Team Bondi (LA Noire developer) enters administration

http://www.escapistmagazine.com/news/view/112725-Vultures-Circle-Team-Bondi-Studio

Linked to this article since they seem to have done the most legwork on following the story.

This really doesn't shock me - the game spent seven years in development hell and despite apparently posting better than expected sales, there's no way they earned their budget back. Pair that with the appallingly inept management, and I was pretty much expecting this to come crashing down. And after hearing about the sweat shop they ran, I have to say that it couldn't have happened to a more deserving studio (though the people that are most responsible have probably, like any good inept manager, made sure to run off with the most dough while leaving the people they abused out in the cold).

It would have been a bigger shock if they'd come out ahead financially.

Hopefully Rockstar will be able to salvage the rights for LA Noire, cause it would suck to see such a promising franchise go down the drain due to bad management.