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Okay, what happened is that I was bored, had nothing else to do at the moment, and I was reminded about this topic when a user on the forum for Velvet Assassin brought to light that SouthPeak Interactive is no more.
So, I decided to do some general searching and found out that DED's key individuals had started up another company called Dark Energy Publishing. So, I then went around searching for what I can on "DEP" to see if I'd find any different results, and I did. According to a page on the site UK Companies List[www.companieslist.co.uk], DEP changed their name to Cherry Pop Games. For those of you who don't know Cherry Pop Games are the developers behind the game Pool Nation
Now, before anyone makes a claim about how much of a stretch that is, there are two thing to note. First, DED used to be called Blade Interactive before they started the development of Hydrophobia. When they were know as Blade, they mainly developed pool games from as far back as the PS1, and they're games were praised for their realism. And, second, both companies are based in Manchester.
So, yeah. I sent an e-mail to Cherry Pop asking them of this, so now all that we can do is just wait and see is if my research is correct. And, if it is, we can finally put this mystery to rest.
Now, I better go to bed because it's past 2:30 in the morning where I live.
If that was a know, then why haven't you already contacted them asking who owns the IP? Or, did you already ask them and you just haven't recieved a response yet?
Legal question can take a long time before having an answer... hope is our best friend.
Hope they respond so that you can make that sequel. By the way, what games has you team developed anyway?
Not to be a downer, but I've tried. I have however asked the former PR manager for DED if he knew what's happened to the tech, he said it was bought up by the founder of Cherry Pop games. No idea if the purchase included the IP