Building a Gaming Empire From Scratch - Chapter 592
Chapter 592: Chapter 563: Riding horses, drinking wine, chopping people, playing games! (Two-in-one)
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The day after NetDragon’s boss Richard was arrested, the old chairman Douglas reappeared in the NetDragon’s headquarters office.
However, he only showed up briefly that day to reassure everyone before disappearing again, obviously to deal with his son’s affairs.
As for Richard’s problems, there was no room for a comeback, let alone getting him out of the situation.
So, Douglas returned to NetDragon with a heavy heart and began to check the current situation and issues of various departments, especially the financial department.
Before his inspection, he had some expectations: the situation was bound to be terrible.
With the pressure of virtual reality games being like Mount Tai, the VR gaming industry was in a massive recession, and NetDragon couldn’t be doing well.
Not to mention the commercial competition between Cloud Dream and other VR game companies, but there was also personal revenge between them and NetDragon. Whenever there was an opportunity, Cloud Dream would definitely target NetDragon.
It was also the reason why he didn’t come back previously—he was unable to turn the tide.
He would rather continue focusing on the newly-established foreign trade business, which at least had more prospects than VR games.
Back then, it was because the gaming industry was developing too fast and he realized that he was no longer suitable for the industry, unwilling to live off the past, so he handed over NetDragon to his son and ventured into a new field.
However, after sorting out the issues of NetDragon’s difficulties with the help of Richard’s assistant, department supervisors and a few old subordinates, Douglas was somewhat shocked.
The problems were too big!
Even if they continued to shrink, closing factories, shutting down unnecessary R&D centers, and stopping most game development projects, NetDragon could not stop the decline, and the cash flow was nearly exhausted.
Constant expenses and the impending loans…
All of this made Douglas frown deeply.
To avoid a complete breakdown of the capital chain, it seemed that there was only one option left—sell off all personal and family assets to fill this bottomless pit.
His new company was in the stage of development where money was needed, so it was impossible to pour money into the NetDragon pit.
But, should he really do this?
Douglas had deep feelings for NetDragon, as it was built by his own hard work.
However, his rationality told him: this was an extremely unwise action.
This was not a crisis that a one-time sum of money could solve.
Even if he broke the pot and sold his family property to fill the gap, it would most likely only prolong NetDragon’s lingering time and the final result would still be failure.
He did not see any hope for turning the tide.
So, the more rational choice was actually—
To declare bankruptcy.
No longer considering changing the legal person, but directly applying to the court for bankruptcy and letting the bankruptcy liquidation team intervene to enter the bankruptcy liquidation process.
After all, NetDragon was a limited liability company and did not need to bear an unlimited joint liability.
Additionally, Richard was already in jail for 10 years, and there would be no opportunity for him to start a new business again.
Under these circumstances, it was not worth worrying about suffering some damage to his reputation.
Compared with the crime of “endangering national security,” this was nothing.
Would a person who was accused of betraying the country worry about being called a deadbeat?
“Besides, bankruptcy is not a deadbeat, it’s a legal business rule.”
With that, Douglas finished his mental construction.
So, at this monthly meeting where almost all middle and high-level executives of NetDragon attended, Douglas stood in the spacious meeting room, pacing slowly and reminiscing the past.
He recounted the difficulties and challenges NetDragon faced from its inception to the emergence of Cloud Dream, the achievements and victories achieved, evoking memories of many old employees.
However, Gary, who was also an old employee in the meeting room, had no interest in recalling the past at the moment. Instead, he sighed incessantly in his heart.
He had already anticipated what the old chairman would say next.
And this premonition was immediately confirmed—
“NetDragon has managed to emerge from the fierce competition and reach the top of the industry. You have all put in a lot of effort, and I feel obliged to express my gratitude for your contributions to the company once again.”
“But the general trend is overwhelming, and we can’t resist it. We have to admit that NetDragon’s era is over.”
“For things like this, you shouldn’t be unfamiliar. We’ve heard and seen a lot of similar situations in the gaming industry since its beginning: new technologies are constantly emerging, batch after batch of companies are established and then fall…”
“Now it’s just… our turn.”
Douglas looked around at familiar old faces, inevitably lingering a few seconds longer; at last, he sighed and announced:
“I’m very sorry, but NetDragon is finished.”
“In at most a week, NetDragon will officially declare bankruptcy. So, everyone…”
“Seek better opportunities.”
…
…
Douglas left.
Inside the meeting room, people didn’t disperse immediately but looked at each other, in a state of mutual consternation.
Having no desire to continue talking, Gary turned around and left directly back to his office.
Before he even reached his office, news of the company’s impending bankruptcy and dissolution had spread throughout the entire company’s group chats.
Along the way, he heard endless discussions from employees:
“Is it really going bankrupt?”
“There’s no doubt.”
“I guessed it early on. Have you thought about where you’re going next?”
“I submitted my resume to Cloud Dream, but they didn’t respond. Flying Fox isn’t hiring for now. Wild Island is hiring, but the people they want are quite strange, so I can’t go either. Sigh!”
