FASA unexpectedly ceased active operations on April 30, 2001, but still exists as a corporation holding
intellectual property rights, which it licenses to other publishers. Contrary to popular belief, the company did not go bankrupt. Allegedly, the owners decided to quit while the company was still financially sound in a market they perceived as going downhill. Mort Weisman had been talking of retirement for some years, and his confidence in the future of the paper-based games business was low. He considered the intellectual property of FASA to be of high value, but did not wish to continue working as he had been for the last decade or more. Unwilling to wrestle with the complexities of dividing up the going concern, the owners issued a press release on January 25, 2001, announcing the immediate closure of the business. The
BattleTech and
Shadowrun properties were sold to
WizKids, who in turn licensed their publication to
FanPro LLC and then to
Catalyst Game Labs. The
Earthdawn license was sold to
WizKids, and then back to FASA. Living Room Games published
Earthdawn (Second Edition),
RedBrick published
Earthdawn (Classic and Third Editions), but the license has now returned to FASA Corporation, and FASA Games, Inc. is the current license holder for new material.
Crimson Skies was originally developed by
Zipper Interactive under the FASA Interactive brand in late 2000 and used under license by FASA;
FASA Interactive had been purchased by Microsoft, so rights to
Crimson Skies stayed with Microsoft. Rights to the
miniatures game
VOR: The Maelstrom reverted to the designer Mike "Skuzzy" Nielsen, but it has not been republished in any form due partly to legal difficulties. Microsoft officially closed the FASA team in the company's gaming division on September 12, 2007. On December 6, 2007, FASA founder
Jordan Weisman announced that his new venture,
Smith & Tinker, had licensed the electronic gaming rights to
MechWarrior,
Shadowrun, and
Crimson Skies from Microsoft. On April 28, 2008, Mike "Skuzzy" Nielsen announced plans to create
Vor 2.0. At Gen Con 2012, FASA Games, Inc. was revealed, which includes FASA Corporation co-founder Ross Babcock on the board of directors. While FASA Corporation still owns and manages the FASA IP and brands, FASA Games, Inc would release new games and content. As of 2020, FASA Games has released contents for 2 games; a 4th edition for Earthdawn and the new game 1879 which aims to replace and/or create an alternate future '6th Age' in 'replacement' to Shadowrun. ==Notable games==