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No relief in sight for 38 Studios after emergency meeting [Updated]
Generally, when your company defaults on a major loan, you might expect an emergency meeting about the loan and the company's future would produce some results. But apparently today's meeting between 38 Studios owner Curt Schilling and Rhode Island governor Lincoln Chafee resulted in... absolutely nothing. Specifically, Rhode Island's Economic Development Corporation will take no immediate action to prevent the studio from going under, with Chafee on record as asking, "How do we avoid throwing good money after bad?" It's a loaded question if you consider that the failure of 38 Studios would put the state's taxpayers on the hook for more than $112 million. Schilling has declined to elaborate on the company's state in interviews, and he has not made public how much more funding the company is seeking. It's bad news for the studio, bad news for the state, and bad news for any fans still looking forward to the possibility of Project Copernicus in the future. [Update: Joystiq reports that "it appears 38 Studios put up all present and future IP by the company as collateral," meaning that if the studio defaults, the state of Rhode Island will own all of its game assets. We've tucked some of the ensuing news coverage in the video behind the break.]
iPhone MMO Shadow Cities raises $2.5 million in investments
As smartphones become increasingly ubiquitous, it's inevitable that we'll start seeing unique uses of the technology involved -- something we're already seeing with Shadow Cities. The iPhone MMO is rather unique, tracking your location and putting you into an active battle with creatures placed on the GPS-enabled map. It's an innovative concept, a sort of game-oriented FourSquare, and one that's apparently intrigued investors enough to pony up big money to the tune of $2.5 million. This infusion of funding ties into plans to release the game in the US soon, as developer Grey Area has currently only released the game in its native Finland. Players will focus on taking dominion over the streets and completing quests, with the game itself following the free-to-play model complete with cash shop. Shadow Cities is certainly a novel product, and we'll be taking the time to chat with the studio about the game's development and future at GDC next week.
