Persona Developer's Parent Company Files For Bankruptcy

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Persona Developer's Parent Company Files For Bankruptcy

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Allegations of fraud have been made against Index Holdings.

Index Holdings, the company that owns Atlus, creator of Persona, Catherine and Shin Megami Tensei among many other titles, has filed for civil rehabilitation - a form of bankruptcy - following allegations of fraud and bad debt. Ochiai Yoshimi, director of Index Holdings since 2007, and Masami Ochiai, Chairman of the Board, have both announced their intention to resign. It is likely that, as a result of this filing, Atlus will be sold on, but this has yet to be formally determined.

Index has been accused of 'window dressing', or exaggerating sales figures to create a false sense of security among investors. A translated CNet report also indicates that the failure of the Incubator Bank of Japan, a business networking institution, hit Index hard. At time of writing, Index is approximately $244 million in debt.

The window dressing allegations were first reported by Crunchyroll earlier this month. At that time, Japanese business analyst Ichiro Yamamoto said he suspected someone had carried out the fraud in order to push the stock price upwards, making a financial killing, rather than bumping the figures to create an illusion of success. That investigation is still ongoing.

Source: Toshiba

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I think this is the part where you, the journalists, tell us what this could mean for some of our favourite franchises. :(

MatsVS:
I think this is the part where you, the journalists, tell us what this could mean for some of our favourite franchises. :(

It would just be speculation at this rate. I'd prefer they stick to facts.

OT: I hope whatever transition Atlus has to make they don't lose any of their people D:

This is a shame. Hopefully this doesn't affect them too badly.
>_>

Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

Reading up on this... it's hard to predict what the effects of this will be. The best we can hope for is that Atlus's management is relatively separate from the management that helped cause the collapse of the company, and that Atlus is sold to another company that essentially wants Atlus for Atlus and isn't interested in changing anything.

The possibility that nothing will change is definitely present, Atlus has changed hands before... though the Atlus us Western Gamers know has been under the Index Holdings banner...

I guess it's too early to tell.

Ohhhhhhhh please let this turn out ok for Atlus. If there is any justice in the world a good company will pick them up. (If they go up for sale.)

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

I wouldn't judge an entire game company on one puzzle game being mislabled as a JRPG on the shitty PSN store.

This would be a perfect opportunity for Sony to fuel up their PR train even more. Swoop in, buy Atlus, and make their games exclusive to PlayStation. Boom! Everyone wins. Okay, almost everyone. But it is still better than letting that amazing company die!

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

try one the the real jrpgs they've made or published before you judge them

Time for a power grab from one of the big three perhaps?

Nintendo perhaps since the main Shin Megami Tensei games are there, amongst stuff like Trauma Centre.

Sony, who have possibly Atlus' biggest hitter with the Persona series.

or Microsoft, in an M Night Shamalayan-esque plot twist, so they might actually have some sort of fanbase in Japan.

Personally, I hope for the latter, because the outcry has the potential to be amazing XD

Of course this doesn't rule out the likes of Squeenix's publishing hand buying them either.

I couldn't bear to see them go. I've bearly gotten into their games and then this happens. Such unbearlievably bad luck. And the prospect of never getting my paws on Persona 5 just makes me grizzly.
Sorry. You used Teddie as the article's image.

Seriously now, though, I really hope the developers are allowed to continue their work unhampered.

Fappy:
It would just be speculation at this rate. I'd prefer they stick to facts.

Finding out how this form of bankruptcy affects a company and its holdings would hardly be speculation.

Karloff:
Index has been accused of 'window dressing', or exaggerating sales figures to create a false sense of security among investors.

So they were trying to give their company a false... persona?

Andy Shandy:
Time for a power grab from one of the big three perhaps?

Nintendo perhaps since the main Shin Megami Tensei games are there, amongst stuff like Trauma Centre.

Sony, who have possibly Atlus' biggest hitter with the Persona series.

or Microsoft, in an M Night Shamalayan-esque plot twist, so they might actually have some sort of fanbase in Japan.

Personally, I hope for the latter, because the outcry has the potential to be amazing XD

Of course this doesn't rule out the likes of Squeenix's publishing hand buying them either.

