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More info on 38 Studios implosion

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More info on 38 Studios implosion

Post by Admin on Tue May 29, 2012 4:53 pm

Embattled 38 Studios co-founder and head Curt Schilling finally broke his weeks of silence on the Rhode Island studio's recent implosion in an interview with The Providence Journal. "Frustration" seems not strong enough a word to describe his feelings toward Rhode Island Governor Lincoln Chafee – Schilling called Chafee's commentary surrounding 38 Studios "devastating," and claimed it "scared off private investors."

Schilling also said that he could lose $50 million due to the studio's failure – money which he earned as a professional baseball player, and which he later invested into 38 Studios. That money, as well as approximately $50 million of a planned $75 million loan co-signed by the state of Rhode Island, was eaten by 38's long-in-development MMO, "Project Copernicus."

38 Studios' Baltimore-based subsidiary, Big Huge Games, was working on a sequel to this year's Kingdoms of Amalur: Reckoning. The project was depending on private investment to go into production – to the tune of $35 million from an unnamed publisher – which Schilling said was pushed away by Chafee's statements.

"Curt was committed to us as a community and as people, he wanted the best possible work environment for the team he cared so much for, and as a result none of us wanted to let him down," one former 38 Studios employee, speaking under condition of anonymity, told us. "He had invested so much into us financially and personally, we were not about to betray that trust. We were not going to take the chance of speaking to the press and accidentally ruining any chances with outside investors. Unfortunately, it didn't matter if the employees spoke and ruined things with the investors as the Governor beat us to it."



read more here: http://www.joystiq.com/2012/05/29/schilling-says-he-could-lose-50-million-of-his-own-money-in-38/
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Re: More info on 38 Studios implosion

Post by igoMOTTZILLA on Wed May 30, 2012 6:51 am

Wow...... After reading that I'm pretty sure I hate that Governor. Schilling sounds like he was a great boss, and tried his best to let these people keep their jobs. Not many people would have held up to media... I mean these people were loyal enough to not receive pay just to keep this place on its feet.

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Re: More info on 38 Studios implosion

Post by Admin on Thu May 31, 2012 3:22 pm

Curt Schilling released several screenshots for 38 Studios’ MMORPG “Project Copernicus” via Facebook today, blaming Rhode Island for 38 Studios meltdown. If Rhode Island had managed to somehow keep 38 Studios solvent just to prevent laying off its employees, they would have still been able to take over the company’s assets and have a decent chance at selling off the developer, possibly to a big publisher like EA.

Schilling also criticized Chafee’s “devastating” public remarks about 38 Studios’ financial health, which he says scared off private investors. Within 72 hours of Chafee’s May 14 statement that the state was trying to keep 38 Studios “solvent,” Schilling says, a video-game publisher pulled out of a $35-million deal to finance a sequel to Kingdoms of Amalur: Reckoning, the fantasy game that 38 Studios released in February.

Whatever the case, allowing the layoff of the entire staff strikes me as seriously wrong-headed. With this much money already invested, spending a bit more to make 38 Studios an asset that could, at the very least, be sold in order to recoup some of the taxpayer dollars Rhode Island so cavalierly pumped into the game developer, just makes sense. Unfortunately, a bunch of very talented game developers got caught up in the wreckage.







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