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Posted by tatsunokofan on 29-01-2010 at 02:37:
Imagi News
Hi all!
And not good news. Imagi has closed down their L.A. offices "...in order to safeguard working capital."
The report on HotStocked.com reads as follows:
"Imagi International Holdings Ltd (OTCBB: IINHY, IINHY message board) has announced large scale review of operations which has mostly negative effect towards the staff.
The company has cut off their US subsidiaries from any funding, the working contracts for 30 employees were terminated and the Los Angeles based office closed. The company was left with only a few important staff members being utilized as consultants and has transferred the functions of the closed office to other contractors.
The latest report was a third notice related to the still ongoing discussions with potential investors, as the company seeks to secure more working capital. Upon continuing negotiations management issued several warnings that the investment will likely come under unfavorable conditions - such as outstanding stock dilution, issuance of preferred securities or even a change in major share ownership.
Imagi is seeking investment of somewhat $30 million. All the potential capital increase opportunities will still be subject to shareholders' approval, so heavily unfavorable term might not pass in the end. The proceeds should be used for continued creation of CG animation movie the company is currently making.
With their US office closed the company still has two more in Hong Kong and Tokyo as well as continues trading under the Stock Exchange of Hong Kong. Their stock is poorly traded in both the exchanges."
James
Posted by clouddancer on 29-01-2010 at 03:02:
Hmmmm, so they say the proceeds should be used to continue creation of their latest movie ..... so what is their latest movie they are making?
I thought once they were done it was going to be Gatchaman. Have they leaped over this film and moved onto another one? (I m not being hopeful that it is Gatchaman that they are making, I am just wondering if anyone knows or has announced what IMAGI is working on now.)
BTW: thank you for keeping us updated James.
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Posted by AllentownDarkWater on 29-01-2010 at 03:02:
Great, now we're not gonna get the Gatchaman movie now.
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Posted by Springie on 29-01-2010 at 03:04:
oh, the gloom, despair...and agony...this is awful news. I expect to hear that Imagi has completely gone under next.
If they had only done Gatchaman before Astroboy...*sigh*
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Posted by tatsunokofan on 29-01-2010 at 03:10:
Hi all!
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The last official word from the studio was that Gatchaman would be their next movie. I have no idea if this remains true given the current circumstances.
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Even if Imagi goes under, Nikkatsu still has the rights for a live action Gatchaman movie. At this point, nothing is happening on that front, but Nikkatsu still has Gatchaman listed as an upcoming film (With no release date) on their website, so it hasn't been abandoned.
James
Posted by lborgia88 on 29-01-2010 at 03:53:
Oh no! Yet more bad news from Imagi...
I'm really not holding out too much hope these days for ever seeing their Gatchaman movie completed.
Now, I think I heard somewhere (here?) that the Nikkatsu's live-action Yatterman movie did well in Japan. If they make a Gatchaman one, that would be something (especially if it gets released on DVD with English subtitles, though that's probably not so likely).
Watching the trailer for Yatterman, even though it's more campy and humorous in tone, I can see some potential for a good Gatchaman live action movie being made like this.
http://www.moviestrailer.org/yatterman-movie-trailer.html
Posted by tatsunokofan on 29-01-2010 at 04:18:
Hi all!
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Yes, it did. It was number 1 in the Japanese box office for several weeks in a row.
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Maybe, maybe not. The title is a known enough quantity that it's possible that someone would pick it up for a U.S. release (As happened with the live action Casshern movie). If not, it is almost certain that fansub versions of the film would be available, as they are for the live-action Yatterman.
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I agree. If they can get a Director who cares enough about the original series as they did with Yatterman, then I can see the potential for the film to be very well done.
James
Posted by gatchamarie on 29-01-2010 at 11:33:
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More bad news but still some hope! I don't see why shouldn't a Gatchaman live action movie be produced. Many movies inspired and based upon popular anime series have already been produced successfully as already said. Gatchaman must be one of the best ever!
James, I hope that what you said about a Director caring to abide with the original series will prevail if ever there's a chance for a live action movie of Gatchaman. In the movie "Casshern" the story was twisted a bit from the original but maybe this had to be done in order to crop a whole series in one movie and to make more sense. I so like to find the original roots in what I see and be able to recognize that aspect that had hooked me up in the past.
Thanks, James and LB for the info.
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Posted by lborgia88 on 29-01-2010 at 13:10:
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With Imagi's fortune's looking so bleak, I think perhaps I'd better pin my hopes of a Gatchaman movie on Nikkatsu instead!
Posted by Transmute Jun on 29-01-2010 at 14:25:
I agree that this is grim news, but it is grim for Imagi, not necessarily for the status of the Gatchaman movie at Imagi. But I think it's clear that if Imagi doesn't get this funding, then their Gatchaman movie won't be produced.
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Posted by Cain Highwind on 29-01-2010 at 20:01:
I just thought I'd point out, according to ANN they say the film's going to be in 3D. Minor detail I know...
http://www.animenewsnetwork.com/news/2010-01-27/imagi-animation-studio-closes-los-angeles-office
Posted by AllentownDarkWater on 29-01-2010 at 23:48:
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Imagi's previous two films were also in 3D.
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Posted by tatsunokofan on 30-01-2010 at 00:47:
Hi all!
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Not quite. Their films were in CG, but that is not the same thing as the film being in 3D, where one wears the glasses to see the illusion of depth.
James
Posted by Transmute Jun on 30-01-2010 at 01:38:
Ugh, I hate 3D. IT gives me headaches...
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Posted by clouddancer on 30-01-2010 at 02:33:
I am hoping they are only offering 3d as one option. Besides I can't see them selling DVD's for home entertainment in 3D. What would happen when people lose (misplace) their glasses? And how do they decide if they should sell a package with 2, 4 or 8 pairs of glasses so enough people can watch at the same time.
No I think it will be like Avatar, some theatres will be in 3D and some "regular" I just hope my theatre chooses the regular way, seeing as I got a headache and the spins when I watched the 3D version of Avatar.
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Posted by tatsunokofan on 05-02-2010 at 17:49:
Hi all!
You might want to take a look at Felix Ip's latest blog entry. The title of it pretty much says it all.
The End of Imagi
James
Posted by clouddancer on 05-02-2010 at 19:48:
Cloud shakes head in shock .... wait a minute, does this mean Imagi is Closing for good all around the World? I thought it was only shutting down in the States .... It was going to continue in Hong Kong (or where ever it originated.)
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Posted by Firebird on 05-02-2010 at 20:22:
The Imagi site sggests that the HK office is remaining open it also lists Gatchaman as being done in "stereophonic 3D"
Imagi Gatchaman News
showing as release late 2011
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Posted by clouddancer on 05-02-2010 at 22:26:
Thank you. That is what I THOUGHT but that announcement does not make it clear. At least not to me in my work hazed muddled mind.
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Don't sweat the petty things and don't pet the sweaty things.
Posted by tatsunokofan on 05-02-2010 at 22:58:
Hi all!
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That was the hope when Imagi shut down their L.A. office last week and layed off 30 people who worked there, not to mention the 100 members of the Hong Kong staff they let go in mid-December. This post from Felix is regarding the main Hong Kong office (And apparently the company) shutting down completely as of February 6th, putting the 300+ people who work there out of work. Somehow I'm not surprised that the departing staff was in no hurry to update the company website as they were packing up their desks.
I've tried to find some independent confirmation of this news, but have so far had no luck. If someone else finds some, I'd appreciate seeing it. Regardless, the comments by Felix and by some of the now-unemployed former Imagi staff leave little doubt that the studio has shut down.
James
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