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Damn! Should have shorted Take-Two Interactive!
Running out of cash and pissing off even more litigants, Take-Two Interactive Software—the publisher of Grand Theft Auto — is looking for rescue from buyout firms, according to the New York Post (seriously obnoxious registration required; use BugMeNot). An unnamed "source close to the company" says: "For a fund, it is a bet that the cash flows from sales of Grand Theft Auto: San Andreas and Liberty City Tales, and new management could get around the growing liabilities."
The geniuses running the company have managed to burn through $200 million in cash in the past year, leaving just $100 million. This week, an analyst also rated the stock a "sell"—which never, ever happens on Wall Street. Worst of all for the company, a member of the company's board resigned, writing a stinging letter about the incompetence of the current management and (ouch) lack of candor.
Dang, watching this wreck is almost as fun as causing wrecks in GTA.
Take Two Talks [New York Post]
