38 Studios Payment Clears, Light at End of Tunnel

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38 Studios Payment Clears, Light at End of Tunnel

Unread postby News Portal » 22 May 12, 9:13 am

Good news has come through for 38 Studios, developers of the recently-released Kingdoms of Amalur: Reckoning. The $1.125m cheque required to pay off their debt to the Rhode Island Economic Development Corporation has been cleared, and the company is now on track to release their MMO, Copernicus, in June of 2013. It is not yet known if staff have or will be compensated on their missed payroll payments.

Source: VG247

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Re: 38 Studios Payment Clears, Light at End of Tunnel

Unread postby baghwan » 22 May 12, 2:59 pm

Here is a update for you.

PROVIDENCE, R.I.—Gov. Lincoln Chafee said Monday that former Red Sox pitcher Curt Schilling has laid off some employees at his troubled video gaming company and that state officials are continuing to try to "protect every penny" of Rhode Island's investment in the company.


http://www.boston.com/news/local/rhode_ ... News_links

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I can't wait to see the post mortem of this, the problem seems to stem with their exceptionally high monthly costs (around $4mil), Curt amassed an A Team of developers, with no viable long term capital stream, burned though Amalur/EA publishing deal and R.I. loan. Curt is likely back at personally funding the company.
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