Overview
- Riot co-founder Marc Merill said the company evaluated investing in or buying Intrepid Studios but chose not to proceed, confirming a 2022 outreach referenced in court records.
- Recent filings by former CEO Steven Sharif in federal court include an email from Riot’s CFO outlining a potential $250–$500 million deal and attach alleged threatening texts from investors Rob Dawson and Jason Caramanis.
- Sharif’s submissions claim investors pushed a loan-to-own strategy and, he says, Dawson urged him not to accept Riot’s proposal, which he argues harmed the studio’s prospects.
- Investor group TFE Games Holdings, which holds Intrepid’s assets, is pursuing a separate Nevada case accusing Sharif of misappropriating company funds, while Sharif denies misuse and says he personally guaranteed loans and extended personal credit to keep operations going.
- The studio closed shortly after an Early Access launch, with staff reporting missed final pay and no WARN or severance payouts, and the dispute remains unresolved with Sharif asking the court to appoint a neutral receiver.