Joystiq http://www.joystiq.com Joystiq http://www.blogsmithmedia.com/http://www.joystiq.com/media/feedlogo.gif Joystiq http://www.joystiq.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Schilling asks judge to throw out lawsuit over $75 million loan]]>http://www.joystiq.com/2013/03/04/schilling-asks-judge-to-throw-out-lawsuit-over-75-million-loan/http://www.joystiq.com/2013/03/04/schilling-asks-judge-to-throw-out-lawsuit-over-75-million-loan/http://www.joystiq.com/2013/03/04/schilling-asks-judge-to-throw-out-lawsuit-over-75-million-loan/#comments Curt Schilling, founder of defunct 38 Studios, asked a judge to throw out The Rhode Island Economic Development Corporation's lawsuit that alleges Schilling and studio executives misled the agency in securing a $75 million taxpayer-guaranteed loan. The lawsuit accuses Schilling and his crew of fraud, racketeering and conspiracy.

Schilling's lawyers filed documents on Friday to Superior Court Judge Michael Silverstein, asking him to throw out the lawsuit. The documents claim Schilling and other board members repeatedly disclosed 38 Studios' financial situation to the EDC, and that the EDC knew $75 million wouldn't be enough to finish its MMO, Project Copernicus.

"Given the EDC's admissions concerning 38 Studios' disclosures to the EDC's executives, attorneys and financial advisor, it is impossible for the EDC simultaneously to claim that the 38 Studios defendants supposedly defrauded the EDC," the filing reads.

JoystiqSchilling asks judge to throw out lawsuit over $75 million loan originally appeared on Joystiq on Mon, 04 Mar 2013 19:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingedclawsuitrhode-islandrhode-island-economic-development-corporationMon, 04 Mar 2013 19:15:00 EST<![CDATA[Events 2012: 38 Studios]]>http://www.joystiq.com/2012/12/31/events-2012-38-studios/http://www.joystiq.com/2012/12/31/events-2012-38-studios/http://www.joystiq.com/2012/12/31/events-2012-38-studios/#comments Architects of 38 Studios' $75M loan sued by Rhode Island EDC38 Studios was the video game story of the year with mainstream appeal. Much of that mainstream appeal had to do with Curt Schilling, the former baseball player for the Boston Red Sox who went on to found his own video game studio. But the story was way more than Schilling.

The state of Rhode Island and its taxpayers were on the hook for a $75 million loan given to the studio as part of an economic development deal. As the video game industry in the US works toward tax incentives to stop the slow brain drain to the north, the very public collapse of 38 Studios and its relationship to the government is exactly what those working on industry tax breaks - especially in neighboring Massachusetts - did not need.

38 Studio is a saga, but we've selected a couple pieces to highlight here that took place in the middle of the studio's collapse and its aftermath.

JoystiqEvents 2012: 38 Studios originally appeared on Joystiq on Mon, 31 Dec 2012 11:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingevents-2012rhode-islandrhode-island-economic-development-corporationriedcMon, 31 Dec 2012 11:15:00 EST<![CDATA[Architects of 38 Studios' $75M loan sued by Rhode Island EDC]]>http://www.joystiq.com/2012/11/01/Rhode-Island-38-studios-lawsuit/http://www.joystiq.com/2012/11/01/Rhode-Island-38-studios-lawsuit/http://www.joystiq.com/2012/11/01/Rhode-Island-38-studios-lawsuit/#comments Architects of 38 Studios' $75M loan sued by Rhode Island EDCThe Rhode Island Economic Development Corporation (EDC), the quasi-public group that granted the $75 million taxpayer-guaranteed loan to 38 Studios, has filed a lawsuit against the architects of the 2010 deal. WPRI reports the defendants include 38 Studios founder Curt Schilling and CEO Jennifer MacLean, former EDC executive director Keith Stokes, Wells Fargo Securities, Barclays Capital and many, many more.

"I know you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable. The board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island," said Governor Lincoln Chafee in a prepared two-and-a-half-minute statement posted on YouTube (found after the break, with text transcript).

The full complaint [PDF] alleges the former EDC board never ordered an independent assessment of 38 Studios' capabilities to finish Project Copernicus before the loan was approved, even though it was to do so. It also claims Wells Fargo received nearly $500,000 "in hidden commission from 38 Studios" that weren't disclosed to the EDC board.

The recent public auction at 38 Studios' former Providence HQ grossed approximately $650,000. The auction at 38 Studios' Big Huge Games division in Maryland brought in $180,000. It's estimated 38 Studios owed $150.7 million when it declared bankruptcy, so far the state of Rhode Island has recovered about $830,000.

Update: We got in touch with Law of the Game attorney Mark Methenitis to boil down exactly what Rhode Island is seeking in the suit. We've placed his analysis after the break.

Continue reading Architects of 38 Studios' $75M loan sued by Rhode Island EDC

JoystiqArchitects of 38 Studios' $75M loan sued by Rhode Island EDC originally appeared on Joystiq on Thu, 01 Nov 2012 12:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingjennifer-macleankingdoms-of-amalur-reckoninglawsuitmicrosoftpcplaystationps3rhode-islandrhode-island-economic-development-corporationRIEDCxboxThu, 01 Nov 2012 12:50:00 EST<![CDATA[Rhode Island can't auction off 38 Studios' Xbox dev kits, says Microsoft]]>http://www.joystiq.com/2012/09/27/rhode-island-cant-auction-38-studios-xbox-dev-kits/http://www.joystiq.com/2012/09/27/rhode-island-cant-auction-38-studios-xbox-dev-kits/http://www.joystiq.com/2012/09/27/rhode-island-cant-auction-38-studios-xbox-dev-kits/#comments Microsoft is requesting Rhode Island return the Xbox developer kits the state is attempting to sell at auction to recoup losses from the defaulted multi-million dollar loan to shuttered 38 Studios. In the listing of items up for bid October 23, the firm hired to facilitate the auction lists "Gaming consoles: Xbox 360 XDK consoles." Only problem is those belong to Microsoft.

"Xbox 360 Development Kits (XDK) are the property of Microsoft and are only licensed to authorized studios and may not be assigned or sold to any third party without the written consent of Microsoft," the company told Joystiq in a prepared statement. "We will be contacting the appropriate parties involved in the auction of 38 Studios' assets to remove the XDK units from the auction listing and to secure the return of the consoles to Microsoft."

SJ Corio Company, a commercial-industrial auction and liquidation company, will hold auctions in Maryland and Rhode Island on October 16 and 23, respectively. Lot listings and photo galleries of items will be posted soon, according to a company representative. Part of the long list of items up for auction are computers, audio and video equipment, consoles and peripherals, pool table, ping pong table, GE side by side stainless steel refrigerators and a video game library.

