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RI Agency Seeks Schilling Company Collateral

Randall Chase, AP Business Writer
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(Photo from 38 Studios Facebook page)

(Photo from 38 Studios Facebook page)

DOVER, Del. (AP) — Rhode Island’s Economic Development Corp. is asking a Delaware bankruptcy judge for permission to take possession of the assets of a failed video game company led by former Boston Red Sox pitcher Curt Schilling.

In court filings Wednesday, the RIEDC said the assets of 38 Studios are collateral for $75 million in loans used to lure the company from Massachusetts.

The primary asset is 38 Studios’ intellectual property, including its games and product development materials.

The RIEDC wants to take the collateral and dispose of it as appropriate in order to satisfy 38 Studios’ obligations under the loan agreement.

Court papers indicate that the economic development agency is concerned about protecting the intellectual property stored on 38 Studios computers and servers before a leasing company takes possession of that equipment.

Copyright 2012 The Associated Press.

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