Former THQ CEO Sells His Company Stock for $3000

Former THQ CEO Sells His Company Stock for $3000

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Brian Farrell cashes in more than 50,000 shares for a very modest return.

Right before a company collapses, it's not uncommon to read of executives cashing out their stock in advance, raking in millions of dollars just before the share price tanks. That's not the case with former THQ CEO Brian Farrell: last week, he earned himself a comparatively meager $3,000 when selling his total holdings in the company.

A filing with the United States Securities and Exchange Commission was posted on THQ's investor relations website, which shows that Farrell sold off 50,481 THQ shares at the rock-bottom price of $0.058 per share. That works out to be just shy of $2,928 for Farrell's 21 years at the company.

THQ reported its highest annual sales figures and net profits ever in 2007, where its share price reached highs of up to $34.10 per share.

Unfortunately, the company couldn't maintain their success: products such as the uDraw GameTablet and lackluster releases such as Homefront took their toll on the company's finances, and studios closed one after the other. After attempting a "reverse stock split" to push the price of the shares up to stay on the NASDAQ, the stock finally crashed in November 2012 by more than 47% after a poorly received earnings call and a lack of guidance by the THQ business on how to rejuvenate sales and keep the company afloat.

After defaulting on loans and throwing in a last ditch effort with Humble Bundle, the company finally filed for Chapter 11 bankruptcy, and most of its IPs are in the hands of other publishers and developers. In regards to the asset auction, Farrell commented: "Although we (THQ) will no longer be able to work together with a unified mission, I am confident that the talent we have assembled will continue to make an impression on the video game industry".

Source: THQ via We Got This Covered

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Y'know, I never had any particularly reason to like THQ, but they were relatively inoffensive as publishers go and it's still a bit sad to see them plummet like this.

That's really sad that this happened. Work for 21 years, and that work is almost for naught.

Always makes me a bit sad to read about the situation. THQ was my favourite publisher.

Thats depressing to read.

At least he has his integrity, and rightfully so. He had 1.72 million dollars worth of stock a few years ago, and he believed in his products. It cost him, but he took pride in what he built, and he's been responsible enough to ride out his failures. Less than six cents a share though, jeez, thats sure a harsh slap in the face. I hope this experience does make him a bitter person. Best of luck goes out to him.

I think I played one THQ game, and it was just ok. But this...this is just depressing.

MarsAtlas:
I hope this experience does make him a bitter person.

You are a cruel, cruel person.

Or that was a typo. Possibly.

Scars Unseen:

MarsAtlas:
I hope this experience does make him a bitter person.

You are a cruel, cruel person.

Or that was a typo. Possibly.

Curses, I've been exposed. I must make haste back to my lair, so I can barricade myself to finish my sacrifice of two hundred puppies in front of imprisoned, starving orphans while dousing myself with the tears of Sonic fans.

"a lack of guidance by the THQ business on how to rejuvenate sales and keep the company afloat."

They needed to be told that all they had to do was to carry on making/publishing good games?

I would have thought that was self-evident.

You guys really think this was his only monetary compensation?

Alandoril:
"a lack of guidance by the THQ business on how to rejuvenate sales and keep the company afloat."

They needed to be told that all they had to do was to carry on making/publishing good games?

I would have thought that was self-evident.

NO YOU DON'T.

You have to push out rehash, DRM, day one DLC and microtransactions to stay afloat. Look how great EA, Ubisoft and Activision are doing!

NULL

Alandoril:
"a lack of guidance by the THQ business on how to rejuvenate sales and keep the company afloat."

They needed to be told that all they had to do was to carry on making/publishing good games?

I would have thought that was self-evident.

Your right, they should have tried harder to make gun shooter 12, instead of awesome games like Darksiders, Saints Row and every game Relic made.

Worgen:

Alandoril:
"a lack of guidance by the THQ business on how to rejuvenate sales and keep the company afloat."

They needed to be told that all they had to do was to carry on making/publishing good games?

I would have thought that was self-evident.

Your right, they should have tried harder to make gun shooter 12, instead of awesome games like Darksiders, Saints Row and every game Relic made.

Opinions, opinions. I thought Darksiders 2 was painfully "meh", SR3 was a clown of a game with not much else to it (SR2 combined a great story WITH all those silly gameplay elements and was overall a much better game), Homefront was a disaster, and Relic has only ever made 2 great games, Homeworld and Dawn of War 1 up to Dark Crusade, while both CoH and DoW 2 feel clunky, have terrible netcodes, and DoW 2 especially is not even an RTS.

Man that's depressing. That's really the only thing I can say.

Shame.

I liked THQ. To see them die and have their remains picked clean by the vultures wasn't pretty. And now you tell me the CEO didn't do the rats-from-a-sinking-ship move either?

I really hope these people land on their feet and get back into the game again. They deserve better.

Carnagath:
while both CoH and DoW 2 feel clunky, have terrible netcodes, and DoW 2 especially is not even an RTS.

Opinions opinions.

I agree about the netcode being next to terrible, but I would say that DoW 2 is one of the few popular RTS games in years. Don't you dare bring up Starcraft and its clicky spastic clickfest build 1000 tanks total lack of strategy gameplay.