JoystiqRhode Island can't auction off 38 Studios' Xbox dev kits, says Microsoft originally appeared on Joystiq on Thu, 27 Sep 2012 14:53:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosauctioncurt-schillingkingdoms-of-amalur-reckoningmicrosoftrhode-islandxboxThu, 27 Sep 2012 14:53:00 EST<![CDATA[38 Studios' Amalur MMO 'Project Copernicus' would have been free-to-play]]>http://www.joystiq.com/2012/08/18/38-studios-amalur-mmo-project-copernicus-would-have-been-free/http://www.joystiq.com/2012/08/18/38-studios-amalur-mmo-project-copernicus-would-have-been-free/http://www.joystiq.com/2012/08/18/38-studios-amalur-mmo-project-copernicus-would-have-been-free/#comments Details continue to surface regarding "Project Copernicus," the Kingdoms of Amalur MMO that once dominated development at Curt Schilling's now-defunct 38 Studios. We've seen an early trailer of the game and learned that it wasn't any fun to play, but Copernicus' more tangible bullet points, such as its pricing structure, have remained a mystery.

"We were going to be the first triple-A, hundred-million-dollar-plus, free-to-play, micro-transaction-based MMO," Schilling told Boston Magazine. "That was one of our big secrets."

Schilling went on to say that Copernicus' status as a free-to-play MMO would have been the "atom bomb" that "shocked the world," once the game eventually debuted. Copernicus' non-subscription architecture was also one of 38 Studios' strongest selling points during late-stage negotiations with potential investors, according to Schilling, and that talks could have been kept alive were it not for Rhode Island Governor Lincoln Chafee's disparaging public tone.

Joystiq38 Studios' Amalur MMO 'Project Copernicus' would have been free-to-play originally appeared on Joystiq on Sat, 18 Aug 2012 18:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingf2pfree-to-playLincoln-Chafeepcproject-copernicusrhode-islandSat, 18 Aug 2012 18:30:00 EST<![CDATA['38 Spouse' explains decision to speak now, never heard of 'EA Spouse']]>http://www.joystiq.com/2012/06/14/38-studios-spouse-38-spouse/http://www.joystiq.com/2012/06/14/38-studios-spouse-38-spouse/http://www.joystiq.com/2012/06/14/38-studios-spouse-38-spouse/#comments Late Tuesday night an email blast went to several media outlets from '38 Spouse,' offering up an inside look into the collapsed 38 Studios "through the eyes of a spouse of one of the employees." The allusions to the EA Spouse (Erin Hoffman) incident of 2004, a watershed moment in the industry regarding working conditions, gave us pause in printing the full letter. Turns out "38 Spouse" had never even heard of her predecessor.

"No, I was not aware at the time, but have now been enlightened," she told Joystiq. Although 38 Spouse has verified her identity to us, she wishes to remain anonymous to not "cause any problems" with her husband getting a new job. He remains unemployed, she said, "But there's lots of interest and we are hoping to have something soon."

"It took me some time to get over the shock to be honest. Also, I have been looking for a temporary job, since I am not sure if we are moving or not," she told us when asked why she sent the open letter. "It's been a month and I really felt that now was the time to hear a different side of this story. I wanted to explain and make people aware in any industry, not just gaming, that this kind of thing happened. These employees were not a statistic, but real people with families and they believe in what they do."

Asked who her husband blames for the situation she said, "He really doesn't blame anyone specifically as there were a lot of different reasons things weren't working."

The full 38 Spouse letter can be found after the break.

Continue reading '38 Spouse' explains decision to speak now, never heard of 'EA Spouse'

Joystiq'38 Spouse' explains decision to speak now, never heard of 'EA Spouse' originally appeared on Joystiq on Thu, 14 Jun 2012 08:11:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-spouse38-Studiosea-spouseproject-copernicusrhode-islandrhode-island-economic-development-corporationThu, 14 Jun 2012 08:11:00 EST<![CDATA[38 Studios liquidation valued in tens of millions by RI, gov. will get every penny he can for taxpayers]]>http://www.joystiq.com/2012/06/07/38-studios-liquidation-valued-in-tens-of-millions/http://www.joystiq.com/2012/06/07/38-studios-liquidation-valued-in-tens-of-millions/http://www.joystiq.com/2012/06/07/38-studios-liquidation-valued-in-tens-of-millions/#comments
38 Studios declared bankruptcy earlier this afternoon and Rhode Island Governor Lincoln Chafee held a press conference this afternoon to discuss the company's assets, which now belong in part to Rhode Island taxpayers.

"We have had in recent days discussions with investors that were and, to my knowledge, are discussing substational numbers, which indicate that there could be significant value to the assets," said Jonathan Savage, council to the Rhode Island Economic Development Corporation. "I can say that discussions we've had have been in the tens of millions of dollars."

"We are going to do everything possible to maximize return on our investment," declared Governor Chafee. "Taxpayers in Rhode Island can have full confidence that if there's a penny that we can get, or a nickle or a dime, we'll get it." Earlier this year, Wedbush Securities analyst Michael Pachter told us that he expected 38 Studios' IP to be worth approximately $20 million.

Joystiq38 Studios liquidation valued in tens of millions by RI, gov. will get every penny he can for taxpayers originally appeared on Joystiq on Thu, 07 Jun 2012 17:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosamalurjohn-savagejonathan-savagekingdoms-of-amalurkingdoms-of-amalur-reckoninglincoln-chafeerhode-islandrhode-island-economic-development-corporationvaluationThu, 07 Jun 2012 17:10:00 EST<![CDATA[38 Studios declares bankruptcy, formal investigation begins regarding finances]]>http://www.joystiq.com/2012/06/07/38-studios-declares-bankruptcy-formal-investgation-begins-regar/http://www.joystiq.com/2012/06/07/38-studios-declares-bankruptcy-formal-investgation-begins-regar/http://www.joystiq.com/2012/06/07/38-studios-declares-bankruptcy-formal-investgation-begins-regar/#comments
Curt Schilling's embattled 38 Studios declared Chapter 7 bankruptcy (liquidation), as Rhode Island and federal authorities open an investigation into how the company handled its finances.

WPRI reports the state police, attorney general's office, US Attorney's office and the FBI will investigate 38 Studios, "both the money that came from the state as well as the money that came from Bank Rhode Island." The Providence Journal confirmed the bankruptcy this afternoon.

Beyond the controversial taxpayer backed loan of $75 million to 38 Studios, the Bank Rhode Island reportedly loaned the developer $8.5 million earlier this year against tax credits that haven't materialized.

Joystiq38 Studios declares bankruptcy, formal investigation begins regarding finances originally appeared on Joystiq on Thu, 07 Jun 2012 13:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillinglincoln-chafeepcproject-copernicusrhode-islandrhode-island-economic-development-corporationThu, 07 Jun 2012 13:20:00 EST<![CDATA[Schilling says he could lose $50 million of his own money in 38 Studios implosion [update: Chafee responds]]]>http://www.joystiq.com/2012/05/29/schilling-says-he-could-lose-50-million-of-his-own-money-in-38/http://www.joystiq.com/2012/05/29/schilling-says-he-could-lose-50-million-of-his-own-money-in-38/http://www.joystiq.com/2012/05/29/schilling-says-he-could-lose-50-million-of-his-own-money-in-38/#comments 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."

Last week, 38 Studios laid off its near-300 person staff in Rhode Island, as well as its approximately 100-person studio in Baltimore, Big Huge Games.

