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Shake-up at Majesco

Interim CEO refuses to stick around if relatives are fired; two board of director members resign.

New Jersey-based publisher Majesco is coming off a terrible 2005 year in which its stock price plummeted from over $15 to around $1, its shareholders sued the company alleging lies in its Securities and Exchange Commission filings, and it scrapped plans to make a name for itself as a top-tier publisher of full-priced games. The publisher's 2006 year isn't off to a great start, either, as the company filed forms with the SEC yesterday indicating that two members of its board of directors have walked from the company, just as it teeters on the verge of being de-listed from the Nasdaq stock market.

According to the filing, the Majesco board of directors appointed Morris Sutton as the company's chairman and interim CEO last Friday. That same day, board members James Halpin and Marc Weisman quit the company, explaining in their resignation letters that Sutton would not commit to staying with the company if the board of directors had insisted that he fire "certain other members of the Sutton family employed by the company." Though no family members were pointed to specifically, Sutton's sons, Jesse and Joseph, are Majesco's president and executive vice president of research and development, respectively. In their letters, Halpin and Weisman both said that the elder Sutton's participation in the company was of "great importance," so much so that they would rather resign than risk him leaving Majesco.

Majesco's filing also noted that the Nasdaq stock market has told the company that it no longer qualifies to be listed, since it doesn't meet the requisite minimum of $10 million in stockholders' equity. Nasdaq gave the company until February 21 to provide a plan to become compliant with these regulations. Majesco said it is currently weighing its alternatives.

46 Comments

  • Sam_Lowery

    Posted Dec 14, 2006 5:05 pm GMT

    Well they published Pshyonauts, but they made Nacho Lebre 5.7 and Jaws Unleashed 3.8

    Everybody thinks they're company is going to make money, but if you don't make good games you can't stay in this industry for free.

  • aeonflux_453

    Posted Jun 27, 2006 12:29 pm GMT

    I love Majesco.
    Don't die!

  • jholden11

    Posted Apr 17, 2006 2:07 pm GMT

    majesco dont go down.while the first advent rising game blows im still looking forward to the next 2 if they come(there is suppose to be a trilogy and advent rising is the first).plus you have good games out there psychonauts,phantom dust and guilty gear.if you guys go under you will disappoint millions of people including me so please dont go!!!!

  • knightsofwar

    Posted Feb 16, 2006 7:41 am GMT

    If majisco goes under the best strategy game maker will never be found. majisco madet the best strategy game line up ever
    AGE OF EMPIRES!!!!!!!!!!! come on people get up on your feet and start creating more games! LONG LIVE MAJESCO!!!!!!!!!!!!!!!!11

  • knightsofwar

    Posted Feb 16, 2006 7:34 am GMT

    what about age of empires 4? huh?!!! what about age of empires 3 for the nintendo ds? no majisco dont go awayyy!!!!!!!! We need you!!!!!!!!!!!!!!!!!

  • PrinceRoc

    Posted Feb 13, 2006 7:03 pm GMT

    Majesco is in some cow stuff. They are going to go bankrupt eventually.
    Psyconauts and Advent Rising(despite frame rate issues) where both really fun games. Majesco just give Advent Rising to Pandemic or Ubisoft(they can make any thing good). Give Psyconauts to EA(they brought back Oddworld:Stranger's Wrath and that game was good(Oddworld was also dumped by microsoft like Psyconauts)).

  • dmartinetti

    Posted Feb 13, 2006 10:56 am GMT

    tsk tsk tsk...kids kids kids

    Majesco did license Phantom Dust and Psychonauts and did not create them...this is true.

    Matter of fact...most if not all publishers NEVER create the product...its the developers.

    Advent fell because the team was green behind it and they tried to stuff more into the game instead of trying to fix what was wrong with the game.

    and as far as making crap: Infected, Razes Hell, Age of Empires on DS, Guilty Gear DS / PSP...these are all Majesco games and they are all great fun.

    don't hate on a company because you are short sighted.

  • FyreHeart

    Posted Feb 13, 2006 10:30 am GMT

    As long as they sell Advent Rising to a publisher that will do it right the second time around, I could live without Majesco. Advent Rising has more potential than most of their stuff, but they nixed it after the developer botched the frame rate. Still, it's a bummer to see a game company go down.

