Items tagged with Chafee

38 Studios, the game developer behind Kingdoms of Amalur and the unfinished Project Copernicus MMO has filed for bankruptcy. The company is seeking to liquidate its assets in order to pay its debts in what's known as a Chapter 7 filing. 38 Studios claims $21.7M in assets, mostly personal property, and $150.7 million in liabilities to 1000 different creditors, including $110 million owed to the state of Rhode Island. How bad does it look? Pretty bad. (PDF) Even if we ignore the $110M owed to Rhode Island over the estimated payback period of the loan, 38 Studios owed $300K to MoveTrek, the company... Read more...
Last week, Curt Shilling's 38 Studios fired all of its employees and closed down. The casualties included everyone at Big Huge Games, the developer responsible for Kingdoms of Amalur: Reckoning. Schilling brought his company to Rhode Island in 2010, after the state pledged a total of $75M in loan money to entice him to do so. Reports indicate that 38 Studios borrowed roughly $50M of the $75M it was allotted before failing to make a scheduled payment, failing to make payroll, and shutting down. Absent any other factors, it'd be a sad story of how good game developers can be hammered by tough conditions.... Read more...