It doesn't necessarily have to be another Gaming Company... Index had a Movie Studio, Anime Studio, Amusement Park Companies and other Game Companies under its banner... so Atlus could technically be picked up by some other Japanese Media Conglomerate we've never heard of.

PedroSteckecilo:

Andy Shandy:
Time for a power grab from one of the big three perhaps?

Nintendo perhaps since the main Shin Megami Tensei games are there, amongst stuff like Trauma Centre.

Sony, who have possibly Atlus' biggest hitter with the Persona series.

or Microsoft, in an M Night Shamalayan-esque plot twist, so they might actually have some sort of fanbase in Japan.

Personally, I hope for the latter, because the outcry has the potential to be amazing XD

Of course this doesn't rule out the likes of Squeenix's publishing hand buying them either.

It doesn't necessarily have to be another Gaming Company... Index had a Movie Studio, Anime Studio, Amusement Park Companies and other Game Companies under its banner... so Atlus could technically be picked up by some other Japanese Media Conglomerate we've never heard of.

Well, this is true of course. At the moment, it is all speculation.

Hopefully Atlus won't be too greatly effected by this because I quite enjoy their games.
If they were to get bought then I like the places where the certain IPs would go on the list that Andy Shandy made. But let's just hope that Atlus can continue making the games that a lot of us love.

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

Yeah, that was the most far off game Atlus has made, and it's not even really a JRPG, it's just a puzzle game that explores relationships in a way only Japan knows how. If you actually want to judge the worth of their JRPGs, try any in the Megaten series. Nocturne is about deciding the fate of the world after it has been destroyed and you've been transformed into a demon. You go around collecting demons almost like Pokemon, except to acquire demons you either have to basically bribe them to be on your team, or create them by fusing other demons that you have together. Oh, and the plot is actually good, another difference from Pokemon. And no, it's not another "power of friendship" type plot, it's the morally grey "decide whether the world lives or dies, and how it does either of those things" type plot. There is no evil or good ending, it's all about personal choice.

OT: Just as long as Atlus stays afloat, I can't say I care all that much was happens to Index Holdings. Hopefully they are bought up by a Japanese company though, not an American one.

Oh no! What will happen to Atlus?!
What will happen to Madhouse?!

I hope they won't be too affected.

Andy Shandy:
Time for a power grab from one of the big three perhaps?

Nintendo perhaps since the main Shin Megami Tensei games are there, amongst stuff like Trauma Centre.

Sony, who have possibly Atlus' biggest hitter with the Persona series.

or Microsoft, in an M Night Shamalayan-esque plot twist, so they might actually have some sort of fanbase in Japan.

Personally, I hope for the latter, because the outcry has the potential to be amazing XD

Of course this doesn't rule out the likes of Squeenix's publishing hand buying them either.

I kinda hope not, at least by the big three. They have a habit of not sharing with each other, and I kinda like the Atlus games being put all over.

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

Ya, that's been really mislabeled. I hope you don't feel too betrayed that you won't try another title.

Tony2077:

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

try one the the real jrpgs they've made or published before you judge them

If you went to a cinema and spent 12 on a ticket to watch a film and the film was the weirdest garbage you have ever seen would you in all honestly go and watch another one by that filmmaker and director etc again? Answer that honestly and not answer in defense of a genre or developer you like because that isn't what I asked. If you like this stuff you like it and I wont question that or mock you for liking it but I would rather avoid playing anything by them ever again.

I was reading this in a pretty relaxed way, until I realized that Persona's Dev is Atlus... Now I reaaally hope that nothing happens to them, they're really cool as both dev and publisher.

J Tyran:

Tony2077:

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

try one the the real jrpgs they've made or published before you judge them

If you went to a cinema and spent 12 on a ticket to watch a film and the film was the weirdest garbage you have ever seen would you in all honestly go and watch another one by that filmmaker and director etc again? Answer that honestly and not answer in defense of a genre or developer you like because that isn't what I asked. If you like this stuff you like it and I wont question that or mock you for liking it but I would rather avoid playing anything by them ever again.

If the movie was an experiment by the director to do something different from their usual fair (Which Catherine was), sure. It's not reflective of their usual body of work.
I hate the Transformers films, but I put that aside and saw Michael Bay's Pain and Gain. Fantastic movie.

