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Tue July 10, 2012
What is 38 Studios worth now?
By IAN DONNIS
PROVIDENCE, RI – The federal bankruptcy case involving Curt Schilling's failed video game company, 38 Studios, is set to begin Tuesday in Delaware.
A 38 Studios representative is expected to be questioned by a court-appointed trustee during the meeting. The goal is to find out what assets 38 Studios still has and what they may be worth.
Providence lawyer Thomas Carlotto is the secretary of the state Economic Development Corporation. He declined to discuss the EDC's strategy going in to the meeting. "The state is to some extent a spectator in this part of the proceeding. Our attorneys are entitled to ask some questions. However, the trustee runs the meeting and they ask most of the questions."
He says discussion during the meeting will focus on 38 Studios' remaining assets. "What's going to transpire is a section 341 meeting of creditors at which the trustee will examine a representative from 38 Studios regarding the company's assets."
The State of Rhode Island is 38 Studios' biggest creditor. Taxpayers here remain on the hook for about 100 million dollars.
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