Since my last post, more has been said about Imagi. Lets try to put a simple timeline of events together. These are made on assumptions from the recent articles and quotes from the president of US based Imagi.
1) Imagi makes TMNT.
2) Imagi goes into production on Astro Boy and development on several others.
3) An auditor discovers that Imagi is running out of money and won't be able to finish Astro Boy or continue development of other projects.
4) Imagi scrambles to get bridge financing to get them to their second round of financing on Feb 3rd.
5) Bridge financing falls apart.
6) Employees at the LA office are told not to come into work.
7) President of US Imagi says that they are hopeful on Feb 3rd that they'll have money (said to the LA Union Rep).
Item #7 is scary. The fact that she said that it is hopeful that money will come in on Feb 3rd can mean a few things. A) The round of financing to be disbursed on Feb 3rd has not been secured because Imagi has not reached a pre-defined set of requirements. B) Those with the money have gotten cold feet and found a way to back out or delay funds (see A above). C) The round of financing has simply not been secured yet (a very scary thought). D) It was a misquote from the US Imagi President and everything is hunky-dory.
If it is either A, B, or C, I would not expect employees invited back to work on Feb 3rd. Or anytime soon for that matter. The financial situation in our world right now is dire. I'd be looking for another job if I were one of the employees.
My gut feeling is that Imagi will get the needed funds. It just won't happen for a while. In the meantime, they don't have the financials to continue operations.
Disclaimer: All of my information is second or third hand and I do not claim to have an insider knowledge, and I have made assumptions on various rumors circulating through the industry. In other words, it is an educated guess.