Update: Governor Lincoln Chafee responded this morning to Schilling's comments in a short Q&A session with Rhode Island reporters. "As a business person, he was new at it, and so I always had some reservations," Chafee said. "I have to verify everything, I can't just take it as a leap of faith," he told one reporter asking about the alleged $35 million that 38 Studios was on the brink of acquiring to create a sequel to this year's Kingdoms of Amalur: Reckoning. "Hope springs eternal, but I won't misrepresent to the Rhode Islanders how dire the situation is," Chafee added. "I understand that being involved in this very risky industry that, when things aren't going well, there's gonna be blame. But this isn't accurate to be blaming the state in this case."

JoystiqSchilling says he could lose $50 million of his own money in 38 Studios implosion [update: Chafee responds] originally appeared on Joystiq on Tue, 29 May 2012 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosbig-huge-gamescurt-schillingkingdoms-of-amalur-reckoninglayoffslincoln-chafeeproject-copernicusrhode-islandrhode-island-economic-development-corporationTue, 29 May 2012 10:00:00 EST<![CDATA[Rhode Island: Fired 38 Studios staff are highly skilled, will find new work]]>http://www.joystiq.com/2012/05/25/rhode-island-fired-38-studios-staff-are-highly-skilled-will-fi/http://www.joystiq.com/2012/05/25/rhode-island-fired-38-studios-staff-are-highly-skilled-will-fi/http://www.joystiq.com/2012/05/25/rhode-island-fired-38-studios-staff-are-highly-skilled-will-fi/#comments ImageRhode Island Department of Labor and Training director Charles Fogarty said today that the staff of 38 Studios, all of whom were laid off yesterday, will be able to find new jobs because they are "highly skilled."

"The individuals in question, most of them are pretty highly skilled," Fogarty said. "They've already been contacted by a number of employers. Our department has been contacted by folks looking for people with that type of skill."

Governor Lincoln Chafee and his team today held another press conference to address 38 Studios' financial situation, leading with the information that his office wasn't informed of the layoffs yesterday. Chafee held a press conference one hour after news of the firings broke yesterday; about 300 people in Rhode Island and almost 100 from Big Huge Games in Maryland lost their jobs.

Today, Fogarty said he didn't think it would be difficult for these former employees to find new work.

"I don't expect that they're going to be unemployed for all that length of time," he said. "So far there's only been a small number who've actually applied for unemployment benefits at this point."

Fogarty didn't say how many former 38 Studios employees had applied for unemployment. To allay concerns of the wider economic impact of supporting an influx of people on unemployment, Fogarty said the following: "Don't forget, a number of them are not Rhode Islanders. They worked here but they were not Rhode Islanders."

Of the unspecific number of people who filed for unemployment, about half were Rhode Islander residents, he said, responding to questions about the "jobs for Rhode Islanders" pitch that came with 38 Studios' founding.

Gov. Chafee doesn't think it's futile to attempt to find investors in 38 Studios, saying that when a studio is basically defunct and has no employees, "some might argue that that's the time for an investor to come in, when you can get it for pennies on the dollar, but we're still fairly pessimistic."

Unfortunately, even if an investor did jump in, Rhode Island would be the "pennies" part of that analogy, not the dollar.

JoystiqRhode Island: Fired 38 Studios staff are highly skilled, will find new work originally appeared on Joystiq on Fri, 25 May 2012 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscharles-fogartykingdoms-of-amalur-reckoningLincoln-Chafeemicrosoftpcplaystationps3rhode-islandxboxFri, 25 May 2012 18:00:00 EST<![CDATA[Editorial: 38 Studios and the Dunkin delusions]]>http://www.joystiq.com/2012/05/25/editorial-38-studios-and-the-dunkin-delusions/http://www.joystiq.com/2012/05/25/editorial-38-studios-and-the-dunkin-delusions/http://www.joystiq.com/2012/05/25/editorial-38-studios-and-the-dunkin-delusions/#comments ImageThe Providence Journal sat neatly presented on the counter at the Dunkin Donuts across the street from 38 Studios in Rhode Island, its headline clear as day: "Loan-guarantee fallout costs EDC chief his job." Further down the right column of the page was the other harbinger headline: "Too little cash to cover the check."

This was last Friday, May 18, the day after the head of the Rhode Island Economic Development Corporation, the quasi-government group responsible for co-signing the $75 million loan to 38 Studios, was fired. It was also the day after the state couldn't deposit a $1.12 million check the studio delivered as a payment because the company's chief financial officer called to say there were insufficient funds.

A man walked up to the counter for his morning caffeine fix. I guessed he worked at 38 Studios because he had 'the look.' The lady working the counter confirmed my egregious profiling by asking, "How are things going over there?"

Continue reading Editorial: 38 Studios and the Dunkin delusions

JoystiqEditorial: 38 Studios and the Dunkin delusions originally appeared on Joystiq on Fri, 25 May 2012 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiospcproject-copernicusRhode-IslandFri, 25 May 2012 10:30:00 EST<![CDATA[Our own Alexander Sliwinski talks 38 Studios with Fox 25 News]]>http://www.joystiq.com/2012/05/24/our-own-alexander-sliwinski-talks-38-studios-with-fox-25-news/http://www.joystiq.com/2012/05/24/our-own-alexander-sliwinski-talks-38-studios-with-fox-25-news/http://www.joystiq.com/2012/05/24/our-own-alexander-sliwinski-talks-38-studios-with-fox-25-news/#comments
Here at Joystiq, we spend most of our time hunched over laptops pumping out a steady stream of news for you to consume. But every now and again, one of us is ripped out from behind the comfort of our mobile workplace to talk gaming news with a mainstream outlet - today is such a day.

Following the unfortunate events at 38 Studios and Big Huge Games, News Editor Alexander Sliwinski took to Boston-area affiliate Fox 25 News to talk all things 38 and Rhode Island. We're hoping that his dashing suit and suave demeanor will help to convince you that our whole staff is made up of debonair jetsetters, even if we know in our hearts that's a stone-cold lie.

JoystiqOur own Alexander Sliwinski talks 38 Studios with Fox 25 News originally appeared on Joystiq on Thu, 24 May 2012 20:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosalexander-sliwinskibig-huge-gamesfox-25-newskingdoms-of-amalur-reckoningmetarhode-islandtelevision-apperanceThu, 24 May 2012 20:15:00 EST<![CDATA[Kingdoms of Amalur: Reckoning had to sell 3M 'just to break even,' RI governor says]]>http://www.joystiq.com/2012/05/24/kingdoms-of-amalur-reckoning-had-to-sell-3m-just-to-break-even/http://www.joystiq.com/2012/05/24/kingdoms-of-amalur-reckoning-had-to-sell-3m-just-to-break-even/http://www.joystiq.com/2012/05/24/kingdoms-of-amalur-reckoning-had-to-sell-3m-just-to-break-even/#comments Despite Kingdoms of Amalur: Reckoning selling "1.22 million copies in its first 90 days" according to 38 Studios head Curt Schilling, it apparently never crested the 3 million mark it needed to break even. "The game failed, the game failed," Rhode Island Governor Lincoln Chafee told attendees of a press conference this afternoon.

