According to The Wall Street Journal, a bidding war has erupted over the rights to two of now-closed developer TimeGate Studios’ video games.
Sci-Fi first-person shooter Section 8, and the unreleased free-to-play game Minimum are at the center of a bidding war between three companies. Hedge fund CNH Partners, Atari SA and Section 8 publisher Southpeak Interactive have all placed offers for the rights to the games.
According to court papers, CNH has teamed with developer Digital Tribe Games to $50,000 in cash plus a 25% royalty on the games, which tops a winning bid by Atari SA. Southpeak Interactive is offering $40,000 and a 50% royalty, which tops Atari’s offer too.
The bankruptcy trustee working on TimeGate’s case reportedly endorsed the Atari bid, however CNH is asking a bankruptcy judge to reopen the sale process and schedule a live auction. Judge Jeff Bohm is scheduled to discuss the sale at a hearing on Thursday at the U.S. Bankruptcy Court in Houston.