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From: Todd Porter
Sent: Monday, October 05, 1998 10:11 AM
To: _The Owners
Subject: 2:00pm today
We have an appointment at 2:00pm to day to sign documents that will be needed to close this deal (either late this week or early next).
All you have to do is be here at 2:00pm and a clerk will arrive with the docs
Just make sure you sign the documents EXACTLY as your name appears on them.
Additionally, I want to send our BLACK BOOKS (the ones with the certificates in the back) back to underwood with her so have them ready (have you found yours yet john?)
From: Todd Porter
Sent: Monday, October 05, 1998 3:03 PM
To: John Romero
Subject: RE: Eidos transaction
They say there should be no problem....so.....hope for the best....remember, they need to get the 40% down - a huge motivator....
-----Original Message----- From: John Romero
Sent: Monday, October 05, 1998 2:44 PM
To: Todd Porter; _The Owners
Subject: RE: Eidos transaction
So, if the board disapproves of the deal, it's dead? After 10 months?
-----Original Message-----
From: Todd Porter
Sent: Monday, October 05, 1998 1:20 PM
To: _The Owners
Subject: Eidos transaction
All the eidos people are in japan so the deal can't take place this week.
Johnathon has told me that they need board approval for the deal and that will happen next week (hopefully early).
Assuming the board approves it, the deal is a go. This may be next week or the week after....
From: Todd Porter
Sent: Monday, October 12, 1998 11:01 AM
To: _The Owners
Subject: Deal update
Ok,
Called england all last week and they finally called me back today at home.
They meet (the board) to ratify the deal on thursday.
There are still issues with the contract, and without the vote to move on, there is little need right now to spend money on trying to finish up.
After thursday, we should find out how things went on friday.
If all is fine, look to the end of the following week to sign the deal.
That's all the news I have except that Bob and his lawyers are refusing to turn over legal work he had in his computer here (clearly a violation of the law).
That is the reason for the delay in the depositions.
Also, we are going to meet with them (perhaps later this week) to discuss if he wants to settle this or not so keep your fingers crossed...
Call me or email if you have any questions....
From: Todd Porter Sent: Tuesday, October 20, 1998 12:10 PM To: _The Owners Subject: the deal
Just got off the phone with Mcgarvey. Still no answer but expect one by thursday/friday - his words....
From: Todd Porter
Sent: Friday, October 23, 1998 11:25 AM
To: _The Owners
Cc: 'Bill Underwood'
Subject: The Deal Just got off the phone with Charles and Mike.
They are going to spend the weekend preparing a memo of their problems with the deal and give it to us on monday.
Essentially here are the facts as I know them:
1. VERY VERY VERY concerned about Daikatana not shipping on time (as well as the other titles).
2. Somewhat concerned about Anachronox and Deus Ex.
3. Think our valuation is TOO HIGH. Indicated that they are worth 1/2 what they were 6 months ago (and though they didn't say it outright - therefore we should be as well).
4. VERY concerned about Warren's compensation, although they got more comfortable after we told them what we offered him.
5. Happy with the Burn Rate.
6. VERY VERY VERY concerned about people leaving Daikatana - though I tried to assure them that most of who left were shit anyways.
7. VERY VERY concerned about the litigation - not much we can do here. They just need to be comfortable with this. Bill will talk with their lawyers next week and review the facts.
8. VERY concerned with the Non-Compete - but I explained texas law and they said they would send me details in the memo.
9. VERY concerned that John's heart is not in Daikatana - and I let them know that the only attendance problem we've had is Warren....
10. VERY VERY VERY concerned about the AI in Daikatana and that there is a TREMENDOUS amount left to do.
In conclusion, all of the above has led them to get cold feet. Not that any of this will stop the deal - (their words) - but they need these things answered before they can go forward.
They are in a closed period (again) and therefore the earliest they could do the deal would be the 25-26 of november.
They want to work the next 3 weeks to get comfortable with these deal points and resolve the other issues.
MY OPINION:
They will come back with an offer of a deal that is probably 5-6 million. I don't think the royalty lowering will change. Warren issue is cool. Non-Compete is cool. Litigation is cool. Other projects are cool. Daikatana is the one sticking point. We need to have schedules that the programmers and artists can feel are achievable. These schedules can have no loose ends and no unidentified objects (like script or AI).
MY RECOMMENDATION:
We wait for the memo, get their ideas, go through the Depositions, and decide if we want to do the deal or not. In any event, I think we tell them that the absolute deadline is the end of november. My personal belief is if it doesn't happen then, it will never happen and we are wasting valuable time and money spending any more time with it.
From: Todd Porter
Sent: Friday, October 23, 1998 2:05 PM
To: 'wspector@ionstorm.com'
Subject: RE: Owners talk? Thanks!
-----Original Message----- From: Warren Spector [SMTP:wspector@ionstorm.com]
Sent: Friday, October 23, 1998 12:51 PM
To: 'Todd Porter'
Subject: RE: Owners talk?