According to "experts" speaking with Chafee's office, Reckoning needed to sell over 3 million copies "just to break even," never mind profit. The action RPG was released this past February to critical praise and modest initial financial success. It was credited with saving Big Huge Games from destruction back in 2009 when 38 Studios picked up the Baltimore studio, primarily for repurposing an already-in-production RPG into what we now know was Kingdoms of Amalur: Reckoning.

Both 38 Studios and Big Huge Games laid off their staffs this afternoon amidst major financial trouble at 38.

JoystiqKingdoms of Amalur: Reckoning had to sell 3M 'just to break even,' RI governor says originally appeared on Joystiq on Thu, 24 May 2012 18:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosbig-huge-gameskingdoms-of-amalur-reckoninglincoln-chafeemicrosoftpcplaystationps3rhode-islandsalesxboxThu, 24 May 2012 18:15:00 EST<![CDATA[38 Studios and Big Huge Games lay off entire staffs [update]]]>http://www.joystiq.com/2012/05/24/38-studios-and-big-huge-games-lay-off-entire-staffs/http://www.joystiq.com/2012/05/24/38-studios-and-big-huge-games-lay-off-entire-staffs/http://www.joystiq.com/2012/05/24/38-studios-and-big-huge-games-lay-off-entire-staffs/#comments 38 Studios and Big Huge Games have both let go of their entire staffs, a source with knowledge of the situation tells Joystiq. Following reports that 38 Studios stopped paying staff on May 1, and just an hour before a scheduled press conference in Rhode Island addressing the recent 38 Studios financial debacle, both the Providence, RI-based 38 Studios and the Baltimore, MD-based Big Huge Games are no more.

"Big Huge Games was home for my wife and me for our adult lives so far. I'll miss it terribly, but so proud. Good night and good luck," former Big Huge Games lead world designer Colin Campbell said on his Twitter account. Big Huge's latest release was the moderately successful Kingdoms of Amalur: Reckoning. The studio was picked up by 38 Studios back in 2009, and it crafted the first entry in 38's ambitious new universe: Amalur.

The recent financial tumult arose following a defaulted payment from 38 Studios to the Rhode Island state government on May 1, indicating much larger financial issues that could ultimately lead to Rhode Island taxpayers owing up to $112.6 million between 2013 and 2020. It's unclear whether today's layoffs mean 38 Studios is unable to pay back the approximately $50 million its owes Rhode Island of a planed $75 million loan. If that's the case, Rhode Island will take over ownership of the Amalur IP, valued at around $20 million.

We expect to hear more at a scheduled press conference this evening held by Rhode Island Governor Lincoln Chafee.

Update: WPRI got ahold of the internal memo to employees at 38 Studios, which reads: "The Company is experiencing an economic downturn. To avoid further losses and possibility of retrenchment, the Company has decided that a companywide lay off is absolutely necessary. These layoffs are non-voluntary and non-disciplinary. This is your official notice of lay off, effective today, Thursday, May 24th, 2012." Big Huge Games and 38 Studios collectively employed 379 full-timers as of March 15, according to the report.

Joystiq38 Studios and Big Huge Games lay off entire staffs [update] originally appeared on Joystiq on Thu, 24 May 2012 16:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosbig-huge-gamesclosurelayoffslincoln-chafeerhode-islandThu, 24 May 2012 16:30:00 EST<![CDATA[38 Studios employees unpaid since May 1, health insurance ends on Thursday]]>http://www.joystiq.com/2012/05/23/38-studios-employees-unpaid-since-may-1/http://www.joystiq.com/2012/05/23/38-studios-employees-unpaid-since-may-1/http://www.joystiq.com/2012/05/23/38-studios-employees-unpaid-since-may-1/#comments Image38 Studios employees have not been paid since May 1 and their health care will end Thursday at midnight, a source with knowledge of the situation tells Joystiq. Employees are normally paid on the first and 15th of each month.

When asked if the studio would be shutting down this week, the source could only say, "Unknown at this time. Outlook is not good."

We're informed that 38 Studios' MMO, "Project Copernicus," announced by Rhode Island Gov. Lincoln Chafee as launching in June 2013, did have that date as its internal target. However, "Whether this is realistic or not is up for debate."

Gov. Chafee said in a press conference today that he would do what he could to prevent the studio from shutting down. Will the studio still exist within a month? "I have no idea," our source replied.

Joystiq38 Studios employees unpaid since May 1, health insurance ends on Thursday originally appeared on Joystiq on Wed, 23 May 2012 20:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-shillingLincoln-Chafeepcproject-copernicusrhode-islandrhode-island-economic-development-corporationWed, 23 May 2012 20:30:00 EST<![CDATA[RI Gov. Chafee working to prevent 38 Studios shutdown, unaware of any new cash for company [update]]]>http://www.joystiq.com/2012/05/23/ri-gov-chafee-working-to-prevent-38-studios-shutdown-unaware-o/http://www.joystiq.com/2012/05/23/ri-gov-chafee-working-to-prevent-38-studios-shutdown-unaware-o/http://www.joystiq.com/2012/05/23/ri-gov-chafee-working-to-prevent-38-studios-shutdown-unaware-o/#comments ImageThe situation faced by troubled MMO developer 38 Studios is not improving. According to Rhode Island Governor Lincoln Chafee, the company has not received any new investment. In a sudden press conference late today, he said the studio had not received any outside investment nor any of the new tax credits it has applied for. NBC10 reports that, when asked if 38 Studios would be closing, Chafee said he would do what he could to prevent it.

WPRI reported today that CEO Jennifer MacLean removed the title of chief executive from her LinkedIn profile and listed her departure as having occurred in March. John Blakely, senior vice president of product development, also revised his LinkedIn profile to show that he left the company this month. Joystiq has also been informed of continuing layoffs at the company, and that health insurance has run out.

The value of 38 Studios' Amalur intellectual property is estimated to be in the range of $20 million, according to Wedbush Securities analyst Michael Pachter. 38 Studios put up the IP as collateral against its $75 million loan, which could end up costing RI taxpayers $112 million if 38 Studios shutters.

Update: 38 Studios employees have not been paid since May 1. WPRI reports 38 Studios may be ineligible for the millions of dollars in state tax credits because it isn't incorporated in Rhode Island.

JoystiqRI Gov. Chafee working to prevent 38 Studios shutdown, unaware of any new cash for company [update] originally appeared on Joystiq on Wed, 23 May 2012 19:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingjennifer-macleanpcproject-copernicusrhode-islandrhode-island-economic-development-corporationWed, 23 May 2012 19:00:00 EST<![CDATA[Analyst estimates Amalur IP worth $20 million, 38 Studios employees head to job fair]]>http://www.joystiq.com/2012/05/23/analyst-estimates-amalur-ip-worth-20-million-38-studios-employ/http://www.joystiq.com/2012/05/23/analyst-estimates-amalur-ip-worth-20-million-38-studios-employ/http://www.joystiq.com/2012/05/23/analyst-estimates-amalur-ip-worth-20-million-38-studios-employ/#comments ImageThe value of 38 Studios' Amalur intellectual property is estimated to be in the range of $20 million. We asked Wedbush Securities analyst Michael Pachter for his valuation following confirmation of layoffs at the studio and coverage of 38 Studios employees flocking to Turbine's recruitment drive in Providence last night.