Hey look, WE ALL HAVE OPINIONS!

Seriously though, how is DoW2 NOT and RTS? It's real-time and it is a strategy.

CrossLOPER:
Seriously though, how is DoW2 NOT and RTS? It's real-time and it is a strategy.

I whole-heartedly approve your defence of DoW2, but I don't think it's an RTS either. And there's nothing wrong with that. I think it belongs in RTS' sexier, slimmer cousin's category, real timetactical. I loved DoW2's gameplay mechanics. I just wish they hadn't deviated from the plan as much as they did for Retribution. Ah well, I guess any conclusion to the story is better than nothing.

Keep fighting the good fight, Brother.

....You know what would make a good game?

Make Dan Abnet's The Traitor General into a third person shooter.... I'm just saying.

Just saying Relic... I don't know who's signing your paychecks these days, but I'd play the crap out of that game.

As for THQ, I have to say its sad to see them go. The past few years they've released some really fun games in one form or another. If Saint's Row 2 and 3, Dawn of War 1 & 2 and Space Marine are any indication it was not for lack of DLC.

Zhukov:
Y'know, I never had any particularly reason to like THQ, but they were relatively inoffensive as publishers go and it's still a bit sad to see them plummet like this.

I'd agree if they didn't at one point go on record to say "we're on par with EA and ActiVision".

Still, they've made some nice games and I am overall quite sad to see them go.

CrossLOPER:

Carnagath:
while both CoH and DoW 2 feel clunky, have terrible netcodes, and DoW 2 especially is not even an RTS.

Opinions opinions.

I agree about the netcode being next to terrible, but I would say that DoW 2 is one of the few popular RTS games in years. Don't you dare bring up Starcraft and its clicky spastic clickfest build 1000 tanks total lack of strategy gameplay.

Hey look, WE ALL HAVE OPINIONS!

Seriously though, how is DoW2 NOT and RTS? It's real-time and it is a strategy.

It's a squad based tactical game. The fact that you control points is the only thing that bears a similarity to "strategy". When base building is removed, and you can have a maximum of about 15 units before you hit the supply limit, you can't call your game an RTS. DoW 2 has more in common with fucking Baldur's Gate, than it does with C&C, Warcraft or Starcraft. Pardon the language, but Relic really pissed me off with this game, because I loved DoW 1 so much, and they had to release this piece of shit with its name, rather than make something new that I can safely ignore, or keep those mechanics to CoH.

As far as popularity goes, how exactly is DoW 2 popular when nobody is playing it? I downloaded all those games with the THQ bundle, logged in to all of them, and the only game that people play is CoH. By orders of magnitude. Like, there were 50-100 people in all other games, and 10,000 in CoH.

Of course, I had to connect by using a secondary connection to play, because Relic apparently doesn't like my router, and I am unable to join or create any game with it, and there's no way to fix it or plans to do so. And when I did connect, I had between 250 and 400 ms on a 1v1 game, on the EU server, and versus a friend of mine who lives 3 streets away. Are you fucking kidding me... Even the worst indie dev doesn't screw up this bad. I'm genuinely surprised that Relic are still around to be honest, devs have been dismantled for far far less.

So who will make/publish Saints Row 4?

evilneko:
So who will make/publish Saints Row 4?

I believe Deep Silver (The people who made Dead Island) ended up with Saints Row.

Going down with the ship, eh? Noble. But kinda stupid.

CrossLOPER:

Carnagath:
while both CoH and DoW 2 feel clunky, have terrible netcodes, and DoW 2 especially is not even an RTS.

Opinions opinions.

I agree about the netcode being next to terrible, but I would say that DoW 2 is one of the few popular RTS games in years. Don't you dare bring up Starcraft and its clicky spastic clickfest build 1000 tanks total lack of strategy gameplay.

Hey look, WE ALL HAVE OPINIONS!

Seriously though, how is DoW2 NOT and RTS? It's real-time and it is a strategy.

DOW 2 is not so much an RTS as it is a overhead RPG.
There was no Real time strategy for the entire campaign. 4 squads go from point a to point b and boss fight.

direkiller:

CrossLOPER:

Carnagath:
while both CoH and DoW 2 feel clunky, have terrible netcodes, and DoW 2 especially is not even an RTS.

Opinions opinions.

I agree about the netcode being next to terrible, but I would say that DoW 2 is one of the few popular RTS games in years. Don't you dare bring up Starcraft and its clicky spastic clickfest build 1000 tanks total lack of strategy gameplay.

Hey look, WE ALL HAVE OPINIONS!

Seriously though, how is DoW2 NOT and RTS? It's real-time and it is a strategy.

DOW 2 is not so much an RTS as it is a overhead RPG.
There was no Real time strategy for the entire campaign. 4 squads go from point a to point b and boss fight.

The game existed for its Multiplayer, which is most definitely an RTS.

DVS BSTrD:
You guys really think this was his only monetary compensation?

No. He obviously earned a salary. The point was that unlike other CEOs who cash out their stocks and bail as soon as the company starts to tumble, he held onto them right to the end when he could have sold them earlier for over a million dollars at the company's expense.

 

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