Due to recent questions and concerns directed toward Catalyst Game Labs regarding the Chapter 7 Filing for Involuntary Bankruptcy, the management team for the company would like to address a few basic points in the hopes of improving public awareness against any misunderstanding or potential misinformation.
Catalyst Games is not operating under any order of bankruptcy. Currently, three separate parties claiming to be owed monies in the total amount of approximately $60,000 have filed a petition in an effort to force the company into bankruptcy. Catalyst questions the accuracy of this amount, and legal counsel for the company is currently researching the viability of their claims. We expect the petition to be ultimately denied.
The overall question, as it has been explained to the management team, is whether or not Catalyst has been working to meet its obligations and can reasonably expect to continue in such a manner. Ongoing and recent payments to two of the three parties involved in this petition, as well as additional payments sent out to numerous freelancers, would seem to argue in the company’s defense despite statements to the contrary.
Catalyst Game Labs remains committed to its policy of responsible dialog through press releases or within appropriate legal channels. It is not the company’s desire or intention to engage any individual in an argument outside of these confines. The company fully expects to prevail against any and all proceedings.