Assets from the failed 38 Studios, Curt Schilling's dissolved video game development company, will be auctioned off in October in an effort to decrease the $102 million in bond payments that must now be paid for by Rhode Island citizens. The company was forced to declare Chapter 7 bankruptcy in June, only two years after receiving a $75 million loan from the Rhode Island Economic Development Corporation.
Two live auctions will take place - one in Timonium, Md. on Oct. 16, and one in Providence on Oct. 23. Both auctions are open to the public and will be held in the 38 Studios facilities. Profits will go toward paying bondholders.
Everything from high-end desktop computers to the company's refrigerators will be auctioned, said Richard Land, the attorney who was named receiver of the property by the Providence Superior Court.
Other items to be auctioned include notebook computers, computerized drawing panels, hundreds of peripherals used for video game development, video games, collectible cards and furniture. The most valuable items available include the high-tech server equipment and computers, Land said. This is "not run-of-the-mill computer equipment," he added.
Games that were under development when 38 Studios closed down will not be available at the auctions - instead, there will be a separate process for interested companies to buy such projects.
Land said he hopes to have hundreds of buyers in attendance. "It's a very significant auction in terms of number of items we're going to have and public interest in it," he said. Buyers in the video game industry are expected to make up a good portion of the crowd, given the nature of available products, Land added.
Though he is optimistic about the auctions making significant profits, Land said the gains will not greatly reduce the total outstanding bond payments, since "the scope of debt is huge."
