Bank Sues Konami For Millions For Def Jam Rapstar Loan
Posted on Thursday, May 24 @ 09:12:23 PST by Keri_Honea
Uh-oh...looks like someone hasn't been paying their bills! That someone is Konami, who borrowed $14 million from City National Bank (CNB) to publish Autumn Games' Def Jam Rapstar. We know what happens when banks don't get their monies, don't we? They either foreclose on your house or sue your ass, and CNB chose to do what they had rights to: the latter.
CNB claims that Konami said they would repay the loan from game sale revenues, and apparently that hasn't happened. Konami, according to the bank, claims that they are not required to repay the loan from the game's profits.
Straight from the petition's mouth, it reads: "Rather than paying game-related proceeds directly to CNB as agreed, defendant have kept all game-related proceeds for themselves and have refused to remit any such proceeds to CNB." CNB also alleges that Konami made "unrealistic predictions" by saying Def Jam Rapstar would sell 2.5 million copies in its first year. (Excuse me while I go laugh loudly in a corner.)
CNB is seeking over $8.9 million in damages, but the petition isn't clear if this is in addition to the amount due on the loan or the total amount they are seeking. I assume it's the former.
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