Studio 38 Logo 10 Aug

Report filed by Rakan Stanbouly

Having filed for bankruptcy back in June, Studio 38’s assets have now been legally transferred to the state of Rhode Island. The State had been tryingto get a return on taxpayer investment since the developer failed to make initial loan repayments earlier that same month. As of right now, the company is officially owned by the Rhode Island Economic Development Corporation (RIEDC) and Bank of New York Mellon Trust Co..

The RIEDC and Bank of New York Mellon Trust Co. had their request for asset control granted by U.S. Bankruptcy Court Judge Mary Walrath (Wilmington, Delaware). Had action not been taken on the part of the two firms, the liquidation agency assigned to Studio 38 would have taken action, and “all or substantially all of the intellectual property could [have been] irretrievably lost.” This would cause a substantial loss in the companies value, according to Bloomberg. It is most likely that the Kingdom Of Amalur IP and it’s sister MMO Codename “Copernicus” will be sold through a receivership proceeding in Rhode Island, the proceeds likely going towards paying off company owner Curt Schilling’s initial $75 million loan for 38 Studios.

(via Gamepolitics)