Rhode Island to sell Kingdoms of Amalur IP
May 21, 2013 // 9:42 a.m.
The state of Rhode Island is getting ready to sell the Kingdoms of Amalur intellectual property that it seized from bankrupt 38 Studios.
According to The Providence Journal, the lawyers holding 38 Studios in receivership have stated that there is interest in the Amalur assets and it is unable to predict exactly what their value will be.
Rhode Island is currently trying to recoup $130m in debt that was caused by 38 Studios going under in May 2012. The Amalur developer was also sued for fraud, by Rhode Island, with the state accusing the studio of knowing that it was heading for bankruptcy during loan negotiations as far back as 2010.
The game developer's bankruptcy resulted in them owing a total of $150m to creditors, with the studio only having $20m in assets at the time. Rhode Island has managed to raise $830,000 from the sale of some of the studios' assets so far.
38 Studios had originally been given support with the intention of kicking off a Rhode Island-based games industry and the Rhode Island Economic Development Corporation approved a $75m guaranteed loan to the developer in 2010.
The developer's only released game, Kingdoms of Amalur: Reckoning, was released in February 2012 to a warm critical reception. The single player MMO-like game used an art direction provided by Todd McFarlane and was based on a brand new IP developed by 38 Studios.
A second title, MMO Project Copernicus, only ever saw the release of an early trailer. Former 38 Studios head Curt Schilling previously told press that it was going to be the 'first triple-A hundred-million-dollar-plus free-to-play, micro-transaction-based MMO'.