38 Studios: Project Copernicus

[Morreion]

According to McFarlane, it was pretty far along in development- I hope somebody buys it and eventually releases it!

[Morreion]

Curt Schilling has a new lease on life (The Boston Globe)After a disastrous business venture and a heart attack, coaching softball helps former Red Sox pitcher try to turn the corner on difficult times

In 2010, Rhode Island issued $75 million in bonds so that 38 Studios could relocate to Providence, create jobs, and produce state-of-the-art fantasy games. But the company declared bankruptcy in June 2012. Schilling lost nearly $50 million of his own money, 300 employees lost their jobs, and Rhode Island taxpayers lost an estimated $100 million.

“It was probably the first time he ever failed at anything,” says Shonda. “I never saw him so beaten.”

Shonda was never in favor of launching the company, either.

“I fought it, fought it, fought it, and then this happened,” she says. “So he thinks I’m going to say, ‘I told you so.’

38 Studios loan under SEC investigation (Massively)

Strangely, the SEC investigation, which launched in early 2012, was not mentioned to investors when Rhode Island published financial documents related to a bond transaction in April of that year. According to the treasurer's spokesperson, the state's treasury was not aware of the probe at that time.

38 Studios' intellectual property auction in December, Project Copernicus on the table (Massively)

The tragic tale of 38 Studios' unreleased MMO, Project Copernicus, isn't over just yet. The Associated Press reports that "bout two dozen parties, including some overseas" have "expressed interest" in bidding for the intellectual property of 38 Studios, which includes the unfinished game. The auction, which was set to take place on November 14th but was delayed due to unexpectedly high demand, is scheduled for December 11th.

Project Copernicus remains unsold at auction (Massively)

...the auction came and went, and no one was interested enough in Project Copernicus to make an "acceptable" offer. Richard Land, who handled the asset auction, has stated that he will continue to try to work privately with interested buyers regarding the assets that were not purchased, but it's not a good sign that none of the potential buyers wanted to pick up the title...Gross proceeds from the auction came to $320,000, for the record.

Rhode Island governor calls Project Copernicus 'a lot of junk' (Massively)

Were you surprised that Project Copernicus didn't manage to sell at auction? Rhode Island governor Lincoln Chafee wasn't. In recent statements to the associated press, Chafee stated that the property was "a lot of junk" and decried every step of the loan process for 38 Studios. In the governor's own words: "People just panicked and gave a retired baseball player a huge amount of taxpayer money with no experience in this industry or any other businesses."

SEC subpoenas the Rhode Island Commerce Corporation over 38 Studios lawsuit (Massively)

The subpoenas request both depositions and exhibits pertaining to the ongoing court case against the management of the former studio. The RICC, formerly known as the Economic Development Corporation, was the organization responsible for selling bonds to facilitate the $75 million loan to the now-defunct gaming studio and has been under investigation by the SEC following the company's bankruptcy and dissolution. Neither the SEC nor the RICC is discussing any further details regarding the investigation.

Legislation may pave a path for 38 Studios case settlement (Massively)

The Associated Press is reporting that efforts are being made to settle the 38 Studios lawsuit out of the courts. Rhode Island's lawyer is encouraging the state senate to pass legislation allowing both sides to come to a settlement, as the remaining 38 Studios assets and resources are "being eaten up very rapidly."

Rhode Island senate passes 38 Studios legislation (Massively)

The Senate unanimously passed a bill to shield from future lawsuits any party that settles with Rhode Island Commerce Corp. The RICC, formerly the Economic Development Corp., has been trying to figure out a way to recoup as much of the $90 million lost through former 38 Studios deals as possible, and the attorney for the state says that this legislation will increase any future recovery of those funds.

Rhode Island House passes 38 Studios settlement bill (Massively)

The House vote was the twin of the Senate bill that passed last month. The bill shields the ex-38 Studios defendants from being sued further, aiding a final settlement in the legal matter of the defaulted $75 million loan and the studio's subsequent collapse.

Rhode Island Governor signs 38 Studios settlement bill (Massively)

Following successful votes in the Rhode Island Senate and House of Representatives, a bill designed to help settle the 38 Studios fiasco was signed into law by Governor Lincoln Chafee yesterday.

SOE's John Smedley blames Rhode Island government for 38 Studios closure (Massively)

Smedley agrees with Governor Lincoln Chafee that the funding deal was a bad idea and should never have taken place, but once it had taken place, it was in the state's best interest to aid the studio rather than letting it fail. Chafee's comments and naysaying for the project doomed the chances of the game getting any additional funding, ultimately shuttering the studio altogether. Despite that, Smedley also notes that in the long run it was a bad idea that should never have taken place and that SOE was approached for funding on the game and declined, which he suggests should have been indication enough for Rhode Island not to make the deal.


Smedley is 100% correct- do you think government spending your tax money on a start-up MMO studio was a good idea? And are you surprised that politicians would make self-serving statements that guarantee you'll never see that money again?

[Regolyth]

I don't think the government spending money anywhere is usually a good idea. They don't exactly have a good track record in doing so. But that's a rant for another time. I think this was a horrible decision by the RI government and the people who green-lit it should have to answer for wasting people's money. I don't think the government should be allowed to spend the people's money on something without their consent. It should have been voted on in some manner. Head to the nearest town hall and hash it out. The people should always have a say in where their money goes.

And no, I'm not surprised at what the politicians said. Also, I'm sad to see this thing close down. Obviously it sucks that so many people lost money and their jobs, that goes without saying. But I'm sad to not see the creations McFarlane would have came up with. I was looking forward to that.