As reported by Bloomberg, Rhode Island Economic Development Corp. and Bank of New York Mellon Trust Co. have gotten the go ahead from the court to take possession of all the assets of 38 Studios.
Both parties requested to take control of all assets and IPs in an effort to sell them and reduce the amount owed on the $75 million loan made to the game studio. An effort was made to get control before equipment and assets were lost and make up most of the studio’s value.
38 Studios had filed for bankruptcy after their game, Kingdom of Amalur: Reckoning, could not generate enough money to offset the costs of its MMO project.
While this is more bad news for the developer it does leave some hope for the IP and franchise because the state will most likely try to sell all assets to the IP in an attempt to offset losses for backing the studio.
Maybe Epic will step in and get the IP now that it has a new studio made up of team members from Big Huge Games that worked on Kingdoms of Amalur.