Well, I heard that GW had 'taken out' another competitor....
Seriously, if this is true, then it is a sad, sad day. Time to get out the black armbands. 
my 2cents,
iblisdrax
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| TOM - I-Kore folding????? http://www.tacticalwargames.net/taccmd/viewtopic.php?f=59&t=1779 |
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| Author: | TuffSkull [ Fri Feb 27, 2004 9:37 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Hi guys, theres news all over the TMP forums that I-Kore's had problems with someone embezzling funds & have been forced to liquidate. I'm hoping & praying that this is simply over-reaction from a minor rumour, but since Tom has some contact with the company - is there any way this can be confirmed (or prefereably totally denied!) through your sources? |
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| Author: | primarch [ Fri Feb 27, 2004 9:44 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Hi! Woah! That sounds bad. Hope Tom can clear it up. Primarch |
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| Author: | primarch [ Fri Feb 27, 2004 10:28 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Hi! Been around the net and i desn't look ggod. TMP has confirmed it and it pretty much seems they will fold. Sad really, stuff like this only makes it more difficult for stores to carry anything BUT GW products. Primarch |
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| Author: | iblisdrax [ Fri Feb 27, 2004 11:51 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Well, I heard that GW had 'taken out' another competitor.... Seriously, if this is true, then it is a sad, sad day. Time to get out the black armbands. my 2cents, iblisdrax |
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| Author: | primarch [ Sat Feb 28, 2004 12:35 am ] |
| Post subject: | TOM - I-Kore folding????? |
Hi! Unfortunately these companies do fine on thier own putting themselves out of business. They dont need GW "help" in that regard..... Primarch |
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| Author: | netepic [ Sat Feb 28, 2004 5:31 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Crikey! I will look into it ASAP! |
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| Author: | netepic [ Sat Feb 28, 2004 6:04 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Hi, Update - I-Kore applied for financing for part of there expansion and new products, as part of this a certain amount of auditing takes place in order to ensure that the company is financially viable. This auditing discovered many scary events were taking place, sales staff were ordered to lie to management and there supervisor Felix was sacked for embezzling. With Felix gone the company can now begin to 'try' and repair the damage. Not the company has had to go into restructuring possibly liquidation, however many staff members are making a coalition to repurchase the company as embezzling aside once Felix is out of the equation the company is financially viable as long as it's reputation can be restored. I can confirm this rumour: Some distributors complained that they had been sent items they had never ordered, or more than what they had actually ordered. | |
| Author: | netepic [ Sat Feb 28, 2004 8:03 pm ] |
| Post subject: | TOM - I-Kore folding????? |
We are now able to confirm that the rumors are true: i-Kore has gone into receivership. Cowan and Partners in Edinburgh, a chartered accountancy firm, are liquidating the assets of the company. The contact person is given as David McFarlane, on 0131 554 0724. i-Kore had first run into cashflow problems in 2003, when a manufacturing error led to delays with their VOID Gamebox product. (Masters for plastic figures are usually sculpted 3-time-normal size, with the diemakers reducing the size for actual production. In this case, Chinese workers made the error of producing the figures as sculpted - 90mm scale!) The delays made critical inroads in the company's Christmas season sales. Three of the principals in the company provided short-term financing (in at least one case, mortgaging a home) to keep i-Kore operational. They had a great deal of confidence in the ongoing product lines, as well as great enthusiasm for an upcoming line of 10mm pre-painted figures for a mass-combat game. To provide longer-term stability, i-Kore made arrangements to obtain additional financing. Before a company receives an infusion of capital, there is a "due diligence" phase in which the financial situation of the company is verified. It was during this process that i-Kore discovered a series of financial discrepancies involving Accounts Receivable (which are the outstanding orders for which a company expects to receive payment). A number of the orders were "phantoms" - no such orders had actually been placed. Other problems now came swiftly to light. Some distributors complained that they had been sent items they had never ordered, or more than what they had actually ordered. Management learned that sales staff had been directed to conceal information from management, and "to lie" to distributors. The final straw came when management received a tip that a company employee was operating several unauthorized eShops on eBay, disposing not only of i-Kore product, but also of other company's products obtained from distributors. Based on an initial assessment of eBay records, it was estimated that the eShop had done ?60,000.00 GBP (~$113,207.55 USD) in sales. When presented with the evidence, i-Kore Sales Director Felix Garzon allegedly admitted to running the unauthorized eShops. The problems with the company's books made the planned business expansion untenable. It became nearly impossible for the company to function, since it was unclear what its financial situation really was. Consequently, the Board of Directors voted to voluntarily place i-Kore into liquidation. Receivership does not necessarily mean the end for the Void and Celtos game systems and product lines, as those assets will be distributed as part of the liquidation. A Creditors Meeting is scheduled two weeks from now, when i-Kore management will meet with the company's creditors. Several i-Kore employees reportedly hope to "reconstruct" the company through a purchase of the assets from the creditors. They are said to have a "solid plan," but it is not known what other parties might be interested in bidding on the assets. | |
| Author: | primarch [ Sun Feb 29, 2004 1:17 am ] |
| Post subject: | TOM - I-Kore folding????? |
Hi! So, Felix is the "embezzller"? Shocking! Primarch |
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| Author: | Mojarn Piett [ Mon Mar 01, 2004 8:01 am ] |
| Post subject: | TOM - I-Kore folding????? |
Now there's only Excelsior left. I hope nothing happens to THEM. 
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| Author: | Hergrmir [ Fri Mar 05, 2004 7:37 am ] |
| Post subject: | TOM - I-Kore folding????? |
Don't forget Privateer Press and Rackham. And I don't know any more than you guys, but there has been a fair bit said in support of Felix as well, apparently, and stuff about the management of I-Kore having done similar things when they were Target. I really don't know. |
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| Author: | Xavi [ Fri Mar 05, 2004 2:49 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Or Reaper. QUite some small good companies out there actually. They might have problems but you should not dismiss them like that. I also have quire some minis that are not citadel or forgeworld ones, and some of them are the best ones in my collection. The thing about I-Kore... I have to admit I have no idea of what was all this fuzz about. It seems it affects most of you directly in any case so I solidarize myself with you even if I am not that into the things being discussed. Hope everything ends up fine Regards, Xavi |
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| Author: | Mojarn Piett [ Fri Mar 05, 2004 3:18 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Yep. I just found out that VOR books and minis are available through Ral Partha.  Check here if interested. |
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| Author: | primarch [ Fri Mar 05, 2004 9:52 pm ] |
| Post subject: | TOM - I-Kore folding????? |
Hi! Thank the chaos gods I dont play skirmish games. I bought Warzone when it came out and then the bottom fell out of target. I'll stick with epic at least I know what to expect from GW.....  Primarch |
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| Author: | Mojarn Piett [ Mon Mar 08, 2004 9:57 am ] | ||
| Post subject: | TOM - I-Kore folding????? | ||
Inflated prices, which continue rise exponentially, and next to no support?
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