Report: Rhode Island Wants to Sell 38 Studios IP

This should come as no shock to anyone that has been following the saga between the state of Rhode Island and bankrupt game development house 38 Studios: the state of Rhode Island has decided that it will sell off the studios' assets (which it now owns) to pay down some of the deficit it was left with after 38 Studios went bankrupt.

A lawyer representing the State's interests tells the Providence Journal that unnamed parties are interested in 38 Studios' assets, and if everything goes right, the state would be willing to unload them.

"Who knows what the value ultimately will be," Richard J. Land of Chace Ruttenberg & Freedman told the Providence Journal. "But there is interest in the assets."

38 Studios' intellectual property includes drawings, design documents, and other work related to its Kingdoms of Amalur franchise – which encompasses the Xbox 360 game Kingdoms of Amalur Reckoning and the lofty MMORPG project the studio was working on. In May analyst Michael Pachter estimated that the Kingdoms of Amalur IP is worth somewhere in the neighborhood of $20 million, though it is highly doubtful the state of Rhode Island will be able to sell it for that much money.

The Providence Journal also reports that the case against 38 Studios founder Curt Schilling and company executives will begin on Wednesday. Rhode Island filed a lawsuit in November over a controversial 2010 $75 million loan that lured 38 Studios to the state from Massechusetts.

We will have more on this story as it develops.

Source: GameSpot


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