Game News Wasteland 3 coming to Fig on October 5th, introducing two player co-op and cinematic conversations

[Mustawd]

I fail to see the difference, here.

This is VC man. Completely different as they are highly speculative. A lot higher risk.

you know anyone with two coins to rub together can open an account with a discount brokerage and buy shares on the public stock exchanges, right? Do you think most people who buy 100 shares of XYZ read company earnings reports and SEC filings?

Most? No. The ones who make the most money? Sure. Absolutely.


My point is not that ALL investors read the filings, but that sophisticated investors do. Are at least they outsource it to a managed fund that does (case in point my 401k). OR you can also purchase equity research reports if you want to not do the legwork yourself. However, at some point in that cycle someone is reading them and making informed decisions.

Are we really suggesting that these filings don't contain relevant information that would help you make informed decisions?


Also, if you know what you're doing it doesn't take long at all. A lot of the language that seems like legalese is basic and boilerplate language. There will be small changes here and there that are important. So if you're an investor the structure and the specific detals of the shares (voting or not) should be the biggest priority. The rest of the info is there, but not necessary IF you are familiar with investing in companies or in PE funds.


EDIT: Also, not all info is relevant to all parties. For example, creditors are more interested in balance sheet health, so that the debt can be serviced properly.

 

[Mustawd]

Sauce? I genuinely haven't seen that.

It's mentioned several times in the investor page.
"Security Units in Fig WL3 LLC"

And here are the "Investor Materials".

404 / GAME OVER
THIS PAGE DOESN'T EXIST.


Someone's been reading this thread.

You have to be logged during this "campaign preview" to see it, I think.

No dice. But thanks.

 

[Fairfax]

Sauce? I genuinely haven't seen that.

It's mentioned several times in the investor page.
"Security Units in Fig WL3 LLC"

And here are the "Investor Materials".

404 / GAME OVER
THIS PAGE DOESN'T EXIST.


Someone's been reading this thread.

You have to be logged during this "campaign preview" to see it, I think.

No dice. But thanks.

1. WL3 Offering Memorandum.pdf
2. Ex A - Form of Fig WL3 LLC Operating Agreement.pdf
[URL='https://www.dropbox.com/sh/5q3pdhd54ei08cu/AACRzjcN9PhF89aCnzSE1fQIa/3.%20Ex%20B%20-%20WL3%20License%20Agreement%20%28execution%20copy%29.pdf?dl=0']3. Ex B - WL3 License Agreement (execution copy).pdf
[URL='https://www.dropbox.com/sh/5q3pdhd54ei08cu/AABWCIxC14-5mQxORQtL_7w6a/4.%20Ex%20C%20-%20WL3%20Subscription%20Agreement.pdf?dl=0']4. Ex C - WL3 Subscription Agreement.pdf[/URL]
[/URL]

 

[Fry]

This is VC man. Completely different as they are highly speculative. A lot higher risk.

Fair enough. I give it maybe a decade before equity crowdfunding blows up in the SEC's face.

 

[Kev Inkline]

You're buying "Units of Fig WL3, LLC", see for yourself in the docs.

Sauce? I genuinely haven't seen that.

https://www.sec.gov/Archives/edgar/data/1658966/000121390016017011/f1a1215a5_figpublishing.htm

This Regulation A, Tier 2 offering is for shares of a particular series of non-voting preferred stock, par value $0.0001 per share, of Fig Publishing, Inc., a Delaware corporation (“we”, our “Company” or “Fig”). We call this series “Fig Game Shares – PSY2”. We are offering a maximum of 6,000 Fig Game Shares – PSY2 at $500.00 per Share, on a best efforts basis. We have previously received orders for Fig Game Shares – PSY2 in a separate offering to accredited investors only; however, we will not sell more than a total of 6,000 Fig Game Shares – PSY2 across all our offerings of Fig Game Shares – PSY2. This offering is being conducted to raise money for our general operations and working capital needs.

The intersting part (emphasis mine):

An investment in our Fig Game Shares – PSY2 is not an investment in any game, game developer or license agreement. Proceeds from this offering may be used to fund the development of other games, as well as other expenditures not related to Psychonauts 2. There is no trading market for Fig Game Shares – PSY2 and we do not expect one to develop, in part because we have imposed certain transfer restrictions on these shares. As a result, investors should be prepared to retain their Fig Game Shares – PSY2 for as long as these shares remain outstanding, and should not expect to benefit from any share price appreciation. The principal economic benefit of holding Fig Game Shares – PSY2 is expected to be the opportunity to receive dividends on the basis described above.

So basically a botched game by entirely another developer could result in your losing your investment if things go south enough.

 

[Mustawd]

The intersting part (emphasis mine):

so basically a botched game by entirely another game by another developer could result in your losing your investments

Yah, I've never seen that before. Although, the justification may be a way to have to avoid tracking every dollar from the figstarter separately.

 

[sser]

I think most of the investors in this case are not huge companies who invest hundreds of thousands of dollars, but regular people who have a spare few thousands. You have to have a simple breakdown for these people to understand how this is working, you certainly you don't want to burden them with the SEC filing, because there is a good chance they wouldn't understand it. And those investors who are playing big will check the SEC filing. This is is still a videogame crowdfunding site, you have to keep it simple.

Coincidentally, I'm 99% sure this exact statement was made in the creation of Fig. You're working around the rules that are meant to keep people safe from frivolous investments. So what do we do with these idiots? Make it simple!

