We have been covering the bankruptcy of 38 Studios, the video game company owned by former Major League Baseball All-Star pitcher Curt Schilling, since the summer.
Two weeks ago, the first of two auctions for items belonging to 38 Studios took place, grossing $180,000. The highest bid was for a “video animation suit” that went for $9,500, according to WPRI-TV.
“In my experience, [the auction should] be considered robust,” receiver Richard Land wrote in the letter sent out to the media. “Having this many bidders helps to extract greater value for the property.”
According to Land, 950 items were sold during the auction. For more information about the auction, you can watch the video embedded above.
Schilling’s 38 Studios, a video game company based in Providence, filed for bankruptcy in June. 38 Studios reportedly got into trouble when some of the games it developed had delayed release dates, forcing the company to miss loan payments. In May, the company laid off 400 employees, reportedly having $21.7 million in assets and $150.7 million in liabilities.
More auctions are expected to take place in the future. Land told WPRI that 38 Studios’ intellectual property would be available for sale in about three months.
A liquidation of assets is a common practice during a business Chapter 7 bankruptcy. Individuals filing Chapter 7 bankruptcy may worry about not being able to keep their assets; however, you should be aware that most people who file for bankruptcy are allowed to keep their belongings.
Individuals struggling financially can file for Chapter 7 bankruptcy, which allows you to discharge debts like credit card debt and medical bills. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.