We've reported the growing problems of the Cheyenne Mountain Entertainment (CME) saga over the last few weeks and the reported layoffs from the company's bankruptcy claim, complete with a power struggle for control. But it seems at least some relief for CME may be on the horizon with the appointment of Edward Burr of Sierra Consulting Group as the company's Receiver by the Maricopa County Superior Court. Mr. Burr will act as receiver and is now effectively in control of the company assets, affairs, management, and will act as its representative in its chapter 11 proceedings. This appointment ends the battle for control over the company and puts Burr in charge of CME and its subsidiary Cheyenne Mountain Games, Inc.
Time will tell how this saga will play out and if there is a future for CME and Stargate Worlds or if the company will travel the road of bankruptcy. Read the full press release below for more details. Click here to read the court document.
MESA, Ariz. -March 19, 2010 -The Maricopa County Superior Court has ordered that Edward "Ted" Burr of Sierra Consulting Group ("Sierra") be appointed as receiver to take over the assets, affairs, management, operation and control of Cheyenne Mountain Entertainment, Inc. ("CME") and its subsidiary Cheyenne Mountain Games, Inc. ("CMG"). The term "Receiver" shall include assistants to Mr. Burr employed at Sierra. Dale Belt, a Managing Director at Sierra, has begun the process of complying with the court order. Additionally, on Thursday afternoon of March 18th, Judge Sarah Curley of the United States Bankruptcy Court - District of Arizona ruled that the Receiver shall be recognized as the controlling managerial representative for CME in its Chapter 11 proceeding filed on February 12th.
The above actions have effectively ended the six week battle over control of the companies that began on February 3rd with the filing of a complaint in Superior Court by shareholder plaintiffs requesting appointment of a Receiver. As Receiver, Mr. Burr and Mr. Belt (and associates as necessary) will have full control over all aspects of CME and CMG. A copy of the order appointing receiver is attached. Communications from any parties other than the Receiver (written, email, phone or otherwise) should be ignored until further notice by the Receiver.
It is uncertain at this time what the effect of these actions and the pending bankruptcy proceeding will have on the Company's operations and financial condition. The Receiver will be attempting to bring stability to the Company as it seeks solutions to its financial problems.
About Cheyenne Mountain EntertainmentTM
Cheyenne Mountain Entertainment is an interactive entertainment company located in Mesa, Arizona. Cheyenne Mountain Entertainment's first product is a 3rd person shooter based on the popular science fiction television series, StargateTM SG-1 and StargateTM Atlantis. For more info on the company, visit the company's website at www.cheyenneme.com.Â For more info on Stargate Resistance, visit the new community site at www.stargateresistance.com
FireSky is a publisher and part of the Cheyenne Mountain Entertainment group of companies. FireSky?s current published product is Stargate Resistance, based on the longest?running U.S. science fiction television series StargateTM SG-1 and StargateTM Atlantis which are officially licensed by MGM Interactive.
For more information, visit the company's website www.firesky.com and the Stargate Resistance community site at www.stargateresistance.com.
Cheyenne Mountain Entertainment, FireSky, the Cheyenne Mountain logo and the FireSky logo are trademarks or registered trademarks of Cheyenne Mountain Entertainment, Inc. in the U.S. and/or other countries. Stargate SG-1TM and Â© 1997-2006 Metro-Goldwyn-Mayer Studios, Inc. All rights reserved. All other trademarks or tradenames are the property of their respective owners. Statements herein concerning future events and developments and the Company's expectations, beliefs, plans and estimates constitute forward-looking information that involves risks and uncertainties. Cheyenne's actual results could differ materially from those indicated by the forward-looking information.