38 Studios

38 Studios auction pulls in $180K

THE FIRST auction of 38 Studios LLC property, held in Maryland on Monday, brought in roughly $180,000.
Posted 10/18/12

PROVIDENCE – Bargain hunters spent $180,000 scooping up office furnishings and video-game equipment formerly belonging to 38 Studios LLC at the company’s Maryland bankruptcy auction Monday, the court-appointed receiver in the case announced Thursday.

The first of two auctions scheduled to liquidate 38 Studios’ modest physical assets, the Oct. 16 sale outside Baltimore saw approximately 950 items purchased, including furniture, computers, video-game consoles and other trappings of the defunct game-maker, Receiver Richard land said in a news release.

The most valuable item sold was a video animation suit, which went for $9,500.

More than 300 people showed up for the Maryland auction and another 200 registered to bid online.

The proceeds of the auction will go to offset 38 Studios’ $150 million in outstanding debt, with the majority going to the state of Rhode Island to offset the liability of a $75 million loan guarantee made granted the company in 2010.

An auction of 38 Studios’ items at its Rhode Island headquarters is scheduled for Tuesday, Oct. 23 at One Empire Plaza, Providence.

“In my experience, Monday’s auction can be considered robust,” Land said in the news release. “Having this many bidders helps to extract greater value for the property.”

A sale of 38 Studios intellectual property is expected in to be held in three months.

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