Initial 38 Studios auction nets little return for Rhode Island taxpayers

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PROVIDENCE — Senior Communications Manager for the Rhode Island Economic Development Corporation Melissa Chambers released a statement mid-day Thursday from the Chace Ruttenberg & Freedman, LLP Attorneys at Law regarding the initial 38 Studios Auction and the news wasn’t that great.

A partial auction of the bankrupt company’s assets Tuesday, Oct. 16, by SJ Corio in Baltimore, Md., netted a total of $180,000. The highest winning bid item was a video animation suit, which came in at $9,500. Auction items consisted of furniture, computers, office equipment, gaming consoles and televisions.

Richard Land, the court-appointed receiver for 38 Studios, put a positive spin on the auction. He was quoted in the press release as saying the amount of money taken and the number of bidders were “robust.”

The second auction of 38 Studios assets is scheduled to take place Tuesday, Oct. 23, the 38 Studios former location in Providence at 1 Empire St.

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