38 Studios is back in the headlines this week as Superior Court Judge Michael Silverstein issued a decision to allow a suit filed by the Rhode Island Economic Development Corp. (EDC) last November against former 38 Studios founder Curt Schilling, several executives, and former members of the EDC, including former executive director Keith Stokes and former deputy director Michael Saul, to move forward. The suit alleges fraud, negligence, breach of fiduciary duty and other acts that misled the agency's board into approving a $75 million state loan guarantee for the company in 2010. The defendants moved to have the suit dismissed, but the judge rejected most of the motions.
38 Studios filed for bankruptcy last year, bringing its brief existence to a controversial, and somewhat politically charged, ending. The studio launched its first title, Kingdoms of Amalur: Reckoning, in February 2012 and shut down just months later in May. The state of Rhode Island took control of the 38 Studios IPs, which also includes the MMORPG codenamed project Copernicus and is in the process of selling the assets to help cover the debt.
Source: Boston Globe
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