- Category: News Archive
- Written by WorstUsernameEver on August 11th, 2012
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The state economic development agency and BNY Mellon Trust, a unit of Bank of New York Mellon Corp., the trustee for a $75 million loan made to the bankrupt game-maker, asked for permission to take control of the assets, such as gamesâ€™ intellectual property, and try to sell them, possibly through a receivership proceeding in Rhode Island, and apply the proceeds to whatâ€™s owed on the loan.
38 Studios based in Providence filed for Chapter 7 bankruptcy liquidation on June 7 after firing employees.
The agency and bank said in court papers they needed to take action because if the trustee appointed to dismantle the game-maker received permission to abandon computer equipment â€œall or substantially all of the intellectual property could be irretrievably lost.â€ The intellectual property, which makes up the â€œvast majorityâ€ of the companyâ€™s value, will take weeks to preserve and transfer to new servers, the agency and bank said.