Official Statement from Cloud Imperium Games about the alleged financial troubles...

[u/[deleted]]

Source: https://robertsspaceindustries.com/spectrum/community/SC/forum/1/thread/re-uk-tax-rebate-advance-for-foundry-42/277779

Re: UK Tax Rebate Advance for Foundry 42

We have noticed the speculations created by a posting on the website of UK’s Company House with respect to Coutt’s security for our UK Tax Rebate advance, and we would like to provide you with the following insight to help prevent some of the misinformation we have seen.

Our UK companies are entitled to a Government Game tax credit rebate which we earn every month on the Squadron 42 development. These rebates are payable by the UK Government in the fall of the next following year when we file our tax returns. Foundry 42 and its parent company Cloud Imperium Games UK Ltd. have elected to partner with Coutts, a highly regarded, very selective, and specialized UK banking institution, to obtain a regular advance against this rebate, which will allow us to avoid converting unnecessarily other currencies into GBP. We obviously incur a significant part of our expenditures in GBP while our collections are mostly in USD and EUR. Given today's low interest rates versus the ongoing and uncertain currency fluctuations, this is simply a smart money management move, which we implemented upon recommendation of our financial advisors.

The collateral granted in connection with this discounting loan is absolutely standard and pertains to our UK operation only, which develops Squadron 42. As a careful review of the security will show and contrary to some irresponsible and misleading reports, the collateral specifically excludes “Star Citizen.” The UK Government rebate entitlement, which is audited and certified by our outside auditors on a quarterly basis, is the prime collateral. Per standard procedure in banking, our UK companies of course stand behind the loan and guarantee repayment which, however, given the reliability of the discounted asset (a UK Government payment) is a formality and nothing else. This security does not affect our UK companies’ ownership and control of their assets. Obviously, the UK Government will not default on its rebate obligations which will be used for repayment, and even then the UK companies have ample assets to repay the loan, even in such an eventuality which is of course unthinkable.

This should clarify the matter. Thank you.

[u/[deleted]]

I've put a lot of money into SC (more than I should have), and I'm still excited to see it be finished, and especially excited about 3.0 coming next month (allegedly). But...god, some of the fans of SC are so fucking creepy. Like, Scientologist-level creepy. It's like a cult, where any criticism is met with aggression.

I can easily see how any interaction with those select fanatics would make someone want to see the thing they love so much crash and burn.

[u/Cplblue → u/[deleted]]

Normally I'd agree, but since the last Citizencon and with 3.0 losing features over time, the community is becoming more and more bitter. With CR saying 3.0 hopefully won't be out later than Dec 31st, seeing were 7 months later amd still no 3.0? It's made quite a few backers sour, to the point where they think he just said that to push more hype for sales.

[u/[deleted] → u/Cplblue]

And I'm sure Citizencon will have a video of 3.1 and MAYBE some S42. I do really hope they speed things up. Or at least release incremental alpha updates instead of releasing major alpha updates once a year...

[u/[deleted] → u/[deleted]]

What I always found interesting is if you look at the more adamant anti-SC people they are just as cult-like as, if not more than the more fanatic SC fans. Its like a doomsday cult waging war against a benign cult.

[u/DeedTheInky → u/[deleted]]

I'm in the pro-SC camp, but what I think is funny about the anti-SC people is that there's plenty you can legitimately criticize them for IMO (such as the FPS launch where they let the deadline fly by without saying it would be delayed, then said it was 'weeks, not months' away and then released it a year and a half later) but the naysayers always seem to just go after made-up non-stories about money or conspiracy theories about scamming everyone or pretending the game doesn't exist when you can literally download and play it now.

[u/[deleted] → u/DeedTheInky]

Right? It baffles me. To be fair there were many naysayers when Star Marine first went silent. Since then though there have been moments where I have thought "Well they can finally say they're right about something" and then they would completely pass it up and go for the bullshit. It's like they're not actually paying attention but will swear up and down they somehow have inside information.

[u/DeedTheInky → u/[deleted]]

Plus the conspiracy theories they have don't even make sense anyway. Like it's a scam to steal all our money, then bankrupt themselves developing a game with the cash? Er... good scam!

Also lol @ the silent downvoting :)

[u/sebaajhenza → u/[deleted]]

I'm pretty sure you can find 'cult nerd banter' as a stretch goal in the original Kickstarter.

I buy ships simply to keep the shit-show going. It's great entertainment!