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38 Studios' Project Copernicus to release in June 2013, says RI governor
It is not every day that a U.S. governor is the one to announce the launch window for an MMO, so savor the weirdness while you can: Rhode Island Governor Lincoln Chafee announced at a press conference that 38 Studios will be releasing code-name Project Copernicus next summer. "What I understand is Copernicus is June of '13," Chafee said. He also stated that he thought the financial deal was a "risky enterprise" from the start. 38 Studios Founder and Chairman Curt Schilling said on Facebook that rumors of his using the state funds to repay his personal investment in the company was "not true." In a separate post, Schilling attempted to set an optimistic tone: "We will find a way, and the strength, to endure." We have been following the financial turmoil that 38 Studios is in following its default on paying back Rhode Island for its $75 million loan. The studio and state are looking for options, but in the meanwhile, 38 Studios has been struggling to make payments by holding back employee paychecks and seeking additional capital from private investors.
38 Studios successfully pays $1.125 million to Rhode Island
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.
38 Studios paying state back by not paying employees
If you're familiar with the phrase "robbing Peter to pay Paul," you'll understand the latest episode in the ongoing 38 Studios financial crisis. Except replace "Paul" with "the state of Rhode Island" and "Peter" with "the company's employees." Yes, in order to make the most recent payment to the state that sparked this whole crisis, the Rhode Island Economic Development Corporation has been informed that Curt Schilling's company is paying the state but not paying any of the company's employees. According to anonymous sources, all temporary employees and contractors have also been terminated. While this measure might help forestall immediate action, the company is still on the hook for a $75 million loan, and Rhode Island governor Lincoln Chafee has made it clear that the company is looking for more assistance from the state in order to remain viable. 38 Studios continues to make no public statements at this time. We'll no doubt have more on this story in the coming days as it continues to develop.
38 Studios doesn't make payroll, can't pay state either [update]
38 Studios was unable to make payroll this week, but is in the process of making the $1.125 million payment that set off the company's crisis earlier this week. WPRI 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 stated 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 late last night.If 38 Studios does close, Rhode Island taxpayers will have to repay the $75 million bond (plus interest) through 2020, but they'll own the intellectual property of the developer, which would likely be sold at auction.If the company does make the payment to the state, the next round will be owed in 2013. Of course, there won't be a 38 Studios much longer if it isn't paying employees.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.
The scene following 38 Studios' 'emergency meeting' with Rhode Island officials
To get a real sense of the severity of the situation between 38 Studios and the state of Rhode Island, here's a package by the Providence Journal. The events shown immediately follow today's "emergency meeting," where officials decided they didn't know what to do about the studio.
Rhode Island owns Amalur, all other 38 Studios intellectual property if studio defaults
If 38 Studios does shutter, beyond Rhode Island taxpayers having to pay off the $75 million bond (plus interest) through 2020, it appears the state will also own the intellectual property of the developer as a parting gift. Reviewing updated documentation released by the Rhode Island Economic Development Corporation (RIEDC) today, it appears 38 Studios put up all present and future IP by the company as collateral.According to the documentation, 38 Studios' intellectual property rights and other collateral were pledged to the RIEDC and assigned to a trustee, which we've confirmed by pulling Uniform Commercial Code documentation. Any proceeds made from the sale of the collateral would go back to the bondholders. This covers "all rights, title and interest in any projects, including video game projects," such as Kingdoms of Amalur: Reckoning and "Project Copernicus" – the title currently in development at 38 Studios."Based on what information I've been able to review on the 38 Studios situation, it appears that the funds they received from the RIEDC were secured by collateral that amounts to all of 38 Studios assets, including all of their intellectual property," attorney and Law of the Game editor Mark Methenitis told Joystiq this afternoon. "That would include all the rights to Kingdoms of Amalur and any other games they may have in development, even if no information about those titles has ever reached the light of day."
38 Studios, Schilling ask Rhode Island for more money; state officials freeze
Today's emergency meeting by Rhode Island officials to determine what they are going to do about Curt Schilling's 38 Studios has concluded with officials freezing like deer in headlights. Nothing happened.Rhode Island's Economic Development Corporation will take no immediate action to aid the developer, following a closed-door meeting attended by Governor Lincoln Chafee and Schilling, who asked for additional help to save the company. Schilling refused to answer press inquiries and officials wouldn't declare how much money the studio is seeking."How do we avoid throwing good money after bad?" Chafee is quoted by the Associated Press as saying after the three-hour emergency meeting finished."The company still has the option to cure the existing default by paying the $1,125,000 guaranty fee that is past due," reads an official statement by the EDC board. "In the meantime, we will continue to talk with 38 Studios and develop additional information, and will resume the Board meeting at our regularly scheduled meeting on May 21. The members of the Board may not discuss the confidential information received and discussed today."If the studio doesn't receive assistance, it appears Rhode Island taxpayers may very well be on the hook for the $75 million 38 Studios loan that, after interest, would require paying back $112.6 million through 2020.