I kinda hope Atlus isn't bought out by any big company, really. The kind of games they make aren't made by big publishers. They keep budgets smaller which allows them to make risky titles like Dark Souls and Catherine. The AAA industry doesn't seem to understand this mentality, so Atlus would really only suffer from a buyout.

I'm fairly sure Atlus in Japan operates a lot differently than in America. After all, they're by and far, one of the biggest developers in that country with a massive fanbase behind them. I'm pretty sure, that whoever does buy them in the end will be more than content to just sit back and have them make them money.

J Tyran:

Tony2077:

J Tyran:
Judging by the games they make nothing of value will be lost, I was tricked into trying one of them once. They had "Catherine" on PS+ for ages advertised as an RPG, I thought "you know what as its free I will give it a go, maybe I will change my mind about JRPGs if I try a newer one", what a mistake that was. A 10GB download later and what did I get?

Some sort of weird softcore porn girlfriend simulator.

Way to confirm my bias about a genre Index Holdings.

try one the the real jrpgs they've made or published before you judge them

If you went to a cinema and spent 12 on a ticket to watch a film and the film was the weirdest garbage you have ever seen would you in all honestly go and watch another one by that filmmaker and director etc again? Answer that honestly and not answer in defense of a genre or developer you like because that isn't what I asked. If you like this stuff you like it and I wont question that or mock you for liking it but I would rather avoid playing anything by them ever again.

i will question and mock you for judging them on one game

Mcoffey:

J Tyran:
-SNIP-
If you went to a cinema and spent 12 on a ticket to watch a film and the film was the weirdest garbage you have ever seen would you in all honestly go and watch another one by that filmmaker and director etc again? Answer that honestly and not answer in defense of a genre or developer you like because that isn't what I asked. If you like this stuff you like it and I wont question that or mock you for liking it but I would rather avoid playing anything by them ever again.

If the movie was an experiment by the director to do something different from their usual fair (Which Catherine was), sure. It's not reflective of their usual body of work.
I hate the Transformers films, but I put that aside and saw Michael Bay's Pain and Gain. Fantastic movie.

Good analogy!

But yeah Catherine isn't really reflective of Atlus's normal Body of Work, specifically Catherine was an attempt by the Persona/SMT Guys to do something very different.

Okay, fair enough. I...wait, hold on a second...

J Tyran:
If you went to a cinema and spent 12 on a ticket...

J Tyran:
..."you know what as its free I will give it a go...

Nah, you couldn't be that entitled. We'll let that go. Let's take another look at what's going on here.

1) I like movies.

2) I hear a new movie by Flufflebutt Honeypore is coming out, possibly his Honeypore'ist yet.

3) I've never seen a movie by this director but everyone who has ever seen any of its movies anywhere says they're fantastic. OVERWHELMING WORD OF MOUTH AND FEEDBACK WORLDWIDE CORROBORATES THIS POINT.

4) To be honest, I didn't catch the movie when it first came out...truth to be told I didn't catch it until about two years later on Cinemax.

5) It didn't live up to my expectations, in fact, it was much more different than I was used to. Not at all like the other movies I'd ever seen; I didn't like it.

6) End result: I have decided that the only reasonable response to this scenario I find myself in is to not only hate the newly knighted Sir F. Honeypore, but every other one of his creations despite never having watched them, and to actively cheer the financial troubles of the studio that helps to fund his projects.

Yeah, that seems reasonable. Carry on, then.

well hopefully Atlus gets bought by someone competent. Thing is a lot of the big Japanese game companies like CAPCOM, Square-Enix, Namco-Bandai, Sony, etc are very untrustworthy to let Atlus just be themselves. If anyone should get them (especially considering how friendly they've gotten lately) are Nintendo. Still, more than likely they won't be bought by a game company

Klonoa Prower:
I'm fairly sure Atlus in Japan operates a lot differently than in America. After all, they're by and far, one of the biggest developers in that country with a massive fanbase behind them. I'm pretty sure, that whoever does buy them in the end will be more than content to just sit back and have them make them money.

Yeah I'm pretty sure they'll be fine. I'm actually surprised they had a parent company at all; this is something I didn't know about, and Atlus is one of my favorite publishers right now.

