No, not Gearbox. The other one.
According to a report from Kotaku, TimeGate has finally succumbed to its chronic money problems and has laid off its entire staff. Until recently, the studio was known mostly for its award-winning Kohan RTS series and its unremarkable F.E.A.R expansions. Now, you'll likely recognize it as the outfit largely responsible for the study in disappointment that was Aliens: Colonial Marines, which didn't do the studio any favors.
The company filed for bankruptcy last week, but publisher, SouthPeak, which holds a $10 million fraud judgement against the developer, claimed the filing was a "ruse" designed to let company insiders dodge the fraud findings. The "insiders," in this case, being Alan B. Chavelah and Morteza Baharloo, who own approximately 70% of the company. They also own 80% of a health-care company named Healix.Inc, which could have been affected by the fraud judgement. SouthPeak took the issue to court and was looking to convert the Chapter 11 bankruptcy into a Chapter 7 liquidation. According to one of Kotaku's sources, SouthPeak won that case, essentially giving it dibs on TimeGate's stuff.
The Escapist wishes the best of luck to those laid off.