"Nobody is buying MMOs after Star Wars fizzled. I think value is low, probably $20 million or so," Pachter said. "There is just no demand for game assets right now, as THQ proved when it tried to sell the Warhammer MMO. I think [Electronic Arts] could step in, since they are the publisher, so you might see some alternative way to get 38 some bridge financing."

Electronic Arts had been the publisher on the Big Huge Games developed Kingdoms of Amalur: Reckoning, but has yet to confirm it would publish 38 Studios' "Project Copernicus."

"Nope - never been an announcement on that," Jeff Brown of EA corporate communications told Joystiq. "We don't have any new announcements to make regarding 38 Studios. We enjoyed working with Curt and his team on their first game, Kingdoms of Amalur: Reckoning. Like game fans all over the world, we look forward to what 38 Studios creates next."

With reports out of Providence delivering an uncertain near future for the studio, it wouldn't be surprising if publishers tried to pick up the Amalur IP for pennies on the dollar. However, with documents showing that 38 Studios put up the IP as collateral against the $75 million loan, anybody trying to pick up the IP will be negotiating with the state of Rhode Island for control of Amalur.

JoystiqAnalyst estimates Amalur IP worth $20 million, 38 Studios employees head to job fair originally appeared on Joystiq on Wed, 23 May 2012 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosamalurcurt-schillingmicrosoftpcplaystationproject-copernicusps3rhode-islandrhode-island-economic-development-corporationxboxWed, 23 May 2012 10:30:00 EST<![CDATA[RI governor confirms 38 Studios layoffs]]>http://www.joystiq.com/2012/05/21/ri-governor-confirms-38-studios-layoffs/http://www.joystiq.com/2012/05/21/ri-governor-confirms-38-studios-layoffs/http://www.joystiq.com/2012/05/21/ri-governor-confirms-38-studios-layoffs/#comments
Image
Rhode Island Governor Lincoln Chafee has confirmed layoffs at 38 Studios. The governor made the statement this evening following a scheduled meeting of the Rhode Island Economic Development Corporation (RIEDC), where about as little happened to resolve 38 Studios' troubled situation as at last Wednesday's "emergency meeting."

On Friday Gov. Chafee held a surprise press conference about 38 Studios, in which he said the government was done providing easy money for the developer, and gave "Project Copernicus" a launch window of June 2013.

WPRI reporter Ted Nesi told Joystiq that Gov. Chafee confirmed the layoffs, but was ambiguous about whether employees at the studio were being paid.

38 Studios continues to remain silent and has not made any official statement about anything since this whole mess started early last week. According to the AP, 38 Studios founder Curt Schilling brushed past reporters on his way out of the meeting this evening, saying there was "misinformation" he couldn't clear up in a sound bite.

Not at all coincidental, Warner Bros. owned Boston-area MMO developer Turbine will hold a recruitment event at the Hotel Providence Tuesday night from 5-9PM. The studio currently has over 50 open positions.

We continue to leave the line open if 38 Studios or any employees wish to share their side of what's going on at the developer.

Update: Avalanche Studios, which opened up a studio in New York last year, will also hold a recruitment drive at the Westin Providence Hotel on Thursday, May 24, from 12-7PM.

JoystiqRI governor confirms 38 Studios layoffs originally appeared on Joystiq on Mon, 21 May 2012 23:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingLincoln-Chafeepcproject-copernicusrhode-islandMon, 21 May 2012 23:59:00 EST<![CDATA[Rhode Island governor gives 38 Studios' Copernicus MMO a June 2013 launch]]>http://www.joystiq.com/2012/05/18/rhode-island-governor-gives-38-studios-copernicus-mmo-a-june-20/http://www.joystiq.com/2012/05/18/rhode-island-governor-gives-38-studios-copernicus-mmo-a-june-20/http://www.joystiq.com/2012/05/18/rhode-island-governor-gives-38-studios-copernicus-mmo-a-june-20/#comments Rhode Island governor Lincoln Chafee told attendees of a 38 Studios-related press conference that the long awaited 38 Studios MMO - only known currently as "Project Copernicus" - is set to launch in June of 2013. Chafee said, "What I understand is Copernicus is June of '13."

Considering we've literally never heard any information on the Amalur-based MMO (aside from the fact that it's an Amalur-based MMO), it's a bit hard for us to believe that the game will arrive by next year. "I said from the beginning that it was a risky enterprise," Chafee told press of the troubled business deal between 38 and Rhode Island.

38 Studios is supposed to start paying back its $75 million loan - facilitated by the state of Rhode Island and supported by bond investors - by the beginning of 2013. It's unclear how 38 will afford those payments, but Chafee repeatedly pointed out 38's intention to seek private capital (read: more money from private investors - and not from the state). Said private capital has yet to be secured, Chafee said.

JoystiqRhode Island governor gives 38 Studios' Copernicus MMO a June 2013 launch originally appeared on Joystiq on Fri, 18 May 2012 13:49:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioslegallincoln-chafeepcrhode-islandFri, 18 May 2012 13:49:00 EST<![CDATA[38 Studios successfully pays $1.125 million to Rhode Island]]>http://www.joystiq.com/2012/05/18/38-studios-successfully-pays-1-125-million-to-rhode-island/http://www.joystiq.com/2012/05/18/38-studios-successfully-pays-1-125-million-to-rhode-island/http://www.joystiq.com/2012/05/18/38-studios-successfully-pays-1-125-million-to-rhode-island/#comments 38 Studios's $1.125 million check to the state of Rhode Island has cleared, governor Lincoln Chafee announced during a press conference this afternoon, thus fulfilling the first required payment on the studio's loan from the Rhode Island Economic Development Corporation.

Rhode Island is changing its legislation on tax breaks, closing loopholes pertaining to state funds being used for motion-picture endeavors, Chafee said. The state's interest lies in protecting the taxpayers, balanced with keeping 38 Studios solvent, since "taxpayers have had a very generous deal for 38 studios," Chafee said.

"It's time for them to go out and get private capital funding," Chafee said. "That's the deal. It's a generous deal, but stick to it."

Rhode Island officials believe that the total of the $49 million loaned to 38 has been spent. Chafee said that until late April, meetings with 38 suggested that they would make their May payment. "I want to make sure we're doing everything possible to make sure 38 doesn't fail," Chafee said. "We're in deep." Everything possible except giving them more money."There's not going to be any money from the state. They're not coming here for easy money."

According to Chafee, "Basically, the access to private capital hasn't materialized."

38 Studios' next payment is a debt service payment due November 1 of $2.6 million, and Rhode Island officials believe the studio will have the capital to cover it.

