IgE

IGE (Internet Gaming Entertainment) is a company which trades in virtual currency and accounts for MMORPGs. One of the main dealers in virtual economy services, members of the gaming community were often critical of IGE, as its services may allow players to break rules in online games.

During its peak time, it had offices in Los Angeles, Shanghai, and headquarters & customer service center in Hong Kong. It was reformed in 2007 by Jonathan Yantis.

IGE was founded in 2001 by Brock Pierce, a former child movie star, and Alan Debonneville. They met each other while playing Everquest and decided to form IGE. Pierce was the main investor in the company while Debonneville was managing the operations. Brock Pierce was also the co-founder of the controversial failed dot-com Digital Entertainment Network (DEN). Media reports claim that Marc Collins-Rector is a silent partner in IGE. IGE initially used an address in the city of Marbella, Spain, where Collins-Rector and Pierce shared a villa until it was raided by Interpol in 2002.

In January 2004, IGE acquired its major competitor, Yantis Enterprises, then run by another secondary market figure, Jonathan Yantis, for $2.4 million and 37% share of the company. Yantis later sold his shares back to IGE in exchange for 22 monthly payments of $1 million due to conflicts and disagreement.

IGE's parent company, RPG Holdings, purchased Allakhazam in November 2005, as announced in May 2006. This purchase followed the acquisition of Thottbot.

During late 2006 and 2007, Debonneville was forced out of the company. Later Debonneville sued Pierce for various reasons related to an investment made by Goldman Sachs a year earlier, which Debonneville ended winning in a settlement.

IGE tried to restructure its upper management team by recruiting new executives. IGE began to lose revenue due to the frequent deletion of accounts involved in trading. In May 2007, a lawsuit was filed against IGE by Antonio Hernandez for "substantially impairing and diminishing [player's] collective enjoyment of the game." In June 2007, Pierce was replaced as CEO by Steve Bannon, who had been placed on the board following the Goldman Sachs investment.

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Wikipedia