PROVIDENCE – Richard J. Land, an attorney with Chase Ruttenberg & Freedman LLP, has been appointed state receiver in the 38 Studios LLC bankruptcy case, Gov. Lincoln D. Chafee announced Thursday.
Land will be in charge of recovering assets from 38 Studios and its related entities to offset the cost to Rhode Island taxpayers from the $75 million state-guaranteed loan that the video game company, founded by Red Sox pitcher Curt Schilling, defaulted on this spring.
“We will be aggressive in working to maximize the recovery for the benefit of the taxpayers of this state,” Thomas Carlotto, an attorney representing the state in the 38 Studios Bankruptcy, said in a release announcing Land’s appontment.
“This is the first step in a long, multi-pronged process. We will be following a long-term plan to put the state and its taxpayers in the best possible position,” added Carlotto.
On Wednesday a U.S. Bankruptcy Court judge in Delaware approved a petition to move 38 Studios’ liquidation proceedings to Providence Superior Court and for Rhode Island to appoint a receiver to take control of the company’s assets.
Before joining Chase Ruttenberg & Freedman, Land was a partner with Winograd Shine Land & Finkle, PC. He has practiced law in Rhode Island since 1996 with a concentration in bankruptcy law.
The news release from Chafee’s office said moving the 38 Studios proceedings to Rhode Island and appointing a receiver will help reduce the cost of the recovery effort.
“These crucial first steps, put in place at the direction of the Governor, provide the legal mechanisms necessary to ensure that the taxpayers are given appropriate consideration and protection by local interests,” the statement said. “By having the assets administered here in Rhode Island, the Governor has ensured that the highly compensated professionals in Delaware will not have the opportunity to dictate the cost and means of liquidating these companies without regard to the impact on Rhode Island taxpayers.”
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