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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:

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