38 Studios Assets Auction Moving to Dec. if Court Gives Approval

November 11, 2013 - GamePolitics Staff

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.

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Rhode Island EDC Implementing Tracking Software

November 1, 2013 - GamePolitics Staff

Because the Rhode Island Economic Development Corporation (EDC) did a pretty lousy job of keeping records during the whole 38 Studios $75 million loan guarantee deal, the agency charged with spurring economic growth in the state will be installing tracking software to keep tabs on its employees.

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New Rhode Island EDC Head Says 38 Studios Deal Tarnished Agency's Reputation

October 23, 2013 - GamePolitics Staff

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.

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Curt Schilling, Former EDC Director Respond to Rhode Island's Lawsuit

October 3, 2013 - GamePolitics Staff

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.

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Pre-Trial Arguments Begin in RI Case Against 38 Studios

September 13, 2013 - GamePolitics Staff

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.

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Report: 38 Studios Assets Going to Auction 'Soon'

September 12, 2013 - GamePolitics Staff

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.

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RI Lawmaker Wants Subpoena Power in EDC-38 Studios Deal Review

September 12, 2013 - GamePolitics Staff

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.

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SEC Investigating Rhode Island's $75 Million Loan to 38 Studios

September 11, 2013 - James Fudge

The Rhode Island Economic Development Corporation has confirmed with several outlets that the U.S. Securities and Exchange Commission (SEC) is actively investigating the $75-million taxpayer-backed loan given to Curt Schilling's now-bankrupt video-game company 38 Studios.

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More Legal Trouble Could Be On the Way For 38 Studios

September 3, 2013 - GamePolitics Staff

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.

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Rhode Island EDC Launches Reputation Management Committee

August 20, 2013 - GamePolitics Staff

The Rhode Island Economic Development Corporation's handling of a $75 million loan deal to 38 Studios continues to have an effect on politics in the state, and today more reforms are being discussed so that the failure of that deal can never happen again.

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Documents Reveal How the 38 Studios Rhode Island Deal Came to Fruition

August 8, 2013 -

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.

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Rhode Island Lawmakers Examine 38 Studios Loan Debacle

August 7, 2013 -

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.

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Editorial: Fear of Economic Development Projects After 38 Studios Deal

August 2, 2013 -

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.

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RI Lawmakers Create New Government Post to Oversee Economic Development Corp.

July 16, 2013 -

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.

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Rhode Island Will Honor Debt Associated with 38 Studios Loan

June 19, 2013 -

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.

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Rhode Island Republicans Call for Investigation Into 38 Studios Deal, Urge a Default on $100 Million Debt

June 6, 2013 -

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.

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Rhode Island Rakes in $713K From Kingdoms of Amalur: Reckoning Steam Sales

June 5, 2013 -

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.

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Report: Rhode Island Wants to Sell 38 Studios IP

May 20, 2013 -

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.

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RI Governor Sides With Former Rival on EDC Revamp Plan

May 10, 2013 -

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.

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Rhode Island Governor Speaks out on 38 Studios Deal

April 22, 2013 -

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.

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RI Lawmaker: Don't Pay the Loans Related to 38 Studios

April 11, 2013 -

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.

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RI Court Documents Claim 38 Studios Knew They Couldn't Pay Back Loan

April 5, 2013 -

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.

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Curt Schilling Seeks Dismissal of Rhode Island Economic Development Corporation Lawsuit

March 5, 2013 -

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.

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Rhode Island Sues 38 Studios for $75 Million Loan

November 1, 2012 -

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.

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Report: 38 Studios Won't Face Federal Charges

October 2, 2012 -

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.

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Microsoft Not Pleased That 38 Studios Asset Auction Includes Xbox 360 XDK Units

September 28, 2012 -

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.

5 comments | Read more

Rhode Island Governor: Ghost of 38 Studios Debacle Still Haunts State

September 26, 2012 -

The ghost of 38 Studios' unpaid loans and bankruptcy still haunt the state of Rhode Island, according to comments made by current Governor Lincoln Chafee (I). The governor said that the 38 Studios failure "remains an economic development crisis" for the state.

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38 Studios Becomes a Campaign Issue in Rhode Island Elections

September 11, 2012 -

The ghost of 38 Studios is haunting Rhode Island politicians who are trying to get reelected. Speaking to the Associated Press both incumbents trying to hold on to their respective public offices and challengers who want to take their places next year are saying that they are having to answer a lot of questions from voters about the $75 million loan guarantee given to Curt Schilling's 38 Studios by Rhode Island.

