Oh shit. I'm getting horrific deja vu here - it's Midway all over again. I really hope THQ pull through this and don't go the way that Midway did - although the Stalking Horse thing was also featured in Midway's Chapter 11 bankruptcy and didn't help matters one bit.
Chapter 11 is basically a way to buy more time. One commenter has gleefully mentioned that "THQ are out of debt!" through this procedure. Bullshit. They're almost fucked. If they can get their shit together before the dreaded deadline, they'll be out of trouble.
Pretty insane deal. Makes me think if this can't be adopted in the future for other games publishers who have games just languishing in the Phantom Zone. Seems to be a great way to raise money for charity with them.
The Eurogamer debacle is pretty damning stuff - a total lost of integrity for Eurogamer as they let go of one of their best writers. Robert Florence goes way back in the days of Consolevania and Videogaiden (search for them on the YouTubes) - he's a very passionate advocate of videogames and he speaks a lot of truth about them. It sounds like there was a lot of interconnected shady goings-on which lead to the article being edited and for Rab to step gracefully down - which was hinted at in his follow-up article on botherer.org. He's the one guy who's come out of all this with a huge amount of respect from the gaming populace and a huge portion of the gaming press.
I trust Giant Bomb enough to give them money every year to entertain me. I think thie site and the fine people involved are extremely trustworthy individuals when it comes to opinion over gaming. There's been no Eurogamer-style crisis at Giant Bomb and I'd like to think the site was born out of Jeff's unfortunate run-in with the PR machine himself. It's a force of good.