Auction held for 38 Studios intellectual propertyBy ERIKA NIEDOWSKI , Associated Press
Dec. 11, 2013 4:02 PM ET
PROVIDENCE, R.I. (AP) — Bidders made their final offers Wednesday on the intellectual property of former Red Sox pitcher Curt Schilling's bankrupt video game company, but how much it went for and who bought it have yet to be announced.
The results of the telephone auction of 38 Studios' assets will be released once the sales process is completed in the coming days, Nick Jimenez, executive vice president at the Heritage Global Partners auction house, said in a statement.
38 Studios receiver Richard Land said he was not yet providing details about the auction, including how many bids were submitted. The auction house said last month that about two dozen parties, some from overseas, had expressed interest in acquiring parts or all of the intellectual property.
The property included the unfinished "massively multiplayer" online game, code-named Copernicus, that was under development in Providence with the help of a $75 million loan guarantee from Rhode Island's economic development agency. Also up for sale were the intellectual property rights to titles developed by Big Huge Games, a Maryland-based firm that 38 Studios acquired, and a range of in-house game technologies.
The quasi-public Economic Development Corp. lured 38 Studios to Rhode Island from Massachusetts with a loan guarantee, saying at the time the deal would be a boon for the economically ailing state.
38 Studios filed for bankruptcy last year, and Rhode Island is now responsible for some $90 million related to the transaction. The Economic Development Corp. filed suit last year against Schilling, former 38 Studios officials and some of its own employees and others, alleging they knew the company was on course to run out of money and concealed that information from the agency's board.
The 14 defendants deny the charges.
Jimenez declined ahead of Wednesday's auction to estimate the intellectual property's worth, or say how much he thought would be returned to the company's creditors.
Land said last month that some of the interested parties were well-known figures in the gaming industry and that "it would be fair to say that there will be some version of the intellectual property out there" on the market.