Debacle of Phantom Console Company Chronicled
Ars Technica rifles through some SEC filings and discovers the realities behind "phantomware."
The specter of Phantom Entertainment, its wheelings and dealings and the remarkable ways it manages to continue its existence have been chronicled in an interesting technology report on Ars Technica.
Formerly known as Infinium Labs, this company made vaunted claims about a supposed new console called the Phanton Game Receiver back in 2002. That product failed to materialize time and time again. As skepticism mounted, the company's CEOs launched a lawsuit against hardware enthusiast website HardOCP.com for rightly identifying the company's claims as a complete sham, costing the website thousands in legal fees.
Looking through recent SEC filings, Ars Technica notes that the company continues to morph, changing names, addresses and purported product lineups, all the while falling behind on payments and pumping out stock.
I really feel that just like Jack Thompson, this type of thing just needs to be ignored, I am horribly upset that people thought they deserved their money more than I do. The real story would be finding out which venture capitalists are so easy to pull one over on that you can say "we... don't really have anything to show you, but we make pretty papers, give us money!" and they will.