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Posts tagged bankruptcy

38 Studios asset auction may be delayed due to high demand

When companies die, their assets are sold to make back whatever money can be recovered. That's normal. But you wouldn't expect a great deal of interest in the intellectual property of a company that had worked on only two games and actually released just one of them. Apparently that expectation...

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38 Studios loan under SEC investigation

It seems as though we can't go more than a few weeks without hearing about some new complication related to the collapse of 38 Studios and the financial catastrophe it left in its wake. This week's news comes in the form of an SEC probe into the $75 million in loan guarantees offered to the studio...

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Rhode Island set to pay 38 Studios bonds. Probably.

38 Studios collapsed upon itself in a heap of flaming disaster last year, and Rhode Island taxpayers ended up stuck with the bill. The state used a $75 million loan, acquired through the sale of taxable bonds, to convince 38 to operate within its borders, and RI is now on the hook for around $89...

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Rhode Island attempting to default on 38 Studios' debt

The AP is reporting that Rhode Island is attempting to default on the debt it owes for 38 Studios' $75 million loan and subsequent bankruptcy. The state has a proposal before lawmakers that would keep it from having to make any payments to bond holders. Supporters of the move to default say...

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Curt Schilling asks judge to dismiss 38 Studios fraud lawsuit

Let's assume for a moment that you're Curt Schilling, formerly of the Red Sox and formerly of the now-defunct 38 Studios. You're facing a massive lawsuit for fraud regarding a $75 million loan from the state of Rhode Island. What do you do? It appears that Mr. Schilling's first approach is to ask...

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The Game Archaeologist: Neocron and Neocron 2

It's the distant future. The high-tech battle armor you wear sharply contrasts with the ruins of civilization that you traverse. You spot an enemy and raise your pulse rifle, firing off shots as you strafe to cover. Technology hasn't solved the issue of war; it's just made it that much more...

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Subpoenas issued over 38 Studios deal, Citizens Bank sues Schilling [Updated]

While the fallout from 38 Studios' collapse carries with it a human toll, it also has triggered a legal one as well. State and federal law enforcement agencies have issued subpoenas to both Bank Rhode Island and the Rhode Island Economic Development Corporation over the loans that enticed the...

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38 Studios declares bankruptcy, law enforcement investigating [Updated]

38 Studios, in a move surprising absolutely no one, has declared bankruptcy. This report comes hot on the heels of the news that the Project Copernicus developer has laid off all of its employees and sold Big Huge Games. In addition to covering the bankruptcy, the Providence Journal revealed...

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Fallout Online's future in jeopardy as Interplay's finances suffer

There's a bad moon a risin' for all you MMO-playing Vault-dwellers out there. Fallout Online, the in-development MMO from Interplay, has been through some rough waters already, but it looks like the situation may be about to go from bad to -- pardon the pun -- apocalyptic. A recent SEC...

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Cheyenne Mountain Entertainment refused requested board changes

The last thing we'd heard from Cheyenne Mountain Entertainment, they were filing for Bankruptcy protection, and were attempting to sever all ties with Gary Whiting, Chairman and CEO of the company. However, according to a filing unearthed by Martuk over on the Ten Ton Hammer forums, it would appear...

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