the shit he already made.

Sorry for the rant guys, but at this point someone trying to defend Herve is too much for me, i received dozens of mails, PMs and IM sessions with fans crying or screaming because of Herve mistakes at one point or another, and talked enough with his former employees that saw their lives on the line and their jobs lost to take any Herve defense in a light hearted manner.

 

[StraitLacedDeviant]

Your rant is gratefully accepted....

 

[DarkUnderlord]

Here's one from the Peanut Gallery...

Well, golly, Mr. Rosh. You're such a genius and have knowledge from so many inside sources, that I don't know why anyone else even bothers posting on this topic.

As you'll note, the only one bothering is you and you've pretty much proven your cluelessness.

BTW, since you mentioned going back to the original post in this thread, why don't we go back to my original post in this thread, where you will find that I was merely commenting that it's somewhat amusing that a bunch of people on a gaming site message board think they know how to run a company better than a long-time CEO.

You left a bit off at the end. Here, allow me: "...better than a long-time CEO who has run the company down from an approximate value of some $200 Million US, to nothing."

Of course, that was before I realized you were here. If I had known that The Expert himself was gracing us with his presence here on the Codex, I never would have made such a vile comment, obviously.

Obviously. Now you can go. Tarry along.