Bankrupt Studio's Assets Taken to Pay Debts

As first mentioned on Bloomberg, Rhode Island has now taken possession of all of 38 Studios' assets.

Rhode Island Economic Development Corp. - along with Bank of New York Mellon Trust. - received court approval from Judge Mary Walrath at a hearing in Delaware which allowed the intellectual property of Project Copernicus and all other assets to be sold.

Any proceeds would be put towards payment of the large outstanding debt, the majority of which relates to a $75 million dollar loan.

It was two months ago that 38 Studios - founded by Curt Schilling - filed for bankruptcy amid the drama of hundreds of employees suddenly being layed off. The awful circumstances becoming even worse when some employees were pursued for debts that they thought had been paid by the company.

The future of the Copernicus MMO is uncertain, but it is possible that the game could live on in some form or another if sold off to another developer.

In addition to the news of layoffs at En Masse and other companies, we wish the best for all the talented members of the games industry seeking new employment.

                                                                                            Scott "Jarimor" Hawkes, Editor In Chief