Atari, Inc. (ATAR) should just bring back the 2600 already

There's no hope for Atari, Inc. (NASDAQ:ATAR) with their stock falling 15% yet again yesterday.  In the last 6 months shares have fallen 33%, now at $2.50 after a 1:10 split back in January it's just pointless to go on.  There only hope is to bring back the Atari 2600, all this company has going for them is the nostaglia factor.

Yesterday (10/25) Atari financed a deal with BlueBay but it's not enough to meet their funding needs, and Atari may sell assets to secure additional capital. Gone are the days when Atari ruled the earth and the 2600 was more valuable to kids than food itself. Before Halo, Grand Theft Auto and even Mario Kart, there was the one and only...

I love that photo, I could stare at it for hours and reminisce - those paddle games were the worst.  So what if the image is too big on the page and shoves everything down to the bottom of our site, it was worth it to post the picture.  However the Atari you remember isn't the Atari today, now, they are broke as a joke. 

Atari Inc. reported yesterday that Bluebay Asset Management PLC purchased the $3 million of loans outstanding under Atari's credit agreement with Guggenheim Corporate Funding LLC, and it received a $10 million senior secured credit facility with BlueBay High Yield Investments.

BlueBay is a significant shareholder of Infogrames Entertainment SA (EPA:IFG), Atari's majority stockholder. Infromgrames stock trades at 20 cents today and believe me Masters, this is not a Penny stock you want to play.  You'd be better off being Harry Pitfall and swinging on subprime stocks than falling into the tar pit of Infogrames' stock or being killed by a white scorpion that is almost the size of you. God bless the 8 bit gaming graphics.

However, the 2-year, $10 million facility isn't enough to satisfy Atari's funding requirements, and the company is seeking additional financing. In a filing with the Securities and Exchange Commission, Atari said it will explore additional financing arrangements, and sales of assets or pre-paid asset licenses.

Wake up Atari, the game is over -- it's time to sell you assets and just be bought by someone like EA Games (ERTS).  Do everyone a favor that still loves your classic games and stop being a disservice to shareholders, the jig is up. 

Twenty years ago, Atari was the game, today, Atari has no game.  Fellow investors hoping to get a bounce out of Atari shares will have better luck blowing off the cartridge or turning your 2600 on and off again to get the game to work, but no matter what you try, it's not going to work Atari.  Please, for all of us X-Gen guys that still wear Atari t-shirts, sell your company before it's too late.