Rhode Island & Mellon Bank Taking Possession of 38 Studios

[Aug 10, 2012, 10:58 am ET] - Share - Viewing Comments

The Rhode Island Economic Development Corp. and Bank of New York Mellon Trust have won a court case allowing them to take possession of the assets of bankrupt developer 38 Studios, reports Bloomberg (thanks Examiner.com). Word is this was to stave off the possibility that remnants if the IP the state now owns as a result of its investment in the studio would be lost by the trustee in this case, who apparently did not understand the implications of selling off the company's computers:

The move was necessitated when the trustee assigned to 38 Studios' bankruptcy proceedings wanted to sell the assets individually. The Rhode Island Economic Development Corporation, the state entity that lent funds to 38 Studios, and investment banking firm Bank of New York Mellon Inc. won a judgment against the trustee to prevent the sale of the assets.

Sold individually the computers are not worth much, but each computer contains parts of the intellectual properties formerly owned by 38 Studios and would have negatively impacted the ability for Rhode Island or the bank to recoup any monies to cover their losses in the loans made to the studio. The judgment won by the agency and bank will give them time to transfer the information over to new servers which can take weeks to complete.

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Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 19:41

Jim

LightAssassin wrote on Aug 10, 2012, 13:14:
Which can take weeks to complete... What the hell... Who is taking weeks to copy files or image hard drives then wipe them???

Must be a gov. organization

It's not any ordinary government, it's Rhode Island! Actually, I expect nothing to be gained from retrieving the assets. In fact, I don't expect the assets to be retrieved at all. The computers will probably end up in storage somewhere after they hire an intern to sift through the data, file a meaningless and inaccurate report on what is there, and that will be the last we hear about it.




Jim

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 19:38

Jim

DarkCntry wrote on Aug 10, 2012, 11:26:
I eagerly await the products of the Rhode Island Economic Development Corporation, I'm sure they'll be stellar AAA titles!

They already did, it's called Grand Theft: Taxpayer.




Jim

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 14:35

nin

Don't forget the nepotism and blowing obscene amounts of cash on coke and hookers.

Boats and Hos!




RollinThundr Apr 17, 2013, 12:25: Eh really tossing stuff like that in there only to get your panties all bunched up. If you really want to call that trolling sure. Mr. Tact Apr 17, 2013, 12:33: Pretty sure that's the definition of trolling...

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 14:32

Stormsinger

-Someone- is living in a fantasy world, but I'm not exactly sure which someone that might be. IP from an unreleased game is worth just about as much as I left in the toilet this morning...

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 13:21

Cutter

nin wrote on Aug 10, 2012, 12:08:
DarkCntry wrote on Aug 10, 2012, 11:26:
I eagerly await the products of the Rhode Island Economic Development Corporation, I'm sure they'll be stellar AAA titles!

It'll be called Gaming Tycoon. Your job is to manage a dev studio while trying to appease publishers, employees, and the state (who helped fund you), while making a deadline to ship a successful product.

Don't forget the nepotism and blowing obscene amounts of cash on coke and hookers.




"Are you crazy? Is that your problem?" - Jack Burton

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 13:14

LightAssassin

Which can take weeks to complete... What the hell... Who is taking weeks to copy files or image hard drives then wipe them??? Must be a gov. organization

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 12:08

nin

DarkCntry wrote on Aug 10, 2012, 11:26:
I eagerly await the products of the Rhode Island Economic Development Corporation, I'm sure they'll be stellar AAA titles!

It'll be called Gaming Tycoon. Your job is to manage a dev studio while trying to appease publishers, employees, and the state (who helped fund you), while making a deadline to ship a successful product.




RollinThundr Apr 17, 2013, 12:25: Eh really tossing stuff like that in there only to get your panties all bunched up. If you really want to call that trolling sure. Mr. Tact Apr 17, 2013, 12:33: Pretty sure that's the definition of trolling...

Master Plan interrupted...

Aug 10, 2012, 11:49

JohnBirshire

The trustee wanted to sell the computers individually, including the intellectual property they contained, but was stopped by this judgement. Doh! I was going to sneak in and buy them all!

Re: Rhode Island & Mellon Bank Taking Possession of 38 Studios

Aug 10, 2012, 11:26

DarkCntry

I eagerly await the products of the Rhode Island Economic Development Corporation, I'm sure they'll be stellar AAA titles!

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