As of April 4, 2007, the Company entered into, an Asset Purchase
Agreement (the "APA") and a Trademark License Agreement (the "License
Back") with Bethesda Softworks LLC, a video game developer and
publisher ("Bethesda"), regarding "FALLOUT", an intellectual property
which was owned by the Company (the "IP"). Although such agreements
were signed on April 4, 2007 they were agreed not to be binding until
closing which occurred on April 9, 2007.
Under the APA, the Company sold all of its rights to the IP to Bethesda
for a total amount of $5,750,000.00 payable to the Company, subject to
various conditions, in three cash installments. The first installment
of $2,000,000.00 was paid following closing when $200,000.00 was paid
to the Company and $1,800,000.00 was deposited into an escrow account
to satisfy various liabilities. The Company expects to have fulfilled
its obligations under the APA and to receive full payment during the
third quarter of 2007. The Company had previously, on June 29, 2004,
entered into, an exclusive licensing agreement with Bethesda, regarding
the IP which was superseded by the APA.
Under the License Back the Company obtained an exclusive license, under
certain conditions, to use the IP for the purpose of developing an
Interplay branded Fallout Massively Multiplayer Online Game ("MMOG").
That's quite a large chunk of money. Hopefully Fallout 3 will turn out to be amazing, and the series will have a prosperous life at its new home. If FO3 turns out to be bad, at least we can still look forward to FOOL :-p.
Thanks to Briosafreak and his blog for the heads up!