Refusing to declare game over…

atari.jpegWhen we last checked in with Atari a month ago, we noted that the company spent over $200k on Chairman Bruno Bonnell’s apartment last year, despite receiving a going concern notice during its most recent audit and a staggering 75% drop in the stock price since August 2005.

Today, we’re focusing on Atari’s newest player, recently appointed CEO David Pierce.  According to this 8-K filed yesterday afternoon, Pierce will receive a salary of $600,000 and 1,000,000 stock options that begin vesting in 12 months (assuming Atari stays afloat that long). The deal was almost identical to the one given to former CEO James Caparro, who lasted just seven months before bailing.  Of course, Pierce’s options are worth quite a bit less than Caparro’s were given the landslide in the stock.  Indeed, a collection of old Atari game cartridges just might be worth more.

We wish Pierce the best of luck, especially since just before the long weekend, Atari filed this 8-K to announce that it could be delisted by NASDAQ because the stock hadn’t closed above a dollar in the past six months.