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US SEC Report from Gravity on Perpetual

Posted Nov 26, 2007 by Jon Wood

US SEC Report from Gravity on Perpetual

Over the Thanksgiving weekend, on November 21st, Gravity Co., Ltd., a Korean-based "developer and distributor of online games" disclosed the liquidation of Perpetual Entertainment Inc. It seems as though Gravity invested $9 million (USD) in the company which it does not expect to recover.

The company received notice in mid-October that on October 10th, that Perpetual LLC, a limited liability company, had been formed to liquidate the company's assets.

October 9th marked the company's announcement that their historical and mythology themed MMORPG, Gods & Heroes would be put on indefinite hold.

At present it appears as though this report, while new, is actually reflective of the original announcement regarding Gods & Heroes and does not directly speak to the development of Star Trek Online.

[Update] In Gamasutra's coverage of this story, they mention that they contacted Perpetual's third-party PR firm and that they are no longer representing the company. While this is true, it has caused confusion with some MMORPG readers. The PR firm in question was contracted to represent Gods & Heroes exclusively and never had any involvement with Star Trek Online. When Gods & Heroes ended, so to did that company's representation. It is not an indication one way or the other of the status of Star Trek Online.

You can read the original document here.

 

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