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GAMING NEWS

38 Studios Sells Assets For $830,000, Rhode Island Still In The Hole

Posted on Friday, October 26 @ 18:56:16 PST by Alex_Osborn


The tragic demise of 38 Studios will almost certainly plague Rhode Island taxpayers for years to come. In an effort to chip away at that some of the debt, earlier this week an auction was held in the tiny New England state, bringing in $650,000. Last week a similar auction was held in Maryland to sell off the assets of Big Huge Games (former division of 38 Studios), bringing in $180,000.

If you do the math, you'll realize that the total made on sales isn't nearly enough to dig Rhode Island out of the hole of debt it is currently in. It's worth noting however, that the most valuable asset, namely theKingdoms of AmalurIP, has not yet been sold. Apparently it will be done through a separate transaction that will take place some time in the coming months.

Right now, it is estimated that when the company filed forbankruptcy, it owed a whopping $150.7 million. So yeah, RI taxpayers are on the hook for quite a bit.

[Source]
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