Wayside Creations internal commit possible investor fraud [Fixed title]
Posted Sep 4, 2016, 5:49 PM UTC
17640
credit to u/truthsayingist
"correction - none of our video is meant to be directed at Geek&Sundry. We're big G&S fans! :) Our concerns are Wayside-internal"
https://twitter.com/rebeccacore/status/772476561622638592
Credit to u/kingofgamergate
Did some digging, there's very little verifiable information aside from that video, but I did learn a few things.
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No, this doesn't have anything to do with Legend of Grimrock the game.
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No, this doesn't have anything to do with Geek and Sundry. Just Wayside Creations.
Saying they'll have "investors" put large lump-sums ahead to boost the kickstarter so they can get their money back plus interest
- The important part of the story is this quote. I'm not a lawyer, but if someone told me that 'faking' investments by telling your friends you'll pay the money back immediately was a felony, I'd buy it. However, if Wayside blows all of the Kickstarter money on coke and hookers but still fulfill their Kickstarter promises, it's not clear if that's investment fraud.
credit to u/forportal
Wayside Creations told backers that the estimated delivery date was twenty months ago. Are we being asked to believe that it is Geek and Sundry's fault that they did not come anywhere close to meeting that delivery date, and that Wayside Creations waited over a year to tell backers they were being handed the short end of the stick? Or did Wayside Creations' owners shut the studio down because they were so far behind schedule?
credit to u/dangerpants2
Wheaton and Felicia Day don't own Geek and Sundry any more. Legendary Entertainment bought it in 2014.
https://en.wikipedia.org/wiki/Geek_%26_Sundry#Closure
credit to u/yosharian for suggesting the re-submit
36
im not suprised that felicia doesnt own geek and sundry anymore. she has no business sense.
-11
Now let's wait for Wil and Felicia's take on the matter.
12
Godot will arrive first. Wil & Felicia got bought out when Legendary took over. Their opinion means jack shit.
10
They still spew opinions everywhere tho
2
Felicia is still involved in a lot of G&S decision making though.
1
I don't think I'm qualified diverse paid enough to be judge of the Mental Gymnastics Olympics.
Or do we do it for free?
2
They're not called judges, they're called privilege checkers.
2
As a kickstarter contributor I will not be giving Wayside any more money. I don't anticipate that we will be getting an accurate accounting of this debacle. If anyone has more information I would be very interested.
7
So.. Geek & Sundry is A OK (still)?
4
yes and no. depends on if you like supporting wil wheaton
18
I still haven't gotten over the horror that was Wesley Crusher. I wonder if he can still fit into those smashing sweaters.
5
What am I not aware of about him?
3
besides being a hypocrite and asshole?
17
Well you certainly convinced me there..
Seriously though. I don't know the dude besides listening to an audiobook he read, and I think he did some TV or something. I'd love it if you could elaborate a bit.
3
Chris Hardwick's friend has become quite insufferable lately.
9
I don't.
1
I really wish they elaborated as to what TYPE of shareholders they were. Was it RSU or restricted stock?
3
That is what most people in these situations receive. We'll ultimately never know, but by relinquishing their stock instead of selling it, my guess would be RSU.
I had RSUs in a company I used to work for that I left before they could vest. I also had to formally relinquish them before resigning.
1
I had RSUs in a company I used to work for that I left before they could vest. I also had to formally relinquish them before resigning.
Yeah, the reason I am asking is because it completely changes the narrative as to whether they had the opportunity to look at the books or not.
1
It sounds like the four of them didn't have enough of an operating stake to force a vote for an audit.
1
Archives for links in comments:
- By Corrom (twitter.com): http://archive.is/qBSxK
- By IAMPOUNDCAKE (heatst.com): http://archive.is/bCfmx
- By JackalKing (wilwheaton.net): http://archive.is/AiV4K
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1
[deleted]
1
tl;dw: Wayside kicks its content creators and founders off of their own projects, they appear to be stealing from the Kickstarter backers, refuse to give the content creators information they're legally entitled to, and this might also be the kind of fraud you go to jail for. All of the original content creators resign at the end of the video.
An important distinction: they refused to give shareholders information they're legally entitled to. They weren't just content creators in that situation.
As a backer of their Fallout - Nuka Break Kickstarter years ago this doesn't come as much of a surprise. That project faced a lot of delays before they finally finished it and it's one reason why I didn't back any of their other projects. Looks like I made the right call there. I feel bad for the people in the OP's video, they just wanted to make quality fan films and apparently got screwed over in the process although I have to wonder how, as founders of the company, they ended up in this position.
They sold the company, the new parent booted them it sounds like. Simple as that. It sucks but it was probably outlined in the purchase deal.