Archive: 18 posts

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www.joystiq.com/2012/05/15/if-38-studios-collapses-rhode-island-taxpayers-owe-112-6-milli/ So yeah. Apparently, the previous governor of Rhode island thought it'd be a good idea to pay 75 million dollars to get a company of 400 people from a notoriously shaky industry into the state, and now that the game sold "only" about a million or so copies, the company may go under and Rhode Island taxpayers would have to pay the bill. So I'm not in Rhode Island, but for anyone who is... well, you may have a tax increase soon. Huh. Odd how this is happening /

2012-05-15 20:42:00 Author: RockSauron Posts: 10882

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Silly Rhode Island, stick to fishing.

2012-05-15 21:13:00 Author: Bremnen Posts: 1800

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American government = suck.

2012-05-15 22:23:00 Author: ATMLVE Posts: 1177

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American government = suck. Not focusing on the actual topic and just spewing accusations = you.

2012-05-16 14:22:00 Author: CyberSora Posts: 5551

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Not focusing on the actual topic and just spewing accusations = you. While I agree with the sentiment, I find it funny how you also did not focus on the topic and just did an accusation of him XD But yeah, this isn't really about the American government. It's about Rhode Island, or more accurately it's previous governor, who did something incredibly stupid and now the citizens will need to pay for it. :/

2012-05-16 15:04:00 Author: RockSauron Posts: 10882

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Citizens paying for the stupid stuff politicians do... Nothing new there.

2012-05-16 15:15:00 Author: SnipySev Posts: 2452

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I wonder how many copies they needed to sell to be profitable? A million copies seems like a lot...especially for a new studio/ip. The Rhode Island deal is indeed pretty questionable. KoA is a great game, it's by no means perfect, but it's much more fun than another over-hyped open world bug-fest from Maryland. I do hope 38 studios manages to stay afloat. I did my part...bought the game and 1st DLC expansion. Of course I think their next project is a KoA MMO which I have 0 interest in.

2012-05-16 19:01:00 Author: fullofwin Posts: 1214

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While I agree with the sentiment, I find it funny how you also did not focus on the topic and just did an accusation of him XD But yeah, this isn't really about the American government. It's about Rhode Island, or more accurately it's previous governor, who did something incredibly stupid and now the citizens will need to pay for it. :/ I just realized how ironic my post is. I love it!

2012-05-17 02:56:00 Author: CyberSora Posts: 5551

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38 Studios was unable to make payroll this week, but is in the process of making the $1.125 million payment (http://www.joystiq.com/2012/05/15/38-studios-whiffed-last-loan-payment-received-nearly-50-millio/) that set off the company's crisis (http://www.joystiq.com/2012/05/16/38-studios-schilling-ask-rhode-island-for-more-money-state-off/) earlier this week. WPRI (http://www.wpri.com/dpp/news/politics/local_politics/38-studios-pays-edc-not-employees) reports that a spokesperson for the Rhode Island Economic Development Corporation (RIEDC) did confirm that former Red Sox player Curt Schilling's video game company was unable to pay its employees. A source tells Joystiq that beyond not making payroll, all temps and contractors at 38 Studios were let go this week. At the same time, Governor Lincoln Chafee's office did state that 38 Studios is in the process of making the overdue payment to the state. The head of the RIEDC, Keith Stokes, who approved the $75 million loan to 38 Studios in 2010, resigned (http://www.wpri.com/dpp/news/local_news/providence/edc-director-keith-stokes-resigns) late last night. If 38 Studios does close, Rhode Island taxpayers will have to repay the $75 million bond (plus interest) through 2020 (http://www.joystiq.com/2012/05/15/if-38-studios-collapses-rhode-island-taxpayers-owe-112-6-milli/), but they'll own the intellectual property of the developer (http://www.joystiq.com/2012/05/16/rhode-island-owns-38-studios-intellectual-property/), which would likely be sold at auction. If the company does make the payment to the state, the next round (http://www.joystiq.com/2012/05/15/if-38-studios-collapses-rhode-island-taxpayers-owe-112-6-milli/) will be owed in 2013. Of course, none of this will matter if 38 Studios aren't being payed. http://www.joystiq.com/2012/05/17/38-studios-doesnt-make-payroll/

