38 Studios auction raises just $320,000

38 Studios auction raises just $320,000
Seth Tipps

By Seth Tipps

December 17th 2013 at 8:22AM

Rights to Kingdoms of Amalur, Project Copernicus, and Helios technology fail to sell

This week's auction of 38 Studios' assets raised only $320,000, and failed to sell the defunct company's biggest assets: the Kingdoms of Amalur sequel and merchandising rights, internally developed 'Helios' tech, and the incomplete Project Copernicus.

38 Studios was forced into bankruptcy last year after defaulting on a $75 million taxpayer-backed loan from the Rhode Island Economic Development Corporation and its assets subsequently seized by the state.

The auction was originally scheduled for November, but delayed until December 11 after more than 20 buyers expressed interest.

Of these, only 5 actually took part in the auction, buying up the trademark for 38 Studios subsidiary Big Huge Games and the assets and IP rights for Rise of Nations and Rise of Legends.

“The Receiver did not receive acceptable offers for the remaining lots, including Project Copernicus, 38 Studios' in development Massively Multiplayer Online Role Playing Game and Helios, 38 Studios' integrated social media platform,” said Richard J. Land, the court-appointed receiver for the auction said in a statement reported by the Providence Journal.

The studio's only game – Kingdoms of Amalur: Reckoning – was set in the fictional world created by R.A. Salvatore and attracted decent sales for a franchise debut, but the company was mired in debt and unable to complete the $100 million Project Copernicus before running out of cash.

Rhode Island is currently pursuing legal action against 38 Studios founder Curt Schilling, a number of his executives, and a few officials who oversaw the deal that brought the company from neighboring Massachusetts.