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Rhode Island takes possession of 38 Studios assets

Rhode Island takes possession of 38 Studios assets

August 9, 2012 | By Mike Rose

August 9, 2012 | By Mike Rose
More: Console/PC, Business/Marketing

Newsbrief: As the saga surrounding the financial difficulties and collapse of Rhode Island-based 38 Studios comes to a close, Rhode Island's Economic Development Corp has taken possession of all of 38 Studios' assets, and will now look to sell them.

The studio, founded by former pro baseball star Curt Shilling, filed for bankruptcy earlier this year after receiving heavy funding from the state of Rhode Island as part of an economic development plan for the state. Due to the collapse, the state has now lost out on millions in taxpayer-backed bonds.

U.S. Bankruptcy Judge Mary Walrath has granted the state and the Bank of New York Mellon Trust Co. possession of all 38 Studios assets, including the video game intellectual property from Kingdoms of Amalur: Reckoning and in-development MMORPG Copernicus. The state will now be looking to sell these assets to pay back as much of the loan as it can, reports Bloomberg.

A spokesperson for the state said that it was necessary to take this action, as "all or substantially all of the intellectual property could be irretrievably lost" when the trustee company appointed to dismantle the company begins abandoning 38 Studios property.

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