2012-05-17 22:28:00 Author: Rabid-Coot Posts: 6728

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While I hate to inject politics into a completely political issue, I just find it odd how Donald Calcieri, the prior governor who approved this deal, was a Republican, while the current governor who was against it from the start is an Independent who campaigned for Obama in 2008. What is more, Curt Schilling is an avid Tea Partier who has long crusaded against government intervention and bailouts and all that stuff... and he accepted 75 million dollars from the government. Huh. Odd how things are different than words. :/ and before someone accuses me of some anti-conservative conspiracy, I hardly think the Democrats are any different. I'm just pointing out opposite land.

2012-05-17 22:55:00 Author: RockSauron Posts: 10882

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Update: The hand-delivered check for the overdue $1.125 million payment has been returned by the EDC to 38 Studios after the company's chief financial officer said there were insufficient funds to cover it. . .

2012-05-18 00:30:00 Author: Rabid-Coot Posts: 6728

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38 Studios (http://joystiq.com/tag/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. 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/)Edit: Looks like they need another 48 million to cover the cost of finishing the mmo. 38 Studios released its first game - "Kingdoms of Amalur : Reckoning" - in February to solid reviews and sales (http://blogs.wpri.com/2012/03/09/38-studios-reckoning-debuts-at-no-4-on-npd-bestseller-list/). But Rhode Island is funding its second game - tentatively named "Project Copernicus" - and Chafee said that game's release date has now been pushed back from September 2012 to June 2013, more than a year from now. The company has told state officials its operating costs are running at more than $4 million a month, according to Chafee. The company employed 379 full-time employees as of March 15, including 288 in Rhode Island, according to bond documents obtained by WPRI.com. http://www.wpri.com/dpp/news/politics/local_politics/gov-chafee-news-conference-38-studios

2012-05-18 20:08:00 Author: Rabid-Coot Posts: 6728

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Just like it would be financial suicide for any movie studio to release an epic space movie the week Prometheus comes out, it seems a stupid idea to release a game like that when Skyrim is still so fresh in people's minds and, in many cases, still occupying the number one spot in their PS3's disc tray. After a 200+ hour marathon of open world high fantasy gameplay, most people looking to buy their next game will be seeking something a bit different, not more of the same.

2012-05-18 21:48:00 Author: Ungreth Posts: 2130

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http://kotaku.com/5913102/rumor-38-studios-shutting-down-big-huge-games Well, seems like Big Huge Games and 38 Studios are now no more. So, the moral of the story? Well, one of them, anyway? Don't start off a new videogame company with an MMORPG, especially if it's fantasy and not tied to another license, as well as buying another company and another giant open world RPG. Even if you're a baseball player. /le sigh

2012-05-24 21:49:00 Author: RockSauron Posts: 10882

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It's a freakish coincidence, I sold my copy of KoA just yesterday. Twas a good game, but not the kind that I play twice. RIP Big Huge Games.

2012-05-25 12:43:00 Author: SnipySev Posts: 2452

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It's a freakish coincidence, I sold my copy of KoA just yesterday. Twas a good game, but not the kind that I play twice. RIP Big Huge Games. You know what is an even bigger coincidence? The MMO was called Project Copernicus. The real Copernicus died... May 24th. In 1543. Conspiracy? I think not!

2012-05-25 13:35:00 Author: RockSauron Posts: 10882

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That's amazing. But I think you mean the 24th May.

2012-05-25 13:43:00 Author: SnipySev Posts: 2452

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Few snippets. Amalur IP was recently estimated to be worth around $20 million http://www.joystiq.com/2012/05/23/analyst-estimates-amalur-ip-worth-20-million-38-studios-employ/ KoA Reckoning needed to sell 3 million units to break even http://www.joystiq.com/2012/05/24/kingdoms-of-amalur-reckoning-had-to-sell-3m-just-to-break-even/

2012-05-25 17:31:00 Author: Rabid-Coot Posts: 6728

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