Iron Crown Enterprises ("ICE") has filed a voluntary petition in the United
States Bankruptcy Court pursuant to Chapter 11 of Title 11 of the United
States Code. This is a prelude to the revitalization of our company.
In fact, it is the last step in a reorganization process that began last
Spring. It is not a step toward dissolution.
As you may know, ICE has been in business since 1980, and the firm has
weathered many difficult travails. We have labored hard through some very
lean and some astoundingly prosperous years. In the process, we have
produced a large body of well-crafted and critically acclaimed work. (Only
TSR has produced more adventure game titles than ICE.) We are very proud
of this legacy.
Still, ICE bears a very large debt load. We have serviced this debt
for some time. In fact, much of the problem can be tied to our Middle-earth
Quest gamebook licensing disaster of 1985-86. The recent failure of many
of our top domestic and international distribution customers created
additional strain. This, coupled with structural changes in our
once-reliable core adventure game market, has forced us to reorient the
way we do business.
Our overall restructuring will take some time. ICE will not be healthy
until this reorganization is complete. This filing is therefore in the best
interests of both ICE and its creditors, for it affords us the time
and protection necessary for us to stabilize and develop a long-term plan
that will address both our debts and our future. It is undoubtedly the best
course of action.
ICE has bounced back from far more difficult challenges. More than
once, we have been on the ropes and rebounded. In this case, we will employ
a court-sanctioned plan to restore our strength, begin growing again, and
never again face the risk of destabilization. Given our talented and
experienced staff and our strong portfolio of products, we are confident
about our plans.
We will keep you posted regarding further developments. In the interim,
we appreciate your faith and patience, and we look forward to working with
you now and in the near and distant future. | 
