According to a brief report on Boston.com from the Associated Press, the auction to sell off what remains of the 38 Studios intellectual property assets will happen today via a telephone auction.
The company handling the auction, Heritage Global Partners, has declined to estimate the IP’s worth, and 38 Studios receiver Richard Land says initial bids that were due last week are being kept confidential.
A new WPRI 12 Eyewitness News poll shows that a majority of Rhode Islanders have no problem defaulting on the bonds used to secure 38 Studios a $75 million loan in 2010. The company founded by Curt Schilling would later default on the loan payments and leave the state with a debt of $90 - $100 million.
State Senator Dawson Hodgson (R-North Kingstown) is putting forth legislation today to renew his push to create an independent commission to investigate Rhode Island's investment in 38 Studios, which ultimately left the state on the hook for $100 million after Curt Schilling's game studio went bankrupt in 2012. Hodgson promises to create a bipartisan coalition to bring the bill to a vote early in the 2014 General Assembly session.
Earlier in the month we reported that the attorney appointed by the Rhode Island courts to sell off the intellectual property owned by 38 Studios planned to delay an auction that was set for later this week. The online auction to sell off the current and future rights to the MMO Project Copernicus, sequel rights to Kingdoms of Amalur: Reckoning, and rights for Big Huge Games franchises including Rise of Nations, Rise of Legends and Catan, as well as game engine technology, was set for Nov. 13 - 14.
The new executive at the top of the Rhode Island Economic Development Corp. (EDC) says that the failed $75 million loan guarantee to Curt Schilling's 38 Studios has hurt the reputation of the agency, but he will do all that he can to restore it and to rebuild confidence in the state's economic recovery efforts.
In court documents obtained by GoLocalProv, the former head of Rhode Island's Economic Development Corp. (EDC) accused RI Gov. Lincoln Chafee of forcing 38 Studios into bankruptcy last year by standing in the way of efforts to restructure its debt or raise additional funding. The accusations were part of a court filing responding to the state's lawsuit against Curt Schilling, former executives from the company, former Economic Development Corp.
The Providence Journal reports that pre-trial wrangling was underway this morning in the lawsuit filed by the state of Rhode Island against 14 defendants related to the $75 million loan guarantee given to Curt Schilling's 38 Studios in 2010.
It looks like Rhode Island will finally have an auction to sell off 38 Studios' intellectual property. According to an IGN report citing WPRI.com, the court-appointed receiver for the assets, Richard Land, says that an auction will happen "soon." The state took possession of the 38 Studios IP after the company defaulted on a $75 million loan and filed for bankruptcy.
Rhode Island State Representative Karen MacBeth (D-Cumberland) wants the House Oversight Committee to grant subpoena power to a group of lawmakers looking into the Economic Development Corporation's 2010 deal with 38 Studios. Rep. MacBeth says that she wants to extract documents and compel appearances by key figures in Rhode Island's investment in Curt Schilling's now-bankrupt game development studio.
It looks like former Red Sox pitcher and 38 Studios founder Curt Schilling - along with associates of the company - could face legal problems on another front. Last week the Rhode Island Economic Development Corp. approved a request by the federal bankruptcy court trustee to use up to $150,000 in assets recovered from the company to further investigate its former officers, directors, and other parties. If this investigation turns up any further information, it could lead to additional legal actions against 38 Studios.
Yesterday afternoon lawmakers in the Rhode Island House began examining hundreds of documents in an attempt to piece together a timeline on the $75 million loan guarantee awarded to Curt Schilling's 38 Studios. The committee began by looking at emails from the former Rhode Island Economic Development Corporation Executive Director Keith Stokes.
Stokes said in emails that the General Assembly would not have created the loan guarantee program without knowing Curt Schilling was interested in moving his video game company to Rhode Island in 2010.
A Rhode Island House committee opened hearings today to look into the events leading up to awarding a $75 million loan guarantee to former Red Sox pitcher Curt Schilling's 38 Studios. The oversight panel will start by sifting through 8,000 pages of documents related to the loan guarantee, according to what House Oversight Committee Chairman Rep. Michael Marcello (D-Scituate, Cranston) told talk radio station WPRO.