  • WarhawK-harris

    Posted Feb 12, 2006 7:34 pm GMT

    I never played a single game from Majesko in my entire life. That doesn't mean that I like to see people lose their jobs or fire family members. However, Psychonauts probably would have done better if it had a different publisher with a stronger marketing department.

  • Mafia217

    Posted Feb 12, 2006 4:50 pm GMT

    oh great

  • Rato51

    Posted Feb 12, 2006 4:21 pm GMT

    well, if what they say it's true, that psychonauts production had nothing to do with majesco, then screw majesco, someone will publish psychonauts 2 in a much better way.

  • SecondAssasin

    Posted Feb 12, 2006 1:44 pm GMT

    Because of the lame game Advent Rising wich was... terrible and a disgrace to all the videogames ever brought out. Hyping everybody that it would be a Super game with 2 sequels..
    Phantom Dust was a super game, but not hyped like Advent Rising. I really don't get it. Hyping a game that is not finished, poor framerate, lame models, ugly graphics, buggy engine, enemy respawn and so on and on.... Just stupid.

    Phantom Dust, a master piece. A very very good storyline, cool graphics, a super battle system (only sometimes running like an idiot to save your life).. Just a Super Game!!!

    No comment on Guilty Gear, 2D fighting makes me sick now, same goes for Capcom with their Street Fighter, Marvel vs X-men vs Fantastic Four vs Capcom stupid things. It's time for 3D!!!

    Oh, now I see that Majesco didn't even devoloped Phantom Dust, but just picked it up.
    And come on people, Bloodrayne wasn't a good game. I hope Majesco goes down, and that people who work there can get a job somewhere else, except the game devolopers because they make crappy games..

  • Psycho_Teen

    Posted Feb 12, 2006 10:49 am GMT

    Psychonauts was not owend by majesco damn ir and guilty gear will defintly be picked up. Majesco had crap for titles that thay MADE not published. thats why there going under and double fine isnt

  • hittin

    Posted Feb 12, 2006 6:37 am GMT

    Guilty Gear? xD!

  • willdemers

    Posted Feb 11, 2006 5:16 pm GMT

    Sounds like they don't really have any good titles anyway...

  • WolfSkill5544

    Posted Feb 11, 2006 12:11 pm GMT

    That's why you don't hire relatives fill up important roles in big companies.

  • gameshark5

    Posted Feb 11, 2006 8:38 am GMT

    Come on Majesco! We need another game! Get some smart designers and director people to make a Psychonauts 2!! (Psychonauts was the best game ever!!)

  • Recongoddess

    Posted Feb 11, 2006 5:48 am GMT

    I thought Majesco published Raze's Hell also.

  • gmrgirl68

    Posted Feb 10, 2006 9:29 pm GMT

    Psychonauts was an awesome game, I thought that the characters were very strong, they all had their own personalities and were all quirky in some way, the world and levels were very well realized and for that reason I would hate to see the company go under! Long live Majesco!

  • Argama7

    Posted Feb 10, 2006 9:05 pm GMT

    Man I do hope they recover.

  • jakeboudville

    Posted Feb 10, 2006 8:42 pm GMT

    hmmmmm,,,,,,,,interesting

  • forever_blank

    Posted Feb 10, 2006 5:23 pm GMT

    Why doesn't someone like Nintendo buy them, they would go in hand and hand cause they just both ooos innovation.

  • ghostadv

    Posted Feb 10, 2006 5:02 pm GMT

    Well, someone will probably publish teh Guilty Gear games if these guys go under, so I'm not really worried. Majesco is sure joining the crap hole with Take Two & Rockstar now.

  • YukoAsho

    Posted Feb 10, 2006 4:50 pm GMT

    Phantom Dust was made by Microsoft Game Studios' Japanese branch. Considering it did rather decently, I wouldn't be surprised to see Microsoft publish a sequel here.

  • regulesblade

    Posted Feb 10, 2006 4:23 pm GMT

    Let's hope that things don't turn out for the worse

  • paradyme777

    Posted Feb 10, 2006 4:19 pm GMT

    It wouldn't be a loss to me if this company went under but I don't like to see people losing their jobs so I hope they don't go under.

