My favorite time of the year—Gen Con—has been in bankruptcy since early this year. While the core business (Gen Con Indy) is sound, the company lost money trying to establish Gen Con So Cal and on a disastrous Star Wars Celebration III. As my pal Peter Adkison explained, the idea was to establish a strong showing at Gen Con Indy this summer and then file a bankruptcy plan this fall that reflected that strength.
And that’s exactly what happened. The show came off well, and Gen Con had its first profitable year since 2005. The company started to come to settlements with its major creditors and looked ready to put the plan into action.
Then someone stepped in and made an offer for the company. This, as it later became clear, was a hostile takeover bid by a mysterious company known only as the Gen Con Acquisition Group. The offer’s intent was to snatch up the company at bankruptcy prices while it was at its most vulnerable. However, Gen Con management has made it clear that they prefer their plan to this oddball, last-minute bid. They’ve even made arrangements to pay off their debt to the Make-a-Wish Foundation immediately rather than wait for the plan to be approved.
Here’s hoping that the unnamed bidders fail in their blatant attempt to hijack the company and the con. I really can’t imagine anyone better than Peter and his crew to run the show. Peter has a gamer’s soul, and he loves the convention as much as I do. If I had my way, he’d run it forever.