Heritage Global Partners Hosting 38 Studios IP Auction in Early December

Heritage Global Partners will hold an auction to sell off the intellectual property of 38 Studios and Big Huge Games. The auction is being held on behalf of Richard J. Land, the Rhode Island court-appointed receiver, on December 11. The deadline for submitting initial bids is 5 pm EST on December 4.

Assets up for sale include the intellectual property rights to the Amalur fantasy universe which covers the unfinished MMO Project Copernicus, the sequel rights to Kingdoms of Amalur: Reckoning, and the merchandise rights and revenue streams associated with the Xbox 360, PS3 and PC title Kingdoms of Amalur: Reckoning.

Intellectual property rights related to Big Huge Games including the classic PC strategy title Rise of Nations and Rise of Legends are also for sales, as is the in-house video game engine technology developed by BHG (Big Huge Games Engine) and 38 Studios' gaming, social media and development platform codenamed "Helios." Also up for sale is the recently discovered unreleased Mac title Rise of Nation: Tactics.

"We are delighted by the strong interest coming from game developers and investors," said Nick Jimenez, Executive Vice President of Heritage Global Partners. "In response to inquiries, we have a special team working on authenticating what assets are included for each game. In addition to the strong response leading to the postponement of the auction, we have committed to ensuring all interested parties have sufficient access and time to evaluate the technical materials in advance of the sale."

"Additionally, through the examination of the data contained on the 38 Studios servers, we have discovered a completed, but unreleased game for Mac users titled 'Rise of Nations: Tactics.' We only became aware of this game this past week through our own due diligence efforts," added Mr. Jimenez.

On a related note, the Associated Press is reporting that the former head of the Rhode Island economic development agency that approved a $75 million loan guarantee for Curt Schilling's video game company is set to give a deposition in the lawsuit over 38 Studios' collapse. Former Economic Development Corp. Executive Director Keith Stokes is scheduled to start his deposition Thursday. Stokes resigned last year as 38 Studios was collapsing into bankruptcy. The EDC is suing him, his former deputy Michael Saul, Curt Schilling, and others involved in the deal. The lawsuit alleges that the defendants misled the EDC's board into approving the loan guarantee – they dispute these claims. Michael Saul is also scheduled to be deposed on Friday.

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