  • anthony_basic

    Posted Feb 10, 2006 3:51 pm GMT

    MAJESCO DOES NOT OWN THE FOLLOWING GAMES:

    PSYCHONAUTS
    PHANTOM DUST

    You all should be worrying for their terrible games like BloodRayne.
    Majesco does not have the talent to make tripple A games. Theyre either mediocre or simply terrible games.

    The 2 I just listed were published by them and if for some reason they get a sequel, another publisher will pick it up, like EA or Ubisoft, or Take-Two.

  • NeoJedi

    Posted Feb 10, 2006 3:40 pm GMT

    I hope Majesco doesn't go under, Psychonauts is an incredible game.

  • CJL13

    Posted Feb 10, 2006 3:29 pm GMT

    Psychonauts is awesome!

  • Orasion_Seiz

    Posted Feb 10, 2006 3:29 pm GMT

    come on Majesco dont go away!

  • Legir

    Posted Feb 10, 2006 3:27 pm GMT

    What will happen to phantom dust?! I hope a sequal will get made some day.

  • SilverArrows

    Posted Feb 10, 2006 2:56 pm GMT

    Lets get our stories straight. Tim Schafer made Psyconauts. Majesco only published it, after Microsoft shyed away from the project. Tim Schafer will still keep making games, even if Majesco goes belly-up, and from the look it, things are not looking too good for Majesco.

  • blackIceJoe

    Posted Feb 10, 2006 2:42 pm GMT

    psychonauts was a great game I was really wanting them to make another one.Like it be when He is done with the class and starts his own team or some thing like that.

    I will be sad to see them leave if they have to.

  • R3v0luti0n

    Posted Feb 10, 2006 2:40 pm GMT

    i got Psychonauts and in a day i became sick of the games load times and annoying camera that made me throw up of dizziness

  • magus704

    Posted Feb 10, 2006 2:38 pm GMT

    Man, how does this happen to Majesco? They publish some great titles, Phantom Dust, Guilty Gear, Psychonauts, and hey, I even kinda like the Bloodrayne series too. Stupid main-streamers always looking at the mediocre (at best) EA titles, and never giving the little guy a chance!!!

  • Dave_petrucci

    Posted Feb 10, 2006 2:37 pm GMT

    I'm getting Psychonauts in a week, just hope they don't go belly up before then.

  • dodgyd55

    Posted Feb 10, 2006 2:35 pm GMT

    Psychonauts is getting so much publicity..............still i look at the game in total.........weak charecter models.........lame lead charecter with the charisma of a stamp

  • JumpingMirrior

    Posted Feb 10, 2006 2:32 pm GMT

    Psychonauts, Guilty Gear, Phantom Dust!! DONT GO AWAY MAJESCO!!!

  • anthony_basic

    Posted Feb 10, 2006 2:31 pm GMT

    you all know that majesco makes the worst games in the industry right? They need to go down. Psychonauts was just picked up by Majesco as a publisher but they had nothing to do with the game.

  • FuguNabe

    Posted Feb 10, 2006 2:23 pm GMT

    With awesomely creative title like Psychonaut hopefully they don't go under.

  • kidokoro

    Posted Feb 10, 2006 2:22 pm GMT

    Yes! Atleast release the Guilty Gears!

  • Flame_of_Nova

    Posted Feb 10, 2006 2:16 pm GMT

    What will happen to Guilty Gear on DS and PSP?

  • frankeyser

    Posted Feb 10, 2006 2:14 pm GMT

    other than psychonauts have they made any good games... i cant think of any in the last five years... wait.. didnt they develop lilo and stictch for the gba? that game was almost as good as contra on the snes i liked it alot. one of those games i bought just because of how well it was reviewed on this site.

  • Gamemaster1588

    Posted Feb 10, 2006 2:13 pm GMT

    AHHHH!!!!...No!!!!!...this isnt good...come on Majesco...get some blockbustin games out there

  • Donkeljohn

    Posted Feb 10, 2006 2:11 pm GMT

    Nepotism

  • DarkSacoura

    Posted Feb 10, 2006 2:07 pm GMT

    Please don't go under Majesco!!!! Bloodrayne 2 and Psychonauts (especially) were awesome....but no bought them....cept maybe me and four other people...

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