Anyone want to buy a franchise?

[Tanuki]

http://www.joystiq.com/2012/05/16/rhode-island-owns-38-studios-intellectual-property/

According to the documentation, 38 Studios' intellectual property rights and other collateral were pledged to the RIEDC and assigned to a trustee, which we've confirmed by pulling Uniform Commercial Code documentation.

I am in for $20. We can do this people.

[GeneralAdmission]

Ouch.

Big names involved in production, massive state loan, brand new IP...I had a feeling this company could end up in a difficult spot after release. Hope they can sort things out and at least minimize the damage somewhat.

[Tanuki]

That is Final Fantasy level development costs. That IP won't break 5 million unless they are sitting on some great MMO assets.

[Tanuki]

http://www.joystiq.com/2012/05/17/38-studios-doesnt-make-payroll/#continued

Now would probably be a good time to release some overpriced half-baked DLC.

[Tanuki]

http://www.joystiq.com/2012/05/23/analyst-estimates-amalur-ip-worth-20-million-38-studios-employ/

The value of 38 Studios' Amalur intellectual property is estimated to be in the range of $20 million. We asked Wedbush Securities analyst Michael Pachter for his valuation following confirmation of layoffs at the studio and coverage of 38 Studios employees flocking to Turbine's recruitment drive in Providence last night.

[Tanuki]

And toast.

http://www.gamespot.com/news/reckoning-dev-lays-off-entire-staff-report-6378439

[UPDATE]: In a press conference this afternoon, Governor Chaffee explained that the state had not been informed of the pending layoff of 38 Studios' entire staff. In explaining how the studio hit the skids seemingly overnight, Chaffee explained, "The game failed. The game failed." He added that Kingdoms of Amalur: Reckoning would have needed to sell 3 million copies just to break even.

This was never going to end well.

[Tanuki]

And worse.

http://www.gamespot.com/news/collapse-of-38-studios-sticks-some-devs-with-second-mortgage-6378649

According to the report, when 38 Studios moved from Massachusetts to Rhode Island in 2010, it offered employees a relocation program that would see the company sell their old homes for them. However, "some" employees received notice from banks this week that they had missed mortgage payments on their old homes, at least one of which 38 Studios told the owner employee it had sold last year. An unspecified 38 Studios official told the site that it was trying to resolve the situation.

[Tanuki]

http://kotaku.com/5920520/curt-schillings-50-million-is-gone-along-with-the-rest-of-38-studios

Apparently the 100+ million was all used up on the MMO and costs. None of it for Reckoning which was EA money. An MMO that couldn't even show gameplay footage. Ouch.

[Tanuki]

http://www.sjcorio.com/corio/auctions/38studios/38studios_auction_details.html

Over 100 Dell T-3500, T-3400, T-7500 Workstations, plus over 250 Dell 24" & 20" Monitors

Over 400 Dell T-7500 Workstations, plus T-3500 & T-3400 Workstations, HP, Dog House, Mac Pro's, iMac's, over 600 Samsung, Sceptre 24" & 20" Monitors, HP Laserjet printers, HP Designjet 500 wide format printer

[Tanuki]

http://www.joystiq.com/2012/10/26/38-studios-auction-rhode-island/

The court-appointed receiver who organized the auctions told us earlier this week that the Kingdoms of Amalur intellectual property, which is Rhode Island's best hope for recouping money from its bad investment, will be sold in a negotiated transaction over the next three to six months.

EA?