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Curt Schilling: Copernicus Was Going to Launch as a Free-to-Play Game

August 20, 2012 -

I wonder how the citizens of Rhode Island feel about free-to-play games... Ultimately their opinion is of paramount importance now that the state owns the rights to Curt Schilling's first MMO project, Copernicus. So what does free-to-play have to do with it? Well, apparently the plan for 38 Studios' first MMO was to launch it as a free-to-play game, according to Boston Magazine. At least that is what Schilling told the publication...

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Rhode Island Secures 38 Studios Game Assets

August 9, 2012 -

The Rhode Island Economic Development Corp. and Bank of New York Mellon Trust Co. are now the proud (?) owners of the game assets of 38 Studios. While we doubt the state of Rhode Island will be releasing Kingdoms of Amular 2 or Copernicus anytime soon, we can expect that they will offer the assets for both of those franchises up for sale at some point in the not-too-distant future.

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Sora-ChanI realize that they have ways getting around it, but one reason might be due to earthquakes.04/17/2014 - 4:42am
Matthew WilsonSF is a tech/ economic/ trade center it should be mostly tail building. this whole problem is because of the lack of tail buildings. How would having tail apartment buildings destroy SF? having tail buildings has not runed other cities around the US/world04/16/2014 - 10:51pm
Matthew WilsonAgain the issue is you can not build upwards anywhere in SF at the moment, and no you would not. You would bring prices to where they should have been before the market distortion. those prices are not economic or socially healthy.04/16/2014 - 10:46pm
ZippyDSMleeYou still wind up pushing people out of the non high rise aeras but tis least damage you can do all things considered.04/16/2014 - 10:26pm
ZippyDSMleeANd by mindlessly building upward you make it like every place else hurting property prices,ect,ect. You'll have to slowly segment the region into aeras where you will never build upward then alow some aeras to build upward.04/16/2014 - 10:25pm
Matthew WilsonSF have to build upwards they have natural growth limits. they can not grow outwards. ps growing outwards is terable just look at Orlando or Austin for that.04/16/2014 - 4:15pm
ZippyDSMleeIf they built upward then it would becoem like every other place making it worthless, if they don't build upward they will price people out making it worthless, what they need to do is a mix of things not just one exstreme or another.04/16/2014 - 4:00pm
Matthew Wilsonyou know the problem in SF was not the free market going wrong right? it was government distortion. by not allowing tall buildings to be build they limited supply. that is not free market.04/16/2014 - 3:48pm
ZippyDSMleeOh gaaa the free market is a lie as its currently leading them to no one living there becuse they can not afford it makign it worthless.04/16/2014 - 3:24pm
Matthew WilsonIf you have not read http://arstechnica.com/gaming/2014/04/introducing-steam-gauge-ars-reveals-steams-most-popular-games/ you should. It is a bit stats heavy, but worth the read.04/16/2014 - 2:04pm
Matthew Wilsonthe issue is when is doesn't work it can screw over millions in new york city's case. more often than not it is better to let the free market run its course without market distortion.04/16/2014 - 9:36am
NeenekoTrue, and overdone stagnation is a problem. It is a tricky balance. It does not help that when it does work, no one notices. Most people here have benifited from rent controls and not even realized it.04/16/2014 - 9:23am
ZippyDSMleehttp://www.afterdawn.com/news/article.cfm/2014/04/15/riaa_files_civil_suit_against_megaupload04/16/2014 - 8:48am
ZippyDSMleeEither way you get stagnation as people can not afford the prices they set.04/16/2014 - 8:47am
Neenekowell, specifically it helps people already living there and hurts people who want to live there instead. As for 'way more hurt', majorities generally need less legal protection. yes it hurt more people then it helped, it was written for a minority04/16/2014 - 8:30am
MaskedPixelantehttp://torrentfreak.com/square-enix-drm-boosts-profits-and-its-here-to-stay-140415/ Square proves how incredibly out of touch they are by saying that DRM is the way of the future, and is here to stay.04/16/2014 - 8:29am
james_fudgeUnwinnable Weekly Telethon playing Metal Gear http://www.twitch.tv/rainydayletsplay04/16/2014 - 8:06am
ConsterTo be fair, there's so little left of the middle class that those numbers are skewing.04/16/2014 - 7:42am
Matthew Wilsonyes it help a sub section of the poor, but hurt both the middle and upper class. in the end way more people were hurt than helped. also, it hurt most poor people as well.04/16/2014 - 12:13am
SeanBJust goes to show what I have said for years. Your ability to have sex does not qualify you for parenthood.04/15/2014 - 9:21pm
 

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