If 38 Studios goes under, Rhode Island taxpayers will be footing the bill [Updated]
Project Copernicus and Kingdoms of Amalur: Reckoning developer 38 Studios is in some hot water, but it looks like that may be the least of your worries if you're a Rhode Island resident. Rhode Island's WPRI reports that if the studio founders and can't pay back the bonds given to it by the state, then the onus of doing so will fall upon Rhode Island taxpayers. How much moolah are we talking about? Something to the tune of $112.6 million US. According to Joystiq, "If 38 Studios can't pay, the governor is required to ask the General Assembly to repay bondholders," which means that Rhode Island taxpayers will be responsible for footing the bill by 2020. For now, though, both the studio and the Rhode Island government are tight-lipped on the studio's future, and by association, the future of Project Copernicus, so we'll just have to wait and see how this plays out. [Update: Our sister site Joystiq reports that 38 Studios "missed its latest loan payment of $1.125 million to the state of Rhode Island on May 1, effectively defaulting [on] its $75 million loan." Rhode Island's Economic Development Corporation will hold an emergency meeting tomorrow morning to discuss the situation.]
If 38 Studios collapses, Rhode Island taxpayers owe $112.6 million
With Rhode Island politicians and 38 Studios silent on the precarious financial condition of the developer, the potential cost of the doomsday scenario to taxpayers has come to light. WPRI reports that if 38 Studios can't pay the bonds it received from the state, taxpayers will actually be responsible for paying back $112.6 million through 2020.The math works a little something this this: The Rhode Island Economic Development Corporation borrowed $75 million from private investors for 38 Studios, at interest rates between 6 - 7.75 percent, with the expectation that 38 Studios would pay it back with the sale of games.For the record, 38 Studios has only launched one product, Kingdoms of Amalur: Reckoning, which it only had due to its acquisition of developer Big Huge Games. Big Huge Games was already working on an RPG prior to the sale, but altered it to fit the Amalur world after the purchase.If 38 Studios can't pay, the governor is required to ask the General Assembly to repay bondholders.Game industry sources tell Joystiq that if 38 Studios does collapse, despite this specific deal having been widely criticized from the start, it could have wider repercussions for the industry trying to obtain tax breaks in other states. The silence out of Providence right now is deafening.
Rumor: 38 Studios may be having financial trouble
38 Studios is one of many developers whose first big game (Kingdoms of Amalur: Reckoning) was rumored to lead into an MMO further on down the line. It looks like there may be storm clouds on the horizon before that project even gets moving, however, as the company may be facing financial issues. Rhode Island Governor Lincoln Chafee has apparently been meeting with owner Curt Schilling to work on "different issues," with Chafee noting that his administration has always tried to ensure that Rhode Island companies remain financially solvent. If you consider that Rhode Island invested about $75 million in the company, it's obvious that the government has an interest in making the company remain viable over the long term. Kingdoms of Amalur: Reckoning was a moderate hit, but that might not be enough for the company as it develops. We'll have more on this story as it develops, hopefully with better news.
Rhode Island gov working hard at 'keeping 38 Studios solvent'
Reckoning, indeed! A developing story out of Rhode Island has Governor Lincoln Chafee talking in uncertain terms about the financial condition of Curt Schilling's 38 Studios, which the state gave a controversial $75 million loan to a couple years back to move down to Providence.The Providence Journal reports Gov. Chafee, who was against the loan during his election, spent a "weekend of work on this subject," but wouldn't go into specifics. "We're doing everything possible, like I would for any Rhode Island company," he said this afternoon. The Journal reports he added the work was about "keeping 38 Studios solvent.""We're concerned and just doing everything possible to ensure that 38 Studios stays part of the Rhode Island community," Governor Chafee told WPRI.com. "We're working on different issues with them." Asked if 38 Studios' issues could be resolved, Chafee said, "We're working on it."
Kingdoms of Amalur: Reckoning sales surpass 410,000
Any new intellectual property has it hard these days, but Kingdoms of Amalur: Reckoning seems to be doing okay with 410,000 copies sold in the US since launching a couple months back. WPRI.com reports the RPG from 38 Studios and Big Huge Games moved another 80,000 units in March, according to NPD data.As NPD spokesman David Riley notes, it's "an impressive figure for just two months, no matter how you slice it."It's even more impressive when one takes into consideration the data only covers the US and doesn't tally PC sales made through digital distribution networks (as EA recently stressed). In that case, the Reckoning portion of the Amalur franchise is doing well for a new IP.
