Rhode Island’s 38 Studios Auction Only Nets $180 Thousand
A post on GamesIndustry from yesterday reports that the first round of Rhode Island’s efforts to bid off shuttered 38 Studios’ assets has only brought in $180,000. That’s a pretty paltry amount considering the bankrupted developer defaulted on a loan of $75 million, and that—after all of its creditors are accounted for—the studio owed a total of about $150.7 million in debt.
The post notes that 95 items were auctioned off, and that there will be two more rounds of auctions to come. But considering how small the first round turned out to be, I wouldn’t bet that the next rounds will make much more of a dent.
Now, it’s important to remember that this loan can be paid back by the taxpayers over a long period of time, lessening the pain 38 Studios’ bankruptcy on the residents of Rhode Island. But in the end, it would’ve been nice if the auction could’ve helped reduce the burden of the government’s bad investment.