38 Studios will then owe $12.6 million in full annual debt service in 2013, and "that's on their dime," officials said.

Chafee said he recognized the risk involved in starting a new gaming studio, but the state would have benefited greatly from the studio's "huge success" had it done well.

"I said from the beginning that it was a risky enterprise," Chafee said. Regarding how 38 Studios will function if it doesn't have the funds to pay its employees, Chafee reiterated, "Again, these are the ramifications of being in a risky business."

Chafee doesn't plan on taking a gamble of this nature again: "Never, never ever. Not under my watch," he said.

Joystiq38 Studios successfully pays $1.125 million to Rhode Island originally appeared on Joystiq on Fri, 18 May 2012 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingkingdoms-of-amalur-reckoninglincoln-chafeemicrosoftpcplaystationps3rhode-islandxboxFri, 18 May 2012 13:30:00 EST<![CDATA[The scene following 38 Studios' 'emergency meeting' with Rhode Island officials]]>http://www.joystiq.com/2012/05/16/the-scene-following-38-studios-emergency-meeting-with-rhode-i/http://www.joystiq.com/2012/05/16/the-scene-following-38-studios-emergency-meeting-with-rhode-i/http://www.joystiq.com/2012/05/16/the-scene-following-38-studios-emergency-meeting-with-rhode-i/#comments
To get a real sense of the severity of the situation between 38 Studios and the state of Rhode Island, here's a package by the Providence Journal. The events shown immediately follow today's "emergency meeting," where officials decided they didn't know what to do about the studio.

JoystiqThe scene following 38 Studios' 'emergency meeting' with Rhode Island officials originally appeared on Joystiq on Wed, 16 May 2012 20:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingkingdoms-of-amalur-reckoningmicrosoftpcplaystationProvidence-Journalps3rhode-islandxboxWed, 16 May 2012 20:00:00 EST<![CDATA[Rhode Island owns Amalur, all other 38 Studios intellectual property if studio defaults]]>http://www.joystiq.com/2012/05/16/rhode-island-owns-38-studios-intellectual-property/http://www.joystiq.com/2012/05/16/rhode-island-owns-38-studios-intellectual-property/http://www.joystiq.com/2012/05/16/rhode-island-owns-38-studios-intellectual-property/#comments If 38 Studios does shutter, beyond Rhode Island taxpayers having to pay off the $75 million bond (plus interest) through 2020, it appears the state will also own the intellectual property of the developer as a parting gift. Reviewing updated documentation released by the Rhode Island Economic Development Corporation (RIEDC) today, it appears 38 Studios put up all present and future IP by the company as collateral.

According to the documentation, 38 Studios' intellectual property rights and other collateral were pledged to the RIEDC and assigned to a trustee, which we've confirmed by pulling Uniform Commercial Code documentation. Any proceeds made from the sale of the collateral would go back to the bondholders. This covers "all rights, title and interest in any projects, including video game projects," such as Kingdoms of Amalur: Reckoning and "Project Copernicus" - the title currently in development at 38 Studios.

"Based on what information I've been able to review on the 38 Studios situation, it appears that the funds they received from the RIEDC were secured by collateral that amounts to all of 38 Studios assets, including all of their intellectual property," attorney and Law of the Game editor Mark Methenitis told Joystiq this afternoon. "That would include all the rights to Kingdoms of Amalur and any other games they may have in development, even if no information about those titles has ever reached the light of day."

Continue reading Rhode Island owns Amalur, all other 38 Studios intellectual property if studio defaults

JoystiqRhode Island owns Amalur, all other 38 Studios intellectual property if studio defaults originally appeared on Joystiq on Wed, 16 May 2012 16:32:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingkingdoms-of-amalur-reckoningmicrosoftpcplaystationps3Rhode-Islandrhode-island-economic-development-corporationxboxWed, 16 May 2012 16:32:00 EST<![CDATA[38 Studios, Schilling ask Rhode Island for more money; state officials freeze]]>http://www.joystiq.com/2012/05/16/38-studios-schilling-ask-rhode-island-for-more-money-state-off/http://www.joystiq.com/2012/05/16/38-studios-schilling-ask-rhode-island-for-more-money-state-off/http://www.joystiq.com/2012/05/16/38-studios-schilling-ask-rhode-island-for-more-money-state-off/#comments ImageToday's emergency meeting by Rhode Island officials to determine what they are going to do about Curt Schilling's 38 Studios has concluded with officials freezing like deer in headlights. Nothing happened.

Rhode Island's Economic Development Corporation will take no immediate action to aid the developer, following a closed-door meeting attended by Governor Lincoln Chafee and Schilling, who asked for additional help to save the company. Schilling refused to answer press inquiries and officials wouldn't declare how much money the studio is seeking.

"How do we avoid throwing good money after bad?" Chafee is quoted by the Associated Press as saying after the three-hour emergency meeting finished.

"The company still has the option to cure the existing default by paying the $1,125,000 guaranty fee that is past due," reads an official statement by the EDC board. "In the meantime, we will continue to talk with 38 Studios and develop additional information, and will resume the Board meeting at our regularly scheduled meeting on May 21. The members of the Board may not discuss the confidential information received and discussed today."

If the studio doesn't receive assistance, it appears Rhode Island taxpayers may very well be on the hook for the $75 million 38 Studios loan that, after interest, would require paying back $112.6 million through 2020.

Continue reading 38 Studios, Schilling ask Rhode Island for more money; state officials freeze

Joystiq38 Studios, Schilling ask Rhode Island for more money; state officials freeze originally appeared on Joystiq on Wed, 16 May 2012 14:03:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingkingdoms-of-amalur-reckoningmicrosoftpcplaystationps3Rhode-islandxboxWed, 16 May 2012 14:03:00 EST<![CDATA[38 Studios whiffed last loan payment, received nearly $50 million from Rhode Island thus far]]>http://www.joystiq.com/2012/05/15/38-studios-whiffed-last-loan-payment-received-nearly-50-millio/http://www.joystiq.com/2012/05/15/38-studios-whiffed-last-loan-payment-received-nearly-50-millio/http://www.joystiq.com/2012/05/15/38-studios-whiffed-last-loan-payment-received-nearly-50-millio/#comments ImageThe hits keep coming for ex-baseballer Curt Schillings' 38 Studios. The company reportedly missed its latest loan payment of $1.125 million to the state of Rhode Island on May 1, effectively defaulting its $75 million loan. WPRI spoke with Rhode Island House Speaker Gordon Fox who confirmed the news.

The loan's facilitator, Rhode Island's Economic Development Corporation, called an "emergency meeting" for tomorrow morning, wherein it will discuss "an unexpected occurrence that requires immediate action to protect the public regarding the 38 Studios financing." As reported earlier, if 38 Studios were to fully default on its loan obligations to investors supplying the loan via the Rhode Island government, the responsibility would fall to Rhode Island's taxpayers - to the tune of $112.6 million.