Which leads me to ask a question... if Atlus is doing really well even if Index isn't, could Atlus potentially buy their market share back from Index and go completely independent? Atlus seems to know what they're doing when it comes to marketing their games, and they're one of the more beloved mid-tier publishers out there. Atlus being free to do whatever the hell they want without having a parent company to worry about might be the best thing ever for them.

Oh please let Atlus be ok... Please for the love of god let Atlus get through this ok.

J Tyran:
If you went to a cinema and spent 12 on a ticket to watch a film and the film was the weirdest garbage you have ever seen would you in all honestly go and watch another one by that filmmaker and director etc again? Answer that honestly and not answer in defense of a genre or developer you like because that isn't what I asked. If you like this stuff you like it and I wont question that or mock you for liking it but I would rather avoid playing anything by them ever again.

If you don't want to trust their games that's fine, but is that really a good reason? Persona 3 and 4 are probably some of my favorite games of all time, they don't seem to be you cup of tea so I won't push them on you but it'd be pretty sad if I was disappointed by one of their games and never tried them. Besides, I've enjoyed plenty of movies by directors that also made bad films. I saw the Village by M. Night Shammalalalam at a drive in and it was complete shit but later I saw Unbreakable by him and liked it. I also saw 2001: A Space Odyssey and thought was boring and confusing. That didn't stop me from later watching and enjoying the fuck out of The Shinning

Like I said, you don't have to like Atlus's games and can choose whatever reason that suits you but don't pretend your knee jerk reaction is somehow logical

As best I can tell, this appears to be a reorganization bankruptcy rather than a liquidation, so Atlus should be fine. They're releasing Dragon's Crown in Japan on schedule and intend to continue business as usual during the reorganization.

Even were it to become a liquidation, I've seen more than one site state that the gaming division is the company's most valuable asset and would be expected to easily be bought. Not worried!

Salad Is Murder:
Okay, fair enough. I...wait, hold on a second...

J Tyran:
If you went to a cinema and spent 12 on a ticket...

J Tyran:
..."you know what as its free I will give it a go...

Yeah you got it for free so I don't think you have much room to complain, there are also plenty of reviews and people's opinions about it since it isn't a new release so some research probably would have helped, at a 10.1Gb download I would have checked exactly what I'm getting. Ok you didn't like, a lot of other people agree with you, but then there are other games by the same developer that A LOT of people say is a masterpiece. A studio won't have a masterpiece every time, especially when trying something new, sometimes they make a flop. It's not fair to judge the entire genre on 1 game and 1 developer.

A mistake I made prejudging something was the recent star trek movies. Didn't watch the 1st because I thought bah star trek. Watched the 2nd with mates and found it brilliant...I now need to watch that 1st movie since I so completely misjudged it based on my misconceptions and personal bias against the franchise.

OT: well hope Atlus comes out of this alright.

Quiotu:
Yeah I'm pretty sure they'll be fine. I'm actually surprised they had a parent company at all; this is something I didn't know about, and Atlus is one of my favorite publishers right now.

Which leads me to ask a question... if Atlus is doing really well even if Index isn't, could Atlus potentially buy their market share back from Index and go completely independent? Atlus seems to know what they're doing when it comes to marketing their games, and they're one of the more beloved mid-tier publishers out there. Atlus being free to do whatever the hell they want without having a parent company to worry about might be the best thing ever for them.

This is very interesting to consider and may be a good move for them if they can.

Tisiphone1:
As best I can tell, this appears to be a reorganization bankruptcy rather than a liquidation, so Atlus should be fine. They're releasing Dragon's Crown in Japan on schedule and intend to continue business as usual during the reorganization.

Even were it to become a liquidation, I've seen more than one site state that the gaming division is the company's most valuable asset and would be expected to easily be bought. Not worried!

well its not the states so hopefully we won't have to worry about any brainless judges screwing things up if it comes to a sale

This is..... I'm not sure what to feel about this but it's anything but reassuring.

Wouldn't it be "Funny" if Capcom actually did buy them out? Or they get forced into a "Partnership" Yeah that would be both hysterical and horribly sad.

At least according to NeoGAF, they know that Atlus had nothing to do with it and the investigators are trying to seperate it from the rest of the investigation

http://www.neogaf.com/forum/showthread.php?t=605566

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