RISA–Intergalactic roleplaying conglomerate 22nd Fleet officially shuttered earlier this year as its last remaining assets were sold by creditors. The company had been plagued by internal squabbles, poor customer reviews, and low cash flow since former CEO Zachary O’Connell abruptly resigned last year and pledged his loyalty to Bravo Fleet Chairman & Premier Telos Raymar. O’Connell has not been seen or heard from since.
22nd Fleet’s demise was precipitous. After Mr. O’Connell’s unexpected departure, the 22nd Fleet Board of Directors turned the reins of the company over to new CEO Mike K. Bremer, who immediately began a complete restructure, which included moving the corporate headquarters to Starbase 400,000. After missing Q3 earnings projections and multiple allegations of questionable accounting practices, a selloff ensued. By December 22nd Fleet’s share price had dropped 90% from its August record high. Unable to fulfill first quarter bond payments, Mr. Bremer announced chapter 7 bankruptcy in January.
Since proceedings began, Mr. Bremer has been dogged by accusations of impropriety, especially after his Q4 salary of $194 million was made public and reports surfaced of unaccounted company funds totalling more than $5 billion. Mr. Bremer has repeatedly denied any wrongdoing. “I was just doing my job,” he recently told reporters from his office complex on the new Starbase 400,000 annex station orbiting Risa.
Following 22nd Fleet’s closing, start up firm Sim Central has seen sales increase by more than 300%. Sim Central last week filed for an initial public offering, which is expected to take place later this year.
I’m glad you’re back Tom but wheres the next post?