The January shut-down was caused by the departure of three members of the board of directors, the CEO, and the CFO, in the wake of company president Susan Eisner’s departure in November. The exodus of company execs may have been tied to a major accounting issue in November, which Genio announced would cause a $900,000 loss in the form of sales returns.
Genio’s accounting firm also filed a letter with the Security and Exchange Commission stating that the officers of the company had originally indicated that the sales were not returnable, according to the report.
An MGM representative told GateWorld that the company has received interest from other trading card game publishers and is currently weighing its options.
(Thanks to Nate for the tip)