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Star Citizen: Chris Robert`s new space sim (the Wing Commander guy)

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https://robertsspaceindustries.com/...e-uk-tax-rebate-advance-for-foundry-42/277779

Turns out the loan is just an advance on a UK guaranteed tax rebate that CIG has already been certified to receive, and the 'farm bet' was limited to UK assets revolving around SQ42 and has nothing to do with Star Citizen as a whole. The UK government would have to become insolvent in this matter and withhold an obligation to CIG for CIG to fail to repay the loan, and the amount loaned is well within their capacity to repay with or without the rebate.

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.
Click to expand...
 
TechBoyJK said:
https://robertsspaceindustries.com/...e-uk-tax-rebate-advance-for-foundry-42/277779

Turns out the loan is just an advance on a UK guaranteed tax rebate that CIG has already been certified to receive, and the 'farm bet' was limited to UK assets revolving around SQ42 and has nothing to do with Star Citizen as a whole. The UK government would have to become insolvent in this matter and withhold an obligation to CIG for CIG to fail to repay the loan, and the amount loaned is well within their capacity to repay with or without the rebate.
Click to expand...


This is spin. The bank owns all of the ip.
 
Your basing that on what exactly? The contracts and promissory notes you've read that CIG UK signed or the rumor sites and reddit? I'm guessing the later based on your posting history regarding the development of this game.
 
bbhaag said:
Your basing that on what exactly? The contracts and promissory notes you've read that CIG UK signed or the rumor sites and reddit? I'm guessing the later based on your posting history regarding the development of this game.
Click to expand...

It's based on dreams.
 
This is my official warning to keep stuff not relating to game play out of this thread.
There is another thread for all the other drama you guys wish to talk about.

Moderator Aigo
 
Yeah, this week's AtV was extra special. I can't get over how big that Reclaimer is. And the procedural planetary tech.....they continue to refine it even beyond my wildest expectations.

Now the $150 million dollar trick is: getting it to work in a game build with thousands of players online.
 
300-High-Level-07-28-17.png


3.0 live September 2017 (maybe).
 
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