Chafee said 38 Studios did make the $1.1 million payment on Friday, potentially clearing the way for the firm to receive millions of dollars in additional aid under the state’s film tax credit program, which is open to video game companies.
Under the program, video game companies can seek reimbursement for up to one-quarter of their expenses in the form of state tax credits, which companies can then sell to other firms for cash. Chafee indicated the company appears to be eligible for $2.1 million in tax credits for 2011.
On Friday, 38 Studios applied for an additional $6.5 million in tax credits for the same year, which the state is now reviewing. The company has also indicated it may seek another $12 million in state tax credits for the year 2012.
If Chafee and the other state bozo's let them have that aid, R.I. taxpayers should start demanding recalls and/or resignations.
-Letting Derek Smart work on your game is like letting Osama bin Laden work in the White House. Something will burn.- -And on the 8th day, man created God.-
It looks like 38 Studios brought a check for the 1.1 mil. dollars to the state of R.I.........BUT , when they gave them the check they said their was no money to cover it.
Why would they do that ?
One thought is : Is this some kind of legal thing ? They can now say , at least we attempted to pay it ?
Dunno , this is kind of a strange thing to do.
(btw, R.I. gave the check back to them......lmao)
Also it seems that ,38 studio employees will not be getting a paycheck for this weeks work.
I think 38 Studios future is on really shaky groud...
One of tha additional sources of aid that they are seeking from the State is R.I. Film Tax Credits. However, they are not eligible for them while in default. Once compliant by making their payment, they will be eligible for them again. This is why they have opted to pay the State and not their employees, as they at least have a chance by doing so.
As far as the bounced check, almost certainly what happened is they got some money wired into the account but it was not available in time like they were hoping. It took it overnight for it to clear, and thus they were able to pay the State the 1.125 this morning.
Thanks for the explanation , that seems to make sense.
Hopefully things work out ,not just for the company ,but for the employees as well.
Funny how Schilling has always stated he's against government in business and especially government bailouts, yet he's looking for R.I.'s government to bail his company out.
Dude is a hypocritical joke.
It's more like a lesson learned.
Can't tell you how many people I've seen say one things and then over the years they learned a bit more of reality and realized that their convictions just did hold water.
Especially when you have employees who you want to end up paying.
Like Skyrim? Need more content? Try my Skyrim mod "Godfred's Tomb."
Funny how Schilling has always stated he's against government in business and especially government bailouts, yet he's looking for R.I.'s government to bail his company out.
Dude is a hypocritical joke.
Yeah. Apparently he's a big Republican Tea Party guy yet got a government loan that taxpayers are on the hook for. Tax breaks and government help for sinlge mothers in ghetto=bad. Tax breaks and government help for multi millionare ex-baseball players=good. What a fucking amuteur hour company and Schilling is a complete hippocrite and douchebag for trying to pay the loan with the employees payroll.
Maybe MMORPG.com could do an another interview with him about how awesome EQ was while playing it on the road.
Is a man not entitled to the herp of his derp?
Remember, I live in a world where juggalos and yugioh players are real things.
I think Curt is just a gamer who has some coin and wanted to go out and make his dream game....Like many of us he didnt really know what he was doing and got in over his head.....Its too bad he tried to bite off so much and not start smaller to get his feet wet......A small budget indie game would have been a better way to start.
I wish the people of Rhode Island could get their money back, especially from a Tea Bagger that is supposedly against government handouts( he Schilling says socialism is bad yet he readily held out his hand to take tax payes money to fund his company), good riddence to bad garbage.
-Letting Derek Smart work on your game is like letting Osama bin Laden work in the White House. Something will burn.- -And on the 8th day, man created God.-
I don't see them ever bein able to repay the investors (R.I.). This reminds me of Alganon in some ways in that the investors there are holding on in the hopes of getting a return on their investment but instead are likely just increasing the amount of money they are losing.
Schilling certainly wasn't conservative in his business approach and aspirations.
This is just awful the game could be the greatest MMO of all time at this point and still fail simply due to all the crap surrounding the game. This isn't some beloved underdog that fans are willing to back, this is a company with big names and big bucks which means people aren't going to be cutting them much slack at all.
- EA as a publisher
- Poorly recieved first game
- Money woes when you received a massive loan
- Witholding payroll to employees
- Laying off employees after witholding payroll
- Attempting to make loan payment with a check knowing you had insufficient funds at the time
- No real marketing has been done as of yet
- No real information has been circulated
- No gameplay videos
- A launch date that has been set by those that gave them the loan
Sure, they may get more funding. They may make the launch date. But at what cost? I can't see a very good MMO coming out of all of this, not to mention one that is profitable. R.I. giving them even more money at this point is beyond foolish.
