Do you have confirmation of this? I have also heard this rumor, but I've also heard that development for Bloodlines was cut short when WW decided to end the WoD, thus the ending was kinda rushed.
The two may not be mutually exclusive of course (the gmae is finished and then sits with ACtivision for months) but that makes little sense to me.
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There is truth in both. Bllodlines was finished way before it was released, and was on hold until HL2 came out. Troika also asked for extra funds so they could polish up the games bugs, which Activision refused to do. There was plenty of time to do this, but Activision already felt it put enough money into Bloodlines and didn't want to throw more money in. Which is fair for a publisher to do. As noted by Tim, Troika basically closed down 5 months (or something like that) before Bloodlines was released, as there was no funding. Troika made it official after Bloodlines was released, but there really wasn't a company for a while before release.