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TGS 2014: Meet MGS5's Quiet
Metal Gear Solid 5: The Phantom Pain was a prominent game at this year Tokyo Game Show. Hideo Kojima took the stage with other members of Kojima Productions to show the game in action and one of the controversial characters of the game, Quiet. ... [read more]
TGS 2014: Mix Dark Souls with Assassin's Creed and you get Deep Down
Deep Down, an upcoming Capcom Online Games production, looks like a faster and brighter Dark Souls with a touch of the “Animus” from Assassin’s Creed.... [read more]
Sir Hammerlock and Torgue introduce you to the world of Borderlands: The Pre-Sequel
Sir Hammerlock and Torgue serve as your guides in a new trailer for the upcoming Borderlands: The Pre-Sequel. ... [read more]

Latest Articles

gamescom 2014: Sony shows off more indie games and hidden Silent Hill game
Lots of games ranging from AAA to Indie along with some shocking surprises were revealed at this year’s Sony Press Conference at gamescom in Cologne, Germany.... [read more]
gamescom 2014: Microsoft comes out fighting
After falling behind Sony again and again, Microsoft finally put on a show for gamers at gamescom 2014 to remind everyone that they are still in the fight.... [read more]
When a Good Cause Gets Tainted
This June was an important month for Nintendo. Prior to them winning the hearts of gamers across the globe at E3, they were in some hot water over a game that came out just a few days before. That game, Tomodachi Life, became the center of a world of drama that was not only ... [read more]

Latest Reviews

Gods Will Be Watching Review
Don't let the looks fool you, this is not a regular adventure game and it's definitely not for the squeamish. ... [read more]
Demon Gaze Review
To put it simply, Demon Gaze is old school RPG action with a bit of fan service thrown in. ... [read more]
Metro Redux Review
Deep Silver, who bought the Metro series after THQ filed bankruptcy, decided to get next gen gamers up to speed with the franchise by giving both games a next gen makeover in Metro Redux.... [read more]

Latest Videos

8-Bit Eric: Underrated Sega Genesis Games
The Genesis had a large library of great games, but some of those great games overshadowed some other quality games that ended up getting lost in the bargain bin. 8-Bit Eric is here to show you some of the hidden gems on the Genesis that you may want to give a try. ... [read more]
8-Bit Eric: Super Retro Trio Review
For some gamers, conserving space is becoming harder to do. With more consoles coming out, those older consoles can take far too much space. That's where multi-system consoles like Retro-bit's Super Retro Trio console come into play. 8-Bit Eric shows you how well the console... [read more]
8-Bit Eric: Sega Genesis Shmups
Get ready for a little bullet hell as 8-Bit Eric takes a look at the shmups for the Sega Genesis. ... [read more]
Rhode Island now owns 38 Studios
Posted on August 09, 2012 by

The saga of Curt Schilling, 38 Studios and the state of Rhode Island continues. Yesterday the Bank of New York Mellon Trust Co and Rhode Island Economic Development Corp. won a court decision that allows Rhode Island possession of all assets of 38 Studios. For those who haven't been keeping up with the dealings between Schilling's studio and Rhode Island, here's a summary:

Last year, 38 Studios borrowed $75 million from the state of Rhode Island to relocate from Massachusetts to Rhode Island. The state granted the loan, and to repay what they had borrowed, the studio pledged all of its assets, patents, software and other property to Rhode Island as collateral. 38 Studios only released one game, the EA published Kingdoms of Amalur and was working on a project called Copernicus. Unfortunately the game did not meet sales expectations and the studio filed for bankruptcy.

US Bankruptcy Judge Mary Walrath granted the request to both the state and Mellon Trust in a hearing in Wilmington, Delaware. While its not strange to hear developer pledging its IP to a backer like a publisher, as its a common practice in the video game industry. What is strange is that a developer pledged its assets to a state government. Now Rhode Island is looking a buyer to make up for the $75 million risk they took in trying to court the video game industry to Rhode Island.

Source: Bloomberg

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