Being accredited is not only about having the proper funds, but about having the proper knowledge. Fig works around that and goes right to ordinary people -- gamers in particular -- who probably don't know much about investments in the first place. You can already do this on the stock market -- which is why the little dudes on the market get their asses plowed 24/7 and why I get class-action lawsuit notices in the mail every few months about them.

Even by Fig's own metrics, it's very unlikely you will ever make a return on your investment, but they still peddle it in a way that heavily implies you just might.

Now, if a proper investor with lots of money wanted to invest, do you think they would go through the channels Fig has offered? Of course not. That channel is for the everyman. And when the everyman is in this position what are they often getting swindled into? MLM/Pyramid schemes, buying timeshares, penny auctions, knives, shitass vacuums, poorly assessed market positions, and overly blown stocks. Fig is financial snake oil with all the similar bells and whistles and lures. I don't care about the law aspect of it. This is America, and in America you can legalese your way out of selling weapons to terrorists or leaving confidential information out to hang on private servers. But the morality of it is a different question, and I think Fig is pretty fucked in that regard.

 

[Grauken]

Typical PE Fund Structures: Already more complicated than most people are used to seeing

Hardly.

Spoiler

Lol, I meant in terms of businesses. But duly noted.

When I was working in a company that did research for the energy industry in Germany, a colleague of mine had a poster on the wall that showed the big four and on all their various subsidiaries, affiliated companies, shares at various public utilities and whatnot and how they were connected with each other, looked impressive as hell and just as complex

 

[Rivmusique]

we’re also going to break from the isometric in other areas where we think we can dial up the drama. XCOM: Enemy Unknown is a good example, where you can zoom in on something and cut to the creature shattering through a window and then go back isometric.

Shit.

 

[an Administrator]

I don't know what is going on
What's economicz?

 

[Grauken]

taking money from stupid people

 

[Abu Antar]

Wasteland 2 had it's flaws but I will most likely back this. I wouldn't have backed on Kickstarter.

 

[J_C]

we’re also going to break from the isometric in other areas where we think we can dial up the drama. XCOM: Enemy Unknown is a good example, where you can zoom in on something and cut to the creature shattering through a window and then go back isometric.

Shit.

I just hope you can turn off this cinematic camera because it becomes pretty annoying for the 100th time.

 

[Daedalos]

Hmmm. Maybe I should invest 1000 bucks. I'm almost certain this game will generate revenue for me and for all investors. Big game, lots of marketing and hype.

 

[J_C]

Hmmm. Maybe I should invest 1000 bucks. I'm almost certain this game will generate revenue for me and for all investors. Big game, lots of marketing and hype.

Wooh, I didn't know you are that loaded bro. :D

The investments are coming in nicely by the way. From the 2,2M investment cap, there is only 1,5M left, and the pre-campaign only started yesterday.

 

[Kev Inkline]

Hmmm. Maybe I should invest 1000 bucks.

 

[Daedalos]

Hmmm. Maybe I should invest 1000 bucks. I'm almost certain this game will generate revenue for me and for all investors. Big game, lots of marketing and hype.

Wooh, I didn't know you are that loaded bro. :D

The investments are coming in nicely by the way. From the 2,2M investment cap, there is only 1,5M left, and the pre-campaign only started yesterday.

I'm rich, bro. Still, 1000 bux aint pocket change, so I dunno. It could be interesting.

 

[Bubbles]

New video with an appearance by Fargo:

 

[Zorba the Hutt]

Is $700k on the first day that good, given there were probably people lined up to invest in this before it launched? Will be interesting to see if the funding patterns are similar to a KS campaign.

 

[Bubbles]

Is $700k on the first day that good, given there were probably people lined up to invest in this before it launched? Will be interesting to see if the funding patterns are similar to a KS campaign.

It didn't raise 700k on the first day.

In fact, you might notice that some of the campaign’s funding progress is already filled – this represents contributions from investors that have already gotten on board

 

[Zorba the Hutt]

Is $700k on the first day that good, given there were probably people lined up to invest in this before it launched? Will be interesting to see if the funding patterns are similar to a KS campaign.

It didn't raise 700k on the first day.

In fact, you might notice that some of the campaign’s funding progress is already filled – this represents contributions from investors that have already gotten on board

Ah, ok, hadn't checked and was just going off J_C's comment. But that's in line with what I was thinking, that there would be early investors and Fargo connections already lined up, now it depends on how many new people they can attact. A bit like the early rush on an anticipated KS and the slump in the middle.

 

[Infinitron]

New video with an appearance by Fargo:

And a non-appearance by Feargus, hmm.

 

[eXalted]

Still no leaked Fig campaign? I am disappoint.

 

[FeelTheRads]

In short: fake screenshots, grandaddy of postacopolyptic RPGs is back again, gamer shoes.

Really nothing to see. Waiting for DU to man up and post it, though.

 

[Fairfax]

New video with an appearance by Fargo:

And a non-appearance by Feargus, hmm.

I don't think Feargus is much of a believer in Fig. Tyranny was originally meant to be crowdfunded, but Obsidian ended up signing the deal with Paradox after PoE. Then the first real test, Psychonauts 2, was effectively a failure, specially considering Fig's ambitions. Its whole purpose was to reach a level of funding they wouldn't be able to reach through Kickstarter alone, and so far it's failed to come even close.
Feargus' "episodic Skyrim" would need a lot more than ~$6-7 million dollars, and even PoE's budget would be hard to raise with Fig.

Maybe Tim Cain's project will be funded through Fig, but PoE 2 seems very unlikely. So far there's no sign that Fig will be as important to Obsidian's business model as it is to InXile's.