Unfortunately, I got email from Ian yesterday saying he'd be at the Essen game fair all this week. I'll hit him up next week and see if I can speed things along.
Warren
-----Original Message-----
From: Todd Porter [SMTP:todd@ionstorm.com]
Sent: Friday, October 23, 1998 12:53 PM
To: wspector@ionstorm.com
Subject: RE: Owners talk?
Warren,
I think I can get you to that point with the owners (not based on sales)so I'll work on it.
You can speed this along by talking to Ian. To date, I have spent 10 months attempting to close this deal and they just told me on the phone that it can't close until after November 25th. They have the votes to do anything they want, but Mike and Charles, I think, feel a little without support from perhaps Ian (and others) to get the deal done. Mostly it's the non-execs on the new board.
Any help you can give here is appreciated.
Additionally, they are sending me a memo on monday outlining the remaining issues that are holding up the deal. I'll let you know where we stand at that point.
-----Original Message----- From: Warren Spector [SMTP:wspector@ionstorm.com] Sent: Friday, October 23, 1998 12:35 PM To: 'Todd Porter' Subject: RE: Owners talk?
I'd prefer it if the additional ownership stake were tied to completion of Deus Ex, as opposed to sales -- given how many variables there are in the sales equation that are out of my control -- but I'll leave that decision up to you guys. Regardless of the ownership issue, where do we go from here? When does this all go into effect? Do I have to sign anything? What can I do to speed this along? Warren
-----Original Message----- From: Todd Porter [SMTP:todd@ionstorm.com] Sent: Friday, October 23, 1998 12:12 PM To: Warren Spector Subject: RE: Owners talk? Contigent upon the deal going through, here is what we are willing to do: 1. 2.5% non-voting ownership of the company (of which you earn 20% per year for the next 5 years just like us - but valued 100% for sharing in the deal) 2. $150,000 salary 3. 10% royalty in the net profits of your titles (over and above the 5% pooling for your employees) 4. An additional 2.5% ownership that will be rewarded based on the sales of your first title (again to vest over 5 years as above - this is not included in the deal, however)
-----Original Message----- From: Warren Spector [SMTP:wspector@ionstorm.com] Sent: Friday, October 23, 1998 10:06 AM To: Todd Porter (E-mail) Subject: Owners talk? Did you and the rest of the boys have a chance to talk about my email to you about My Deal and your responses to it? Do you want/need me to resend or copy them on what we talked about?
I'd like to bring this to closure (as I'm sure you would) as soon as we can.
Thanks,
Warren
From: Todd Porter Sent: Friday, November 06, 1998 2:15 PM To: 'wspector@ionstorm.com' Subject: RE: Any news?
yeah, they told me last monday to expect a fax....but....well.....no fax.
I think that if the deal goes through there is going to be little problem with the additional ownership (my belief without talking to the others),
but we are meeting tuesday and I'll bring it up then.
Again, I'm not sure what the story is with the deal, just that I've hand now word in 2 weeks.
If you hear something, email me....
(I've been in depositions all week and will continue next we so....)
-----Original Message----- From: Warren Spector [SMTP:wspector@ionstorm.com]
Sent: Friday, November 06, 1998 1:57 PM
To: 'Todd Porter'
Subject: RE: Any news?
Ah, I wasn't aware that the salary thing was dependent upon the deal.
Obviously, I'd prefer it if any salary adjustment happened sooner rather than later but that's your call.
Also, it'd be good if you guys could at least discuss the ship vs.sales thing so I know what to expect WHEN the deal goes through... A DECISION doesn't need to wait for the deal to go through, does it?.
Oh, and just so you know, per our email exchange last week, I emailed Ian yesterday. (He was supposed to return from Essen with a buttload of games for me but I haven't heard a word from him...). Anyway, I basically asked him what his take was on the deal and said you felt like you'd done everything you could to make it happen. I also told him that my ownership and royalty situation rode on the deal, thinking that might give him an incentive to answer. However, I made it clear that I understood this was all, at some level, none of my (official) business, giving him the chance to say nothing. Haven't heard anything back.
Thanks for getting back to me.
Warren
-----Original Message----- From: Todd Porter [SMTP:todd@ionstorm.com] Sent: Friday, November 06, 1998 1:44 PM To: wspector@ionstorm.com Subject: RE: Any news? As I have stated, that depends on the deal (which I have not heard anything from eidos on other than that the deal would change????) -----Original Message----- From: Warren Spector [SMTP:wspector@ionstorm.com] Sent: Monday, November 02, 1998 5:02 PM To: Todd Porter (E-mail) Subject: Any news?
Any word on whether you guys are cool with my ownership stake going up on shipping of Deus Ex rather than basing it on sales? Last we talked you said you'd check.
Also, my most recent paycheck didn't reflect any salary adjustments -- when do you see that going into effect?
Warren
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