|Web-based fantasy game developer Sandbox.com, which has more than five million registered users, has filed for Chapter 11 bankruptcy protection. |
The company is claiming liabilities between $1-$10 million and assets of less than $500,000.
Lawyers for the Reston, Va.-based gaming company filed the bankruptcy petition Sept. 6 in the Eastern District Court of Virginia.
Ironically, the bankruptcy filing came exactly one year after the company announced it had been acquired by Internet sports media company SportsLine. The deal fell through, however, a month later due to what Sportsline officials termed a breach of representations in the agreement.