The lights are on
While Governor Lincoln Chafee is currently planning to fulfill the obligations of the state's $75 million loan to 38 Studios, there is a chance that Rhode Island might abandon its obligations. The consideration is a balance between fiduciary and civic responsibilities.
Rhode Island officials have asserted that the state is not obligated to repay bond holders, but abandoning the debt might have repercussions for future attempts to secure funding. Repaying the debt puts a burden on the taxpayers that should have belonged to former Red Sox pitcher Curt Schilling and the studio he founded.
Rhode Island is currently pursuing action against Schilling and others to reclaim as much of the $75 million (plus interest) as it is able. The state is also in the final stages of selling off the Amalur property, stating that there has been interest.
[Source: The Providence Journal via Gamespot]
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RI basically was only going to take a hit on the states credit score. Now if they take a loan instead of getting something like 4.2% rate, they'll have like a 5% rate, big woopee doo. Meanwhile they made such a stink over $49 million dollars telling everyone 38 owed them $110-$150 million dollars, they should have just gave him the $12-$18 million he needed to finish, 38 was right there at the end of the game. 6 months more and it would be making money out the ying yang.
While I never played Amalur (not a swords and magic guy), every time I see this it reminds me how much of a tragedy this was to the gaming world in terms of one mans dream to create something great but has it crushed and ends with nothing.
Man, I bet there's a lot people out there who wish they could just 'abandon' debt.
I'm hoping someone picks up Amalur and does something with it. They probably won't do a complete edition though, so I can probably give up on that and go pick up KoA, now that it's down to $20.
I don't know why a State would fund a gaming company anyways!? I wish things would've worked out for everyone, especially the employees, but this was just a colossally bad idea.
Well this is a big conundrum for Rhode Island. Either way, someone gets screwed. Let's hope some sort of compromise can be made.
The last sentence is what I have been reading all of these sad KOA articles for. "Final stages...selling off...HAS been interest." Hopeful, but still a little too ambiguous to get excited about.
I don't understand how this game failed so miserably.. I played it and thought it was really good. It wasn't a AAA title but I'd at least say it was an A and maybe AA. Sounds to me like Curt was skimming the till.. lol