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38 Studios Missed Payment; Asking for Cash

BostonHerald.com has word that The Rhode Island Economic Development Corp. is deferring until Monday any decision on how best to deal with apparently cash-strapped developer 38 Studios, who are already carrying $75 million in debt to the state. Having met with 38 Studios about the matter, they will now look to use this extra time to consult with industry experts, with Gov. Lincoln Chafee saying, "we’re making a good decision by not making a decision," adding: "There’s not a great pool of advisers in this industry, but we’ll find them." The report says the governor confirmed that the company missed a $1.125 million payment to the state scheduled for May 1st, and is now asking for more money. 38 Studios founder Schilling refused to answer questions about this for reporters after his meeting, saying: "My priority right now is to get back to my company. My priority right now is to get back to my teammates." Thanks Nomaar.

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11. Re: 38 Studios Missed Payment; Asking for Cash May 17, 2012, 08:45 Verno
 
theyarecomingforyou wrote on May 17, 2012, 03:50:
What the hell did they spend money on to lose $75m? I honestly don't get it. It sounds like criminal negligence or outright fraud.

They bought Big Huge Games and several technical properties. They were working on an MMO, paid out big money to secure names like Salvatore and Mcfarlane. I doubt there was any fraud involved, it's just been misspent on a classic example of overreaching for a first product. They should have started out small like Runic instead of trying to compete with the large AAA devs. The name of the product and its marketing were also very poorly chosen.

Amalur is one of the most overproduced games I've ever seen.

This comment was edited on May 17, 2012, 08:54.
 
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    Date Subject Author
  1. May 16, 21:07 Re: 38 Studios Missed Payment; Asking for Cash Kosumo
  2. May 16, 21:38  Re: 38 Studios Missed Payment; Asking for Cash Hellbinder
  3. May 16, 21:40   Re: 38 Studios Missed Payment; Asking for Cash NKD
  15. May 17, 10:13  Re: 38 Studios Missed Payment; Asking for Cash Mingus
  16. May 17, 10:33   Re: 38 Studios Missed Payment; Asking for Cash Kajetan
  4. May 16, 23:10 Re: 38 Studios Missed Payment; Asking for Cash Cutter
  5. May 17, 01:01  Re: 38 Studios Missed Payment; Asking for Cash Rigs
  6. May 17, 01:36 Re: 38 Studios Missed Payment; Asking for Cash Wolfen
  7. May 17, 03:50 Re: 38 Studios Missed Payment; Asking for Cash theyarecomingforyou
  8. May 17, 04:58  Re: 38 Studios Missed Payment; Asking for Cash Kosumo
  9. May 17, 05:07  Re: 38 Studios Missed Payment; Asking for Cash Kajetan
>> 11. May 17, 08:45  Re: 38 Studios Missed Payment; Asking for Cash Verno
  10. May 17, 07:53 Re: 38 Studios Missed Payment; Asking for Cash Zadig
  12. May 17, 09:21 Re: 38 Studios Missed Payment; Asking for Cash Ozmodan
  13. May 17, 09:25  Re: 38 Studios Missed Payment; Asking for Cash nin
  14. May 17, 09:36   Re: 38 Studios Missed Payment; Asking for Cash Elf Shot The Food
  17. May 17, 12:18 Re: 38 Studios Missed Payment; Asking for Cash Creston


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