Send News. Want a reply? Read this. More in the FAQ.   News Forum - All Forums - Mobile - PDA - RSS Headlines  RSS Headlines   Twitter  Twitter
Customize
User Settings
Styles:
LAN Parties
Upcoming one-time events:

Regularly scheduled events

Rhode Island & Mellon Bank Taking Possession of 38 Studios

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.

Email Digg Facebook Twitter   Share More    


 

  
   Current Headlines
Where Crytek Stands
Clockwork Empire Early Access Next Month
Defiance Expansion Next Week
The Sims 4 Emotions Trailer
APB Reloaded Bans, Shames Cheaters
Dead Rising 3 Stream
On Sale
Evening Patches
Evening Crowdfunding Roundup
Evening Previews
Evening Consolidation
Evening Mobilization
Evening Metaverse
Evening Tech Bits
Evening Safety Dance
Evening Legal Briefs
etc., etc.
Into the Black
Deep Silver Acquires Homefront from Crytek
Elite Dangerous Beta Begins
  

 



footer

.. .. ..

Blue's News logo