Amalur assets now belong to Rhode Island
Rhode Island Economic Development Corp. and Bank of New York Mellon Trust. Co. win court approval to secure 38 Studios' assets.
The Kingdoms of Amalur now belong to the state of Rhode Island. Bloomberg reports that the Rhode Island Economic Development Corporation and the Bank of New York Mellon Trust Company have won a court approval to take hold of 38 Studios' assets. The developer, founded by former Red Sox pitcher Curt Schilling, publicly crumbled earlier this year, and is now bankrupt.
The motion was granted by United States Bankruptcy Judge Mary Walrath at a hearing in Wilmington, Delaware, on Tuesday. Rhode Island and the Bank of New York Mellon Trust Company will now attempt to sell 38 Studios' assets, which include intellectual property rights, to make back some of the controversial $75 million loan that brought 38 Studios to Rhode Island.
In May, industry analyst Michael Pachter estimated the worth of the Amalur intellectual property at $20 million, saying, "Nobody is buying MMOs after [Star Wars: The Old Republic fizzled]."
38 Studios shipped the console and PC role-playing game Kingdoms of Amalur: Reckoning in February 2012 to a warm critical reception and sales of 1.2 million in its first 90 days. The company's Amalur MMO--codenamed Project Copernicus--was reportedly being readied for release in June 2013.
According to the report, Rhode Island and the bank said they needed to take hold of 38 Studios' assets because if someone at the studio was granted permission to ditch computer equipment "all or substantially all of the intellectual property could be irretrievably lost."
Content you might like…
-
Rhode Island will sell 38 Studios' IP

State prepares to sell Amalur franchise, lawyer says "there is interest" in the assets; case against Schilling and other executives scheduled to begin Wednesday.
- May 20, 2013
Users who looked at this article also looked at these content items.
Hot Stories
Newsmakers
-
Xbox One has preowned fee - Report
Microsoft confirms all discs must be installed to HDD to play; secondhand owners required to pay an unspecified fee. Full Story
- Posted May 22, 2013 2:44 am SST
-
Xbox One will launch this year
Microsoft formally announces Xbox 360 successor during media event; will support live TV and Skype; features 500GB hard drive, 8GB RAM, Blu-ray drive; 64-bit architecture. Full Story
- Posted May 22, 2013 1:09 am SST
Featured Stories
-
The Simpsons writer signs on for Angry Birds movie
Emmy-winning writer Jon Vitti, who penned "Mr. Plow" episode of The Simpsons, working on 2016 film based on Rovio's game. Full Story
- Posted May 21, 2013 3:23 am SST
-
Grand Theft Auto V premium bundles revealed
$150 Collector's Edition includes money bag, snapback hat, blueprint map, artwork, and various in-game items and bonuses; all preorders receive access to pilot atomic blimp vehicle. Full Story
- Posted May 23, 2013 8:44 pm SST
-
Atari to sell RollerCoaster Tycoon, Test Drive franchises at auction
Bankrupt publisher hoping to bring in at least $22 million from upcoming asset auctions. Full Story
- Posted May 24, 2013 12:43 am SST
-
38 Studios court case begins
Arguments in legal battle between defunct Amalur developer and Rhode Island presented in court today; state claims it has "avalanche" of evidence against 38 Studios. Full Story
- Posted May 23, 2013 4:51 am SST
-
Katie Couric acknowledges one-sided violent video games report
Network journalist acknowledges one-sided violent video game report; invitations to Bungie and the Entertainment Software Association were declined. Full Story
- Posted May 21, 2013 1:45 pm SST
Related Game
Copernicus (working title)
- Publisher(s): _No Company
- Developer(s): 38 Studios
- Genre: Role-Playing
- Release:
- MDA:






