News From 04/02/01

Short Comment: Correction on Previous Comment- SNK's "Rehabilitation Bankruptsy", is a form of Bankruptcy.
Apologies to readers of the "comment" I made previously- The "Rehabilitation Bankruptcy" which SNK had filed, is in fact, a form of Bankruptcy.

As reported, SNK had filed for
"Rehabilitation Bankruptcy" -originally called "Minji Saisei" in Japanese. According to the SMEA (Small & Medium Enterprises Agency) operated by the Japanese Government, The "Minji Saisei" (Rehabilitation Bankruptcy) Law is- "A form of Bankruptcy where the business owner will not lose rights to the management of the business when aiming for its restructure. The law is targeted towards small and middle class businesses."

While there are 5 other laws for filing bankruptcy in Japan, the laws were not useful for small and middle class companies; the Minji Saisei Law was created as a solution very recently, in April, 2000. Unlike bankruptcy laws from the past, the Minji Saisei allows for a business to declare bankruptcy before any actual incidents of a bankruptcy occurs, allowing a much shorter timespan for the business to restructure itself. Also a difference from bankruptcy laws in the past, the Minji Saisei allows for company executives to continue operating business without a need of resignation.

There are 8 steps required for a company to complete the filing to "Minji Saisei" (Rehabilitation Bankruptcy). SNK is currently reported to be on its second step. -H.Moriarty

[ Related: SMEA ]

SNK Files for Rehabilitation Bankruptcy to Court
(Osaka, Japan -4/02/01) Today, SNK has announced to have filed for Rehabilitation Bankruptcy to the court of Osaka.

SNK had began the process to request for a tax extension back in 3/8/01. However, the company concluded with today's decision that attempts to reestablish on its own were futile, due to its enormous amount of deficit. With the help of the Osaka government, SNK plans to have its debts deducted in order to restructure the company. SNK's total debt is estimated at 38 Billion Yen; accurate numbers will be announced later. The filing will not effect game releases scheduled by SNK.

This not a file for bankruptcy,
Please ignore this comment, this is a filing for bankruptcy. -H.Moriarty

[ Related: Teikoku Data Bank ] [ Related: GameSpot Japan ] [ Related: ]

The Challenger: Capcom vs SNK 2, Heavy Metal, and DOA 3 movie clips
The "Challenger" -the site operated by an arcade chain in Osaka Japan and recognized for its numerous game clips, has now released movie clips of Capcom vs SNK 2, Heavy Metal, and another clip of the DOA 3 demo. Previous clips of Sengoku Densou 2001, Vampire Night, and Virtua Fighter 4 are still available as well. Capcom vs SNK 2 and Heavy Metal's clips are available in the Challenger's Hidden Section.

Now that I look back, there's three things that I didn't notice during the TGS. 1- Geese is counter throwing a Super. 2- It says "Grory or Defeat" 3- The title is "Capcom vs SNK 2 -Millionaire Fighting 2001" -H.Moriarty

[ Link: The Challenger ] [ Link: The Challenger -Hidden Section ]

Short Comment: Congrats to the Dessert Section! First 1000 Downloaded file was...
Congratulations to the Downloads section of the Madman's Cafe, for its first record of 1000 downloads on a file. Was it Final Fantasy X? Was it Wind of Klonoa 2? No.. it was Yuri's "Accidentally Stripping" victory pose, from Capcom vs SNK. -H.Moriarty

[ Dessert Section ]

Short Comment: Happy April Fools! Both News From Yesterday were Tricks.
Yesterday was a fretful day for all news sites alike. Happy April fools everyone.
Both of yesterday's news, were tricks. Here's a brief explanation to both of them. -H.Moriarty

[ Explanation to the April Fools, Origination & Etc ... ]