Quick translation of a new article at the Wirtschaftblatt, an Austrian business website.
The public exchange of blows goes on between JoWooD and their Australian ex-development partner Perception. Now that Perception's CEO Ben Menzo had stated his take on the termination of the contract earlier today, JoWooD's CEO Seidl responded.Perception's statements are "insubstantial and wrong", Seidl states. The game happens to be in an extremely bad condition, which also was confirmed by an analysis/expertise made by one of the leading publishers (worldwide). The analysis of the PS2 and Xbox version concludes: "Neither version is playable in any kind." JoWooD had the contractual right to terminate the agreement if the product has severe flaws and if the developer was notified of the serious violation of the contract in written form. This notification had already been sent on 06/13/2005. The contract was terminated on 08/05/2005 as Perception had not made any signifcant progress in the meantime.
Also, all financial duties were fulfilled by JoWooD whereas Perception violated the development contract on their side of things due to the product having technical flaws and not meeting the original schedule.
The stocks/shares of the game publisher took a hit as Perception's Ben Menzo noted that they intend to take legal action against JW CEO Albert Seidl and Andreas Ruda (chairman of the board), who has been angered by JoWooD's "financially damaging" statements. [...]
Petition of Bankruptcy rejected.
JoWooD Productions Software AG, listed on the Viennese stock market, announces:
The Landesgericht Leoben (superior court), which is the competent court for the petition of bankruptcy against JoWooD Productions Software AG, Technologiepark 4a, A-8786 Rottenmann, ?sterreich introduced by Perception PTY LTD, Suite 3, 61 Dunning Avenue Roseberry NSW, AU-2019 Australia, has decided by order, that the bankruptcy proceedings be rejected.
The court order also states that Perception itself has admitted that the delay of the game delivery was also caused by the failure of Perception although JoWooD has already paid the undisputable amount of EUR 5.5 Mio.
JoWooD will now continue its successful way of restructuring the company.
Talks with potential investors are ongoing.