DIGITAL MEDIA

38 Studios starts liquidation

BLOOMBERG FILE PHOTO/SCOTT EELLS
FORMER RED SOX pitcher Curt Schilling’s defunct videogame company 38 Studios LLC begins liquidation Tuesday, news sources report.
Posted 7/10/12

PROVIDENCE – Former Red Sox pitcher Curt Schilling’s defunct videogame company 38 Studios LLC begins liquidation Tuesday, news sources report.

The bankruptcy court hearing, which will take place in Wilmington, Del., where the company is incorporated, is slated to begin at 2 p.m. today.

According to court documents, 38 Studios and its subsidiaries owe more than $150 million to more than 1,000 creditors, the largest of which is the R.I. Economic Development Corporation.

The gaming company listed a collection of assets to offset tens of millions in debt. The collection included intellectual property associated with its massively multiplayer online fantasy game – “Project Copernicus” – and mortgages the company took on to relocate employees.

Monday, on the eve of the company’s bankruptcy court hearing, a trailer for the “Project Copernicus” game was leaked on the Internet.

According to Boston Business Journal, the IP related to “Copernicus” is the biggest question mark in the bankruptcy proceedings, “It could be worthless, or it could help recoup funds for Rhode Island taxpayers, on the hook for more than $50 million in government-backed loans to the company.”

See the “Project Copernicus” video below:

1 comment on this story | Add your comment
Please log in or register to add your comment
Mister_Smithers

It was just announced that RI ranks dead last of all 50 states for doing business....for the 2nd year in a row. Keep electing the same clowns to the general assembly and you'll keep getting the same results. See the results on CNBC.com. Shameful.

http://www.cnbc.com/id/46415463

Tuesday, July 10, 2012 | Report this
Calendar
PBN Hosted
Events

Register today for the First Annual PBN Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Click here for more information, including the list of winners.
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News