According to a report from the East Valley (AZ) Tribune, property control for Stargate Worlds and Stargate Resistance has been returned to developer Cheyenne Mountain. Sadly, time has probably run out for Cheyenne Mountain to be able to get Stargate Worlds out the door. MGM has terminated the license originally issued in 2006 that granted Cheyenne Mountain the use of the intellectual property from the TV shows.

Last week Judge Edward Burke approved the return of assets to Cheyenne Mountain. He also approved a new receiver for the company, which is under Chapter 11 bankruptcy protection, placing the restructuring in the hands of Phoenix’s MCA Financial Group, according to a court document. The substitution is part of a settlement that also approves debt payments and loans to fund continued operations.

The agreement settles a multimillion-dollar fraud complaint brought by Cheyenne Mountain investors against Dark Comet Games and Fresh Start Studios, which were formed by former employees to maintain and expand Stargate Resistance, a third-person shooter released in February. To date, it’s the only product the company has managed to release, and it was rushed to market just days before the company sought court protection from its creditors.

Read more here.