Rhode Island Selling Off Kingdom of Amalur IP, Other 38 Studios Assets
Looking to recoup losses from remaining $130 million debt.
The collapse of 38 Studios, developers of the long-awaited and hyped Kingdom of Amalur: Reckoning, was nothing pretty. Following the game’s financial failure, 38 Studios entered into bankruptcy where it was discovered that it owed $150 million to creditors.
Unfortunately, the $20 million in assets it had in hand weren’t enough, leading to the state of Rhode Island selling off the remaining assets and IPs, including Kingdoms of Amalur to raise money according to The Providence Journal.
Providence-based Chace Ruttenberg & Freedman LLP lawyer Richard J. Land, stated that, “Who knows what the value ultimately will be. But there is interest in the assets.”
The question: Who could possibly be interesting in picking up the IP, given the state it’s in?
The reputation of former 38 Studios owner Curt Schilling doesn’t help, as he and 13 other defendants were sued for fraud on the basis that they know the studio was failing and did nothing about it during the 2010 investment negotiations.