PSA: Teeth of Naros DLC available for Reckoning today
Ready to take a bite out of Kingdoms of Amalur: Reckoning's "Teeth of Naros" DLC? The pack is available now on Xbox 360 for 800 MSP and PC for $10, and available later today on PSN for the same price.The expansion includes the floating city of Idylla, three new "Twists of Fate," a bunch of "Kollassae" and 20 side quests. Don't forget to pick up the latest armor fashions too and show them off around Amalur.%Gallery-152863%
Kings of Amalur: Reckoning 'Teeth of Naros' DLC media overview
Later this month, Kingdoms of Amalur: Reckoning will add a new city and numerous side quests through the Teeth of Naros DLC pack. Well, before you venture to the floating isle of Idylla and meet its insanely hospitable people, who are in no way as cold as the stone of which they're partly made, learn the history of one of Amalur's oldest areas by checking out the trailer and gallery of screens below.%Gallery-152863%
A giant gallery for Kingdoms of Amalur: Reckoning DLC 'Teeth of Naros'
Kingdoms of Amalur: Reckoning's Teeth of Naros DLC pack is chock full of giants (dubbed the "Kollassae") in a brand new land, 20 side quests and new enemies and weapons. It's set to launch on April 17 for $10.%Gallery-152863%
Amalur 'Teeth of Naros' DLC this month packs a new city, other goodies
New downloadable content for Kingdoms of Amalur: Reckoning is slated to arrive later this month. Entitled "Teeth of Naros," it has players exploring the land known as the Teeth of Naros, where they will "encounter the Kollossae, a devout race of giants, and uncover the mysteries of their faith."The DLC will feature the magical, floating city of Idylla, 20 side quests, dungeons and new enemies to fight. And, of course, there will be some fresh loot, including Twists of Fate, armor sets and weapons. Teeth of Naros will hit Xbox Live, PSN, Origin and Steam on April 17 for $10.
Achievements hint at additional Kingdoms of Amalur DLC
There's a reason Kingdoms of Amalur: Reckoning isn't called Kingdom of Amalur: Just the One, Thanks. Well, there are probably a few reasons it's not called that, but one that sticks out to us is the likelihood that Reckoning will have multiple DLC packs, if a group of new achievements listed by Xbox 360 Achievements is to be trusted.The listing is labeled "DLC [Untitled DLC2]" and includes six achievements, five of which are secret. The known achievement is titled "Murder Most Fowl" and gives up 25 points for killing 50 Pteryx. The rest are super secret, but we imagine titles such as "Flipping the birds of prey" and "Cock-a-doodle-do your worst."
PSN Tuesday: Rayman 3 HD on PSN, Sumioni: Demon Arts for Vita
PSN's Spring Fever hits its second week today with the launch of PSN's Rayman 3 HD for $10, 20 percent off for PlayStation Plus subscribers, and Warriors Orochi 3 for $50. Warhammer 40,000: Space Marine finally touches down on PS3 for $40, including the Elite Pass. For Vita, Sumioni: Demon Arts is available starting today at $20.Final Fantasy Origins, Tactics and V-VIII from the PSone are 30 percent off for regular PSNers, and 50 percent off for Plusers (regular price $10). PSN's Spring Fever includes DLC for Resident Evil: Operation Raccoon City, Kingdoms of Amalur: Reckoning, Saints Row: The Third and more -- if all of this is a common symptom for the modern fever, we hope to catch it too.
38 Studios staffing up with MMO vets for Amalur
Now that Kingdoms of Amalur: Reckoning is out and available, 38 Studios may be in a position to return to its storied "Project Copernicus." A few recent hires at Curt Schilling's studio make it seem that way. 38 has picked up both John Blakely, who worked on DCUO and Everquest 2, and Mark Hanson, who was involved with the now-extinct Lego Universe Online. Blakely will serve as 38's senior VP of development, while Hanson will be senior VP of operations and business.Of course, both of those positions are fairly high up on the management chain, so they don't necessarily mean that 38 is right in the midst of Copernicus' main development just yet. But given that Kingdoms is out with solid sales numbers to back it up, it wouldn't be too surprising to see 38 Studios itching to get rolling on its MMO title set in the land we now know as Amalur.
Oh, The Places You'll Go: Amalur's Dalentarth
This is a column by Kimberley Wallace where each week she visits an in-game world, acting as a travel agent. Read as she explores the nooks and crannies of each (probably war torn) landscape. To say that Dalentarth is alive is an understatement; lush hues of green explode across the land, waterfalls magnify the deepest of blue water, intoxicating flowers jump out at you, and sky-scraping trees remind you how minuscule you are. Wolves and bears have taken to this world, along with a few new creatures you've never truly set eyes on, such as Kobolds, rat-like humanoids who mysteriously don't seem to gather candles.Many visitors often have troll sightings. Be sure to refrain from feeding them, as you would be the snack! A warning for those who are arachnophobic: the Dalentarth region has a bit of a spider problem. With giant poisonous spiders, though, this is the perfect place to conquer your fears. It doesn't get any better of a deal than that, so please send your thank you letters to our agency. We love helping you overcome adversity!Can we interest you in visiting a place that you thought only existed in your childhood fantasies? Take a moment and think back to when you were young, and in the blink of an eye, your imagination could turn anything into a mystical, magical place. That's the Dalentarth region of Kingdoms of Amalur: Reckoning - a fantastical forest in bloom with the most vivacious, neon colors around every corner. It's a portal back to the wide-eyed innocence that let you see beauty where others saw only darkness. Let that inner child come back and dive into a world of non-stop wonderment, vibrant with life.%Gallery-129421%
