Argonaut trading halted on London Exchange

Founded by computer whiz kid Jez San in the 1980s, and once considered among Europe's most promising developers, Argonaut Software plc is close to bankruptcy. As a result, trading of Argonaut shares on the London Stock Exchange was halted midsession today.

The move was based on a statement from the company attesting to its dismal financial condition. “Existing cash resources will provide funding for only an extremely limited period and Argonaut may not be able to continue to trade,” the statement reportedly read in part.

The company surfaced after the successful launch of Star Fox for Nintendo's SNES console in 1993. Recent Argonaut titles include SWAT: Global Strike Team, I-Ninja, and Powerdrome, as well as the well-known prelaunch Xbox demo of Malice, a game eventually brought to market in June of 2004.