The HALO studio did something similar furthermore when ACTIVISION bought them out, they gave the money to Bizarre only I doubt Activision were selling the studio for double the price.
Second this is the reason why banks started giving loans.
Activision is the loser here cause they had to pay them 3 months worth of salaries, get them counseling, devote HR resources to find team members jobs internally and externally.
So whoever ran Bizarre screwed Activision.