11 Apr2014
Written by CFB Blogger. Posted in Blog
The owners of Durham, North Carolina, social gaming company
Republic of Fun have filed for Chapter 7 bankruptcy to complete the dissolution of the company’s assets, including copyrights of two
iPhone games first released in 2010.
According to a recent news article on
www.bizjournals.com by Amanda Jones Hoyle, the gaming company’s bankruptcy petition lists over $1 million in liabilities, mainly trade debt to government contracting company
Lockheed Martin as well as back wages to some dozen former employees dating back three years.
Republic of Fun, headed by CEO Frank Boosman and President Michael Rasmussen, listed $4,051 in cash left in the company’s corporate checking account as its only asset.
The company reported it had experienced $1.2 million in revenue income in 2011. However, those numbers declined to $46,316 in 2012 and a mere $4,256 in 2013, according to the bankruptcy petition.
The company had reportedly made a strong run at getting into the iPhone and
iPad app development industry in 2009 and 2010 when it released
Slug Wars and
The Squadron, games that had a strong on-line presence.
If you have been thinking about filing Chapter 7 or Chapter 13 personal bankruptcy due to failed real estate or other investments, contact the attorneys at
Client First Bankruptcy. We are experienced and knowledgeable in the field of all aspects of personal bankruptcy. Hiring a
Client First Bankruptcy attorney to counsel you through the process and provide representation may be the key to your financial freedom. We have helped thousands of consumers like you discharge their debts. For your free initial phone consultation, please call us toll-free at 800-383-6004 today or log onto
www.clientfirstbankruptcy.com for more information. Our well-informed and compassionate attorneys answer their phones Monday thru Friday from 8:30 a.m. – 6:00 p.m. Central Time. Give us a call now; you and your family deserve a secure and happy future.