The saddest day of all....
Friday April 29, 1994, at 4:10 P.M.
Commodore International filed for liquidation
in order to be protected from its creditors
Friday April 29, 1994, at 4:10 P.M.
Commodore's official statement follows:
"Commodore International Limited announced today
that its Board of Directors has authorized the
transfer of assets to trustees for the benefit of
its creditor and has placed its major subsidiary,
Commodore Electronics Limited, into voluntary
liquidation. This is the initial phase of an
orderly liquidation of both companies, which
are incorporated in the Bahamas, by the Bahamas
Supreme Court."
Whilst they hoped the action would be short lived
it was not and sadly meant the end of Commodore.
Happens.... Business is a risk when you need to
draw on massive amounts of capital. Even when
the product is fine and selling well the smallest
of debt can push a company over. This was a
business issue in the end. And sadly Amiga
users suffered at the time, and also during
the many false hopes that followed. And I guess
we still live in hope. The fact that there was
such a healthy following and still is, is the
real tragedy.