Laurie White (president of the Greater Providence Chamber of Commerce) and Michael Sabitoni (president of the Rhode Island Construction and Building Trades Council) teamed up to pen an op-ed in the Providence Journal to warn lawmakers and the public that what happened with 38 Studios should not cast aspersions of future state investments into other industries.
The aftermath of 38 Studios defaulting on a $75 million investment and its subsequent bankruptcy has caused lawmakers to create a new government post. The Rhode Island legislature has passed a bill creating the new position of commerce secretary, a gubernatorial appointee. The bill which was opposed by Gov. Lincoln Chafee passed early Tuesday morning and without the Governor's signature. The bill creates a cabinet-level secretary position that will be in charge of the state's economic development efforts and the duties of the Department of Business Regulation.
After some back and forth from lawmakers in Rhode Island, officials say that they will honor the debt generated from a default on the loan to Curt Schilling's 38 Studios. The state of Rhode Island said that it will officially honor the bonds that financed Kingdoms of Amalur developer 38 Studios after the Rhode Island Finance Committee approved a budget last night that includes an interest payment of $2.5 million, Reuters reports.
The leader of Rhode Island's Republican Party is calling for a special investigation into the legislature's involvement in the state's failed investment in former Red Sox pitcher Curt Schilling's video game company 38 Studios. After the studio went bankrupt the state was left holding the bag to the tune of $100 million.
The State of Rhode Island has raked in $713,000 from Kingdoms of Amalur: Reckoning sales since it acquired various Amalur assets last summer from 38 Studios, according to GameSpot. The figure is from cumulative revenue from ongoing sales of Kingdoms of Amalur: Reckoning made through Steam, but not physical copies of the game.
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.
According to WPRI, Rhode Island Governor Lincoln Chafee (I) is taking sides in a fight over the future direction of the state’s troubled Economic Development Corporation. The fight is between former campaign rival and Moderate Party Chairman Ken Block and House Speaker Gordon Fox, but the Governor has decided to go against the Speaker and side with Block.
In an extensive New York Times article on the demise of former Red Sox all-star pitcher Curt Schilling's 38 Studios, current Rhode Island governor Lincoln Chafee (I) shares his thoughts on what led to the studio defaulting on a $75 million loan from the state and the studio's eventual bankruptcy.
The Boston Herald is reporting that lawmakers in Rhode Island are saying that they should stop making payments related to 38 Studios loan. The state is currently suing founder Curt Schilling and executives from the company that defaulted on loans in the neighborhood of $100 million. The Rhode Island House Finance Committee is currently reviewing bills that would block the state or its Economic Development Corp. (EDC) from making payments.
Rhode Island Superior Court documents unearthed by The Providence Journal claim that the management at the now-defunct 38 Studios knew they didn't have enough money to finish projects before moving to the Ocean State. At least that is what the state is alleging in its case against the company who took a loan for millions of dollars and then defaulted on the loan.
The Associated Press is reporting that 38 Studios founder and former Red Sox pitcher Curt Schilling has asked a Rhode Island superior court judge to throw out a lawsuit filed by the Rhode Island Economic Development Corporation.
You can't get blood from a stone, but the state of Rhode Island is going to try anyway. The state announced today that it has filed a lawsuit against Curt Schilling and various executives at the now bankrupt 38 Studios in an attempt to recoup the $75 million loan guarantee given to the studio to set up shop in Providence and create an MMO.
According to the Associated Press, there will be no federal criminal charges filed against Curt Schilling or his now bankrupt game development company 38 Studios. A spokesperson for U.S. attorney spokesperson Peter Neronha told The Associated Press that the office has conducted a "narrow and focused" examination of 38 Studios to find out if any federal laws had been broken, and has decided to not continue the investigation. The federal level investigation into 38 Studios began in June, shortly after it filed for bankruptcy.
The state of Rhode Island is auctioning off the remaining physical assets of 38 Studios including its computers, office furniture, audio equipment, consoles, televisions, conference call equipment, office telephones, security equipment and more. The assets are being sold off by auction site SJ Corio Company. The assets will be sold off in two different auctions: one to take place in Rhode Island on October 12 and another on October 23 in Maryland.