R.I. to sell 38 Studio's assets

R.I.  to sell 38 Studio's assets
Seth Tipps

By Seth Tipps

May 21st 2013 at 5:50AM

State finds interested buyer for Kingom of Amalur developer's properties

The State of Rhode Island has reportedly found a buyer for the assets it holds from bankrupt Kingdoms of Amalur developer 38 Studios.

Rhode Island claimed the studio's property when it defaulted on a $75 million state-guranteed loan it took as incentive to relocate to Providence from neighboring Massachussetts.

Now the Providence Journal reports the state has found a potential buyer.

Who knows what the value ultimately will be, but there is interest in the assets." said Providence lawyer Richard J. Land.

"The state is currently involved in a lawsuit against certain executives, including 38 Studios founder and former Red Sox pitcher Curt Schilling, claiming they withheld information about the company's financial situation."

The loan could have cost the state as much as $130 million after interest.

Rhode Island is currently involved in a lawsuit against a group of 38 Studios exectives, including company founder and former Red Sox pitcher Curt Schilling, claiming they knowingly withheld information about the studio's financial situation.

The state is set to make its case against the executives this week.