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Architects of 38 Studios' $75M loan sued by Rhode Island EDC
The Rhode Island Economic Development Corporation (EDC), the quasi-public group that granted the $75 million taxpayer-guaranteed loan to 38 Studios, has filed a lawsuit against the architects of the 2010 deal. WPRI reports the defendants include 38 Studios founder Curt Schilling and CEO Jennifer MacLean, former EDC executive director Keith Stokes, Wells Fargo Securities, Barclays Capital and many, many more."I know you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable. The board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island," said Governor Lincoln Chafee in a prepared two-and-a-half-minute statement posted on YouTube (found after the break, with text transcript).The full complaint [PDF] alleges the former EDC board never ordered an independent assessment of 38 Studios' capabilities to finish Project Copernicus before the loan was approved, even though it was to do so. It also claims Wells Fargo received nearly $500,000 "in hidden commission from 38 Studios" that weren't disclosed to the EDC board.The recent public auction at 38 Studios' former Providence HQ grossed approximately $650,000. The auction at 38 Studios' Big Huge Games division in Maryland brought in $180,000. It's estimated 38 Studios owed $150.7 million when it declared bankruptcy, so far the state of Rhode Island has recovered about $830,000.Update: We got in touch with Law of the Game attorney Mark Methenitis to boil down exactly what Rhode Island is seeking in the suit. We've placed his analysis after the break.
RI Gov. Chafee working to prevent 38 Studios shutdown, unaware of any new cash for company [update]
The situation faced by troubled MMO developer 38 Studios is not improving. According to Rhode Island Governor Lincoln Chafee, the company has not received any new investment. In a sudden press conference late today, he said the studio had not received any outside investment nor any of the new tax credits it has applied for. NBC10 reports that, when asked if 38 Studios would be closing, Chafee said he would do what he could to prevent it.WPRI reported today that CEO Jennifer MacLean removed the title of chief executive from her LinkedIn profile and listed her departure as having occurred in March. John Blakely, senior vice president of product development, also revised his LinkedIn profile to show that he left the company this month. Joystiq has also been informed of continuing layoffs at the company, and that health insurance has run out.The value of 38 Studios' Amalur intellectual property is estimated to be in the range of $20 million, according to Wedbush Securities analyst Michael Pachter. 38 Studios put up the IP as collateral against its $75 million loan, which could end up costing RI taxpayers $112 million if 38 Studios shutters.Update: 38 Studios employees have not been paid since May 1. WPRI reports 38 Studios may be ineligible for the millions of dollars in state tax credits because it isn't incorporated in Rhode Island.
38 Studios appoints MacLean as new CEO
38 Studios has put Jennifer MacLean at the head of the board table, announcing the departure of former CEO Brett Close. Despite the studio being founded and chaired by former Red Sox player Curt Schilling, Brett Close had been the business face of the company. 38 emphasized Close had resigned from the position and was not fired from the studio that, despite making some interesting moves like acquiring Big Huge Games, has yet to produce anything of substance -- although we are told that everyone at the studio is hard at work. MacLean previously worked at the company as senior vice president of business development. If MacLean lasts long enough to show us Copernicus and gets the studio producing product, that would be a start. We expect to see a little something of what MacLean -- and Close -- have been doing with the company sometime next year. Update: Added line that we expect to hear something next year.
38 Studios plays CEO hot potato
Brett Close has left the building, folks. The former 38 Studios CEO has recently resigned, being replaced by Jennifer MacLean, who until now had been senior vice president of business development. "I've had the privilege of building 38 Studios to become an established force of IP creation and entertainment," said Mr. Close, "I leave with confidence in the future success of the company and have no doubt its products will excite gamers worldwide." Of course, he's talking about Copernicus, which we're still in the dark on since the developer hasn't been keen to reveal it to the public.Most noted for its founder and former MLB right-handed pitcher Curt Schilling, 38 Studios has been somewhat quiet for a while now. We're hopeful that their upcoming title encounters smooth sailing, but this industry certainly has its ways of tossing out a typhoon or two. If you're looking for some official word on the matter, then look no further,
Gamasutra's 20 Women in Games list
For those who complain that there aren't enough women in gaming, you need look no further than this -- the Gamasutra 20: Women in Games list. This is a compilation of the movers and shakers in the industry who just happen to be female. It's a broad spectrum list, but there are a few MMO-specifics in there -- notably Jane McGonigal, most famous for her work on the ilovebees ARG; 38 Studios' Vice President of Business Development Jennifer MacLean; Laralyn McWilliams, SOE's Lead Designer; and Disney Interactive Studios' Senior Designer Patricia Pizer.Each entry includes the subject's career overview, major accomplishments, innovations, and what her peers say about her. It's a fascinating read, and you may discover that there's more gender diversity in gaming than you previously suspected.
Comcast bigwig joins other bigwigs at 38 Studios
38 Studios, the best, most awesome MMO developer to have never announced a game, fired out a press release this afternoon, revealing that they have hired Jennifer MacLean as their new VP of Business Development. And for good reason too; Jennifer has a pretty impressive pedigree. In addition to being the Chair of the Board of Directors for the IGDA, and one of Next Gen's 100 most influential women in the game industry, Jennifer has experience as the VP and GM of Games for Comcast, and was once the Programming Director for AOL Games, which we hear is just great!Now, while some would presume that the position VP of Business Development would be less important than, say, Producer or Lead Designer, at a team like 38 Studios it's actually considerably more important. Since 38 Studios is self-publishing their first major MMO title, it will be up to Jennifer to figure out the best way to market and monetize their product. In a world where subscription models are quickly falling out of vogue, this isn't as easy as you'd think. In any case, we're hoping the near-endless stream of developer hirings and engine purchase announcements is finally come to an end. We demand more game!
