RI Attorney: Demand for 38 Studios IP Greater Than Expected, Auction May Be Delayed

The attorney in charge of selling off the remaining intellectual property of 38 Studios to recoup money in the hopes of paying down the $100 million debt the state of Rhode Island was left with when Curt Schilling's game studio defaulted on a $75 million loan in 2010 says that he wants to delay the auction scheduled for later this month. Attorney Richard J. Land, who was appointed by a R.I. Superior Court judge last year to sell off the company's remaining holdings, told the Providence Journal on Wednesday that he wants to delay the asset auction by at least a couple of weeks.

While a delay in the auction to sell off various 38 Studios assets (including drawings, and intellectual property for the unfinished MMO project "Copernicus," and rights to create future games in the Kingdoms of Amalur – Reckoning action-RPG series), Land claims that interest in these properties is unexpectedly higher than anyone involved in the auctions first imagined it would be.

He tells the paper that he will seek permission from a R.I. Superior Court judge to delay the sale by at least a couple of weeks. The auction for assets was scheduled to take place on Nov. 13 – 14.

A previous auction consisting of physical items from 38 Studios' shuttered Providence office netted the state around $400,000.

Separately the state is suing former executives from the company – including Curt Schilling – and former EDC executives in an attempt to recoup even more money to pay down a debt related to the failed loan guarantee. Some have estimated that the deal will cost the state anywhere from $100 – $110 million.

Source: Providence Journal


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