Sections

38 Studios assets now belong to Rhode Island, Bank of New York

Thursday, 9th August 2012 04:46 GMT By Brenna Hillier

A judge awarded all assets belonging to the now-defunct 38 Studios to the State of Rhode Island and the Bank of New York Mellon Trust Company.

Bloomberg reports the two bodies petitioned to take possession of the assets, as they stood as trustee on a $75 million loan which the developer defaulted on, at a bankruptcy hearing today.

The shuttered developer’s assets include its intellectual property – Kingdoms of Amalur: Reckoning, its sequel, and MMO Copernicus – as well as physical items like office furnishings.

The two companies were eager to move to secure the assets, in case officials overseeing the liquidation of 38 Studios chose to abandon, discard or sell on computer equipment housing unfinished builds and other materials related to the developer’s intellectual property, which makes up the “vast majority” of its value.

The trustees will try to sell the assets on to put towards what is owed on the loan, which means a publisher or another developer may be able to resurrect the fantasy RPG brand, which was conceived of by author R.A Salvatore and comics artists Todd McFarlane.

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1 Comments

  1. roadkill

    Finally! Are we done with this? Because I’m sick and tired of hearing of how these losers went bankrupt because SURPRISE!! they mismanaged their funds.

    #1 2 years ago

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