On March 6, 2008, Infogrames made an offer to Atari Inc. to buy out all remaining public shares for a value of $1.68 per share, or $11 million total. The offer would make Infogrames sole owner of Atari Inc., thus making it a privately held company. On April 30, 2008, Atari Inc. announced its intentions to accept Infogrames' buyout offer and to merge with Infogrames. On October 8, 2008, Infogrames completed its acquisition of Atari Inc., making it a wholly owned subsidiary. On December 9, 2008, Atari announced that it had acquired Cryptic Studios, a MMORPG developer. Namco Bandai purchased a 34% stake in Atari Europe on May 14, 2009, paving the way for its acquisition from Infogrames. Atari had significant financial issues for several years prior, with losses in the tens of millions since 2005. In May 2009, Infogrames Entertainment SA, the parent company of Atari, and Atari Interactive, announced it would change its name to Atari SA. In April 2010, Atari SA board member and former CEO David Gardner resigned. Original Atari co-founder Nolan Bushnell joined the board as a representative for Blubay holdings. As of March 31, 2011, the board of directors consisted of Frank Dangeard, Jim Wilson, Tom Virden, Gene Davis and Alexandra Fichelson. On January 21, 2013, the four related companies Atari, Atari Interactive, Humongous, and California US Holdings filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York. All three Ataris emerged from bankruptcy one year later and the entering of the social casino gaming industry with Atari Casino. Frederic Chesnais, who now heads all three companies, stated that their entire operations consist of a staff of 10 people. On June 22, 2014, Atari announced a new corporate strategy that would include a focus on "new audiences", specifically "LGBT, social casinos, real-money gambling, and YouTube". On June 8, 2017, a short teaser video was released, promoting a new product; and the following week Chesnais confirmed the company was developing a new game console – the hardware was stated to be based on PC technology, and still under development. In mid July 2017 an Atari press release confirmed the existence of the aforementioned new hardware, referred to as the "Ataribox". The box design was derived from early Atari designs (e.g. 2600) with a ribbed top surface, and a rise at the back of the console; two versions