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FASA unexpectedly ceased active operations in early 2001, but still exists as a corporation holding intellectual property rights which it licenses to other publishers. Contrary to popular belief, the company did not go bankrupt. Allegedly the owners decided to quit while the company was still financially sound in a market they perceived as going downhill. Mort Weisman had been talking of retirement for some years and his confidence in the future of the paper-based games business was low. He considered the intellectual property of FASA to be of high value but did not wish to continue working as he had been for the last decade or more. Unwilling to wrestle with the complexities of dividing up the going concern, the owners issued a press release on 25 January 2001 announcing the immediate closure of the business.
The [[BattleTech]], Shadowrun and Earthdawn properties were licensed off to [[WizKids]], who in turn licensed their publication to [[FanPro
LLC]]. However, the Earthdawn license was recently returned to FASA. Living Room Games publishes Earthdawn (Second Edition) while RedBrick Limited now holds a license to continue publishing First Edition material. Crimson Skies was originally developed by Zipper Interactive under the FASA Interactive brand in late 2000 and used under license by FASA; FASA Interactive had been purchased by Microsoft, so naturally the rights for Crimson Skies stayed with Microsoft. Rights to the miniatures game VOR the Maelstrom reverted to the designer Mike "Skuzzy" Nielson, but it has not been republished in any form due partly to legal difficulties.
*[http://uk.gamespy.com/articles/697/697083p18.html 'GameSpy Retro: Developer Origins', uk.gamesy.com (2006)].