▁sp un ▁out ▁from ▁Arg onaut ▁in ▁ 1 9 9 8 ▁and ▁was ▁its ▁largest ▁share holder ▁on ▁IP O . ▁San ▁made ▁substantial ▁share ▁sales ▁during ▁the ▁fl ot ation ▁by ▁Gold man ▁Sach s ▁and ▁War burg ▁and ▁in ▁ 2 0 0 7 ▁fully ▁ex ited ▁AR C . ▁ ▁Between ▁ 1 9 9 9 ▁and ▁ 2 0 0 2 , ▁San ▁fund ed ▁Code play ▁and ▁is ▁currently ▁the ▁majority ▁share holder . ▁ ▁San ▁received ▁an ▁O BE ▁in ▁ 2 0 0 2 , ▁the ▁first ▁explicitly ▁awarded ▁for ▁services ▁to ▁the ▁video ▁game ▁industry . ▁ ▁After ▁announ cing ▁a ▁substantial ▁loss ▁in ▁August ▁ 2 0 0 4 , ▁Arg onaut ▁Group ▁P LC ▁susp ended ▁trad ing ▁of ▁its ▁shares ▁in ▁October ▁and ▁appointed ▁administr ators ▁for ▁Arg onaut ▁Software ▁Ltd , ▁Mor ph eme ▁Ltd ▁and ▁Just ▁Add ▁Mon sters ▁Ltd — the ▁wh olly ▁owned ▁subs idi aries ▁of ▁the ▁P LC . ▁The ▁administr ators ▁sold ▁Mor ph eme ▁and ▁Just ▁Add ▁Mon sters ▁back ▁to ▁Je z ▁San ▁and ▁the ▁other ▁found ers ▁as ▁on going ▁business es , ▁while ▁Arg onaut ▁Software ▁Ltd ▁was ▁eventually ▁liquid ated . ▁ ▁Post - Arg onaut ▁In ▁November ▁ 2 0 0 4 , ▁Just ▁Add ▁Mon sters ▁became ▁Nin ja ▁Theory ▁and ▁continued ▁the ▁development ▁of ▁Play Station ▁ 3 ▁first - party ▁game ▁Heaven ly ▁S word , ▁which ▁deb uted ▁three ▁years ▁later ▁in ▁September ▁