Of the $75 million borrowed by 38 Studios from the state of Rhode Island, $49.8 million was received by the studio as of March 15, WPRI reports. Given that, it seems worrisome at best that 38 Studios was unable to fulfill its recent payment of $1.125 million. 38 Studios is working on the Kingdoms of Amalur MMO - the game was originally promised for a launch ahead of 2013, when 38 Studios is set to begin paying back bondholders on its $75 million loan. It's unclear what stage its MMO is at, and 38 Studios hasn't made a public statement regarding its recent issues.

[Image credit: 38 Studios]

Joystiq38 Studios whiffed last loan payment, received nearly $50 million from Rhode Island thus far originally appeared on Joystiq on Tue, 15 May 2012 18:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingpcrhode-islandrhode-island-economic-development-corporationTue, 15 May 2012 18:20:00 EST<![CDATA[Rhode Island gov working hard at 'keeping 38 Studios solvent']]>http://www.joystiq.com/2012/05/14/rhode-island-gov-working-hard-at-keeping-38-studios-solvent/http://www.joystiq.com/2012/05/14/rhode-island-gov-working-hard-at-keeping-38-studios-solvent/http://www.joystiq.com/2012/05/14/rhode-island-gov-working-hard-at-keeping-38-studios-solvent/#comments Reckoning, indeed! A developing story out of Rhode Island has Governor Lincoln Chafee talking in uncertain terms about the financial condition of Curt Schilling's 38 Studios, which the state gave a controversial $75 million loan to a couple years back to move down to Providence.

The Providence Journal reports Gov. Chafee, who was against the loan during his election, spent a "weekend of work on this subject," but wouldn't go into specifics. "We're doing everything possible, like I would for any Rhode Island company," he said this afternoon. The Journal reports he added the work was about "keeping 38 Studios solvent."

"We're concerned and just doing everything possible to ensure that 38 Studios stays part of the Rhode Island community," Governor Chafee told WPRI.com. "We're working on different issues with them." Asked if 38 Studios' issues could be resolved, Chafee said, "We're working on it."

Continue reading Rhode Island gov working hard at 'keeping 38 Studios solvent'

JoystiqRhode Island gov working hard at 'keeping 38 Studios solvent' originally appeared on Joystiq on Mon, 14 May 2012 20:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-Studioscurt-schillingGovernor-Chafeekingdoms-of-amalur-reckoningLincoln-Chafeemicrosoftpcplaystationps3Rhode-IslandxboxMon, 14 May 2012 20:15:00 EST<![CDATA[Curt Schilling on 38 Studios' MMO and the move to Rhode Island]]>http://www.joystiq.com/2011/03/02/curt-schilling-on-38-studios-mmo-and-the-move-to-rhode-island/http://www.joystiq.com/2011/03/02/curt-schilling-on-38-studios-mmo-and-the-move-to-rhode-island/http://www.joystiq.com/2011/03/02/curt-schilling-on-38-studios-mmo-and-the-move-to-rhode-island/#comments It's been nearly half a year since the deal was signed, but 38 Studios head Curt Schilling tells us that his company's "150 - 160" employees are already in the process of moving to Rhode Island. That includes full relocation for everyone involved (read: selling that dream Boston house for a cottage in Quahog), though the company's own website still reflects 38's original address. Surprisingly, he says morale hasn't been affected negatively.

"The team is incredibly excited. It's our building! We have all six floors -- it's our studio and we're alone. It's our space," Schilling explained to us this afternoon at a San Francisco club-turned-EA event. "Gavin -- the studio GM -- and I, we really took a Disney approach," he said. "There's no detail too small for us in the new studio to make it a place where people walk in and say, 'I wanna work there.'" At the time, he wouldn't say much about what exactly the happy folks inside his company's new digs are making.

Continue reading Curt Schilling on 38 Studios' MMO and the move to Rhode Island

JoystiqCurt Schilling on 38 Studios' MMO and the move to Rhode Island originally appeared on Joystiq on Wed, 02 Mar 2011 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosbig-huge-gamescurt-schillinggdc-2011kingdoms-of-amalur-reckoningmicrosoftmmopcplaystationps3rhode-islandxboxWed, 02 Mar 2011 15:00:00 EST<![CDATA[Fallout's Vault Boy does your dry cleaning, apparently]]>http://www.joystiq.com/2011/01/21/fallouts-vault-boy-does-your-dry-cleaning-apparently/http://www.joystiq.com/2011/01/21/fallouts-vault-boy-does-your-dry-cleaning-apparently/http://www.joystiq.com/2011/01/21/fallouts-vault-boy-does-your-dry-cleaning-apparently/#comments Vault Boy isn't just a Vault-Tec mascot in the post-apocalyptic wasteland -- he's also been spotted recently representing a Providence, Rhode Island-area dry cleaners (as seen after the break). Here's hoping those clothes don't come back glowing with radiation!

Continue reading Fallout's Vault Boy does your dry cleaning, apparently

JoystiqFallout's Vault Boy does your dry cleaning, apparently originally appeared on Joystiq on Fri, 21 Jan 2011 08:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dry-cleaningfalloutFallout-New-Vegasrhode-islandvault-boyvault-tecFri, 21 Jan 2011 08:00:00 EST<![CDATA[38 Studios' move to Providence, RI is official]]>http://www.joystiq.com/2010/09/23/38-studios-move-to-providence-ri-is-official/http://www.joystiq.com/2010/09/23/38-studios-move-to-providence-ri-is-official/http://www.joystiq.com/2010/09/23/38-studios-move-to-providence-ri-is-official/#commentsFiled under: , ,

38 Studios, with millions of dollars coming its way from the state of Rhode Island, officially announced its move to Providence today. The untested developer will be headquartered in the state capital at One Empire Plaza, not far from Rhode Island School of Design and Brown University. 38 Studios was launched by former Red Sox player Curt Schilling in 2006.

"38 Studios presents Rhode Island with a tremendous economic development opportunity," said Governor Donald Carcieri. "This investment creates 450 high-paying jobs, provides job opportunities for our college graduates in a fast growing industry, and will attract other interactive and entertainment companies to Rhode Island."

However, WPRI notes that 38 Studios can actually get $64 million (of a total $75M) from the state through only employing 250 by December 2011. Several Rhode Island gubernatorial candidates have expressed concern over the agreement with the studio, but it appears the deal is done now.

Gallery: Kingdoms of Amalur: Reckoning (screenshots)

Joystiq38 Studios' move to Providence, RI is official originally appeared on Joystiq on Thu, 23 Sep 2010 12:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-Studioscurt-schillingmicrosoftpcplaystationps3Rhode-IslandxboxThu, 23 Sep 2010 12:30:00 EST<![CDATA[38 Studios' loan from Rhode Island detailed in new report]]>http://www.joystiq.com/2010/09/09/38-studios-loan-from-rhode-island-detailed-in-new-report/http://www.joystiq.com/2010/09/09/38-studios-loan-from-rhode-island-detailed-in-new-report/http://www.joystiq.com/2010/09/09/38-studios-loan-from-rhode-island-detailed-in-new-report/#commentsFiled under: , ,

Thanks to documentation from the Rhode Island Economic Development Corporation, we now have a better idea of the terms involved in 38 Studios' controversial move from Massachusetts to R.I. Obtained by WPRI, the report kinda explains what's going on: 38 Studios will receive $51 million from the state; $13 million as soon as Curt Shilling's studio signs the contract to move and another $38 million as the company achieves milestones over the next 15 months. The remaining $20 million is held in some reserve to assure three years of debt payment, which is tied to other caveats.

