Steve’s breakdown: We are in the beginning stages of this financial move but one thing is for sure, the assets of this company will be looking for representation of some sort – soon. In fact, an Asteroids movie is already in development!

NEW YORK, NY: In an effort to untangle itself from its parent company, the France-based Atari SA, Atari US has filed for bankruptcy and will sell all its assets in the next three to four months. They have already locked down a  debtor-in-possession investment of $5.25M from investment advisory Tenor CapitalManagement and hope the move will land them some fresh business.

What assets are on the auction block? That would be classic franchises like Pong, Centipede, Missile Command and Asteroids, so Hollywood get out your checkbooks for those film rights. Wait, you’re telling me there’s already an Asteroids movie in development? Of course there is.

Also for sale is the logo of the company itself, making you wonder what exactly they’ll have left other than a name when this is all over. But such are the drastic steps required in this tough economic climate and even legends aren’t safe. In its tumultuous 40 year history, Atari has consumed companies and been bought and sold quite a bit, and this might just be the latest step as the brand carries on through the years.

If you bought Atari, what would you do with it?

Forbes: