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Home News Rhode Island Might Soon Own Kingdoms of Amalur

GAMING NEWS

Rhode Island Might Soon Own Kingdoms of Amalur

Posted on Wednesday, May 16 @ 17:14:22 Eastern by


Yesterday, Keri reported on the financial troubles of 38 Studios, developer for the critically well-received Kingdoms of Amalur, to whom Rhode Island "secured $75 million in Loans to persuade 38 Studios to relocate to Rhode Island from Massachusetts".

Now, after delving into the legal documentation of the deal, the state of Rhode Island might become the owners of Kingdoms of Amalur if the company defaults on its loan. It will also be in possession of "Project Copernicus", a title currently in development at the studio.

Though this type of default commonly occurs for houses or cars if payments cannot be made on time, this is a rare case for a studio. According to the documentation, 38 Studios had placed all of its present and future IPs by the company as collateral, so everything they have developed, are developing, and will develop is up for grabs.

Of course, the state of Rhode Island knows little about running a video game development studio, so if 38 Studios defaults, it will likely take the IPs and put them up for auction to the highest bidder in the hope that the sale will cover the $75 million loan. If it doesn't, well, 38 Studios won't be around for much longer.

[Source]
Related Games:   Kingdoms of Amalur: Reckoning
Tags:   38 Studios, Kingdoms of Amalur


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Comments
  • OdiousLupous
    OdiousLupous
    Joined: Jul 2011
    Posted: May 16th, 2012 at 6:34 pm
    $75 million eh? Whens it due by cause I smell an interesting kickstarter idea.
    0 0
  • Bras
    Bras
    Joined: Jul 2008
    Posted: May 16th, 2012 at 8:35 pm
    Yes, but we would need like... a hundred people.
    0 0
  • Lien
    Lien
    Joined: Feb 2008
    Posted: May 16th, 2012 at 9:37 pm
    Hmmm a game developed by a state... Sorry my head got lost in thoughts here
    0 0
  • tinymhg
    tinymhg
    Joined: Jun 2011
    Posted: May 17th, 2012 at 7:19 am
    Been playing the Witcher 1?
    0 0
  • MasterRabbi
    MasterRabbi
    Joined: May 2007
    Posted: May 17th, 2012 at 6:14 am
    Never understood the need for governments to give incentives for companies. Just seems like more loopholes and special privileges. Another point for corporate America I guess...
    0 0
  • ShadeTail
    ShadeTail
    Joined: Nov 2006
    Posted: May 17th, 2012 at 7:19 am
    For the most part, I agree, but it really depends on the company. Sometimes it really does benefit the state or community because it can entice the company to set up shop and start hiring people. If it's some crap company like Walmart, which always does more harm than good to the community where they set up, then it's a bad idea. But a software developer is another story. They tend to hire highly-educated people and pay them well.
    0 0

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