38 Studios also has a strict job creation schedule over the next three years. The developer must have 125 full-time jobs within a year of signing for the loan, another 175 the following year and 150 more the year after. That may just be numbers to many of you out there, but industry human resource representatives and studio directors just spit coffee all over their monitors. The studio will be penalized $7,500 per year for each of the 450 jobs it doesn't create. Obviously, if you do the math, it's cheaper not to hire for the full-time job and take the penalty.

38 Studios must also announce the location of its new studio operations and corporate headquarters by November 30, 2010 -- note: the company just has to say where it's going, not actually get there. Also, the closing of the loan requires a "signed, enforceable" 10-year lease for 38 to stay in Rhode Island. Looks like R.I. wants to make sure that it's not paying to raise a studio -- which, to date, hasn't released a single project -- and watch it leave for California or Canada after it gets all that cash.

Joystiq38 Studios' loan from Rhode Island detailed in new report originally appeared on Joystiq on Thu, 09 Sep 2010 00:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingEAElectronic-ArtsemploymentjobsloanRhode-IslandThu, 09 Sep 2010 00:00:00 EST<![CDATA[Rhode Island treasurer seeks to block $75M loan to 38 Studios]]>http://www.joystiq.com/2010/09/02/rhode-island-treasurer-seeks-to-block-75m-loan-to-38-studios/http://www.joystiq.com/2010/09/02/rhode-island-treasurer-seeks-to-block-75m-loan-to-38-studios/http://www.joystiq.com/2010/09/02/rhode-island-treasurer-seeks-to-block-75m-loan-to-38-studios/#commentsFiled under: , ,

Rhode Island gubernatorial candidate Frank Caprio, who is also the general treasurer, is working to block the state's $75 million loan to 38 Studios. The Boston Globe reports Caprio wants to stop the loan guarantee, which the studio would receive in exchange for moving from Massachusetts to Rhode Island, until a new governor is sworn in. Several other gubernatorial candidates have also expressed concern.

The multi-million dollar deal, which would leave Rhode Island taxpayers with the bill if 38 Studios was to go under, is key to the company creating a proposed 450 jobs in the state by the end of 2012. 38 Studios currently employs approximately 200 staff.

JoystiqRhode Island treasurer seeks to block $75M loan to 38 Studios originally appeared on Joystiq on Thu, 02 Sep 2010 15:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscurt-schillingemploymentFrank-Capriojobsloanmicrosoftpcplaystationps3rhode-islandxboxThu, 02 Sep 2010 15:40:00 EST<![CDATA[Rhode Island politicians speak out against 38 Studios deal]]>http://www.joystiq.com/2010/08/11/rhode-island-politicians-speak-out-against-38-studios-deal/http://www.joystiq.com/2010/08/11/rhode-island-politicians-speak-out-against-38-studios-deal/http://www.joystiq.com/2010/08/11/rhode-island-politicians-speak-out-against-38-studios-deal/#commentsFiled under: , ,

Though 38 Studios hasn't yet released a video game, it's already bringing together a particular community of people: Rhode Island politicians. The state's Economic Development Corporation (EDC) recently lured the studio over from its current home in Massachusetts with the promise of a $75 million loan -- a sum which just about every Gubernatorial candidate from the state has taken to publicly criticizing since it was first announced.

For instance, Independent candidate Lincoln Chafee called for "the Board to suspend the commitment to 38 Studios," and to reconsider whether its the best way for Rhode Island to spend the loan. Moderate candidate Ken Block released a statement saying "seventy-five million dollars could go a long way to help many small businesses here in Rhode Island," also calling for the deal to be halted. Don't these guys realize that their campaigning might just be imperiling the stability of 450 futurejobs? Cut it out!

JoystiqRhode Island politicians speak out against 38 Studios deal originally appeared on Joystiq on Wed, 11 Aug 2010 00:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studioscampaigningcurt-schillingloanMassachusettspoliticsrhode-islandWed, 11 Aug 2010 00:15:00 EST<![CDATA[38 Studios meeting with Rhode Island reps regarding studio move]]>http://www.joystiq.com/2010/07/14/38-studios-meeting-with-rhode-island-reps-regarding-studio-move/http://www.joystiq.com/2010/07/14/38-studios-meeting-with-rhode-island-reps-regarding-studio-move/http://www.joystiq.com/2010/07/14/38-studios-meeting-with-rhode-island-reps-regarding-studio-move/#commentsFiled under: , ,

A week before 38 Studios is finally set to reveal its EA-published title, "Project Mercury," former baseball player Curt Schilling's Massachusetts-based studio is playing hardball for tax breaks. The Boston Globe reports studio heads are set to meet with Rhode Island reps on Thursday to discuss, in part, up to $75 million in loan guarantees in exchange for moving the company down south (about a 90-minute drive from its current location).

Representatives from the Rhode Island Economic Development Corporation state that 38 Studios approached them about the potential move. According to the Globe, Schilling has said the studio plans to hire over 300 workers over the next couple years at 38 Studios and Maryland-based Big Huge Games, which the company acquired last year.

Joystiq38 Studios meeting with Rhode Island reps regarding studio move originally appeared on Joystiq on Wed, 14 Jul 2010 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>38-studiosBig-Huge-GamesMassachusettspcproject-mercuryrhode-islandtax-breaksWed, 14 Jul 2010 11:30:00 EST<![CDATA[ESA says Rhode Island game bill is unconstitutional, Jack Thompson ... agrees?]]>http://www.joystiq.com/2010/03/12/esa-says-rhode-island-game-bill-is-unconstitutional/http://www.joystiq.com/2010/03/12/esa-says-rhode-island-game-bill-is-unconstitutional/http://www.joystiq.com/2010/03/12/esa-says-rhode-island-game-bill-is-unconstitutional/#comments
[Joe King]
Rhode Island bill S.2156 (PDF) is silly ... (How silly is it?) ... It's so silly that even Jack Thompson recognizes it as unconstitutional. As GamePolitics reports, it's one thing when the Entertainment Software Associate (ESA) calls a bill "the same as all the other legislative proposals found unconstitutional by numerous federal courts." It's a whole other ballgame when Jack Thompson chimes in with, "The Bill won't survive a court challenge, nor should it ... Think I'm not going to help the legislature get it right?"

Of course he is! Yes, Thompson did tell GP that he will attempt to advise Rhode Island legislators on how to amend the bill to pass legal muster. Hopefully the disbarred attorney won't cause the representative he assists to write an apology letter to his fellow House members when it's all over.

JoystiqESA says Rhode Island game bill is unconstitutional, Jack Thompson ... agrees? originally appeared on Joystiq on Fri, 12 Mar 2010 23:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>esajack-thompsonpoliticsrhode-islands.2156Fri, 12 Mar 2010 23:00:00 EST