I wanted to see this MMO come to life more than any other I had heard about through the years. I wanted to see this game launch. It had some of my all time favorites working on it. Rolston, Salvatore, McFarlane, this was a dream come true.
Then there was Curt Schillings, a ball player with dollar signs in his eyes. Why couldn't this have been some dream team being put together by someone like Richard Garrett.
Could you imagine Garrett and Rolston teaming up to do UO2 with Salvatores writing and McFarlanes Art?
I'll drink to what could have been and I'll drink to mourn what is.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
I'll have to admit, I'm having a hard time getting the full story regardless of where I go. Each news outlet seems to be giving out just enough information to seem different from the other news outlets while at the same time being just as attention grabbing.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
Maybe so. But what shape will it be in when it releases. A company in deep financial trouble will have to cut every corner they can and hope they can recoup from box sales.
So release it may, but I wouldnt bet a dime on it being in good shape when it does.
McFarlane told Start about a conversation he had with Amalur backer and baseball player, Curt Schilling, in which he voiced his concerns about releasing Reckoning before the MMO. “If Reckoning comes out first before your MMO, which we’re still working on, it’s supposed to come out later in the year, and that comes out and it lays an egg, I don’t understand what your marketing campaign is,” he said.
“From the mediocre game that nobody bought and doesn’t really like that much, comes a big giant version of that game!” he quipped.
Looks like McFarlane knocked one out of the park, not Schilling.
"Gypsies, tramps, and thieves, we were called by the Admin of the site . . . "
Makes you wonder? What kind of cut did Curt Schilling take from the money (assuming he took any at all). Even if he didnt..you know R.A. Salvatore wasn't paid in peanuts. Worst of all....how much was that douchebag , Todd McFarlane , paid to be an art and design consultant. Sorry..just don't like that guy at all...his comic work is highly over-rated imo. I do like some of his detailed....non-mcfarlane-esque/Spawn toys from McFarlane Toys. At least he kept his factory in America instead of outsourcing like many jerk-offs. If he really did say the quote from the post above mine....well at least he has business sense.
Still, sad to see Studio 38 in dire circumstance. Especially thinking of all the other employees that probably never even knew where the funding came from and thought they found the job of a lifetime.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
I'll have to admit, I'm having a hard time getting the full story regardless of where I go. Each news outlet seems to be giving out just enough information to seem different from the other news outlets while at the same time being just as attention grabbing.
This is probably the best source for the whole picture.
Studio 38 has only received 49 million of the 75 they're paying back. Of that 25 million outstanding only 12.5M has been listed as being "held back" by RI. Keep an eye on that other 12.5M...
The 75M did not come from RI. It was collected by RI from investors who then gave it to Studio 38. RI will be on the hook if 38 hits bankrupcy however. I wish Mr. Chafee realized that although political grandstanding is fun he is hurting the product that will keep his constituants out of paying the bill. it's ironic when you think about it.
Studio 38 used part of the 49-50M they recieved to purchase Big Huge Games and modify the game they were working on into KoA.
I have no idea what Studio 38 has created with the money they didn't use on KoA. What I think happened is that Studio 38 thought they could pull KoA and Copernicus off with the portion of the loan they received. Obviously this didn't happen and the representatives of RI only want to make sure it's residents aren't on the hook or the damage is controlled.
I would still like to know when Studio 38 was supposed to get the other 25 million if they've been paying on 75M (112.6M with Interest) since last year.
In regards to the initial decision by RI and the name calling now taking place: Who wouldn't have done it? The creative names for Copernicus alone will make sure it gets completed, either by Studio 38 or another entity (SoE for example). Not only was the 75M going to be paid back (112.6M total with interest) but already 250+ people have been paying RI taxes and buying goods in the state. It was supposed to be 350+ however. The sad thing is that public posturing by a politician is devaluing what can still be a success depending on the decisions made from there on out. We'll have to stay tuned.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
I'll have to admit, I'm having a hard time getting the full story regardless of where I go. Each news outlet seems to be giving out just enough information to seem different from the other news outlets while at the same time being just as attention grabbing.
This is probably the best source for the whole picture.
Studio 38 has only received 49 million of the 75 they're paying back. Of that 25 million outstanding only 12.5M has been listed as being "held back" by RI. Keep an eye on that other 12.5M...
The 75M did not come from RI. It was collected by RI from investors who then gave it to Studio 38. RI will be on the hook if 38 hits bankrupcy however. I wish Mr. Chafee realized that although political grandstanding is fun he is hurting the product that will keep his constituants out of paying the bill. it's ironic when you think about it.
Studio 38 used part of the 49-50M they recieved to purchase Big Huge Games and modify the game they were working on into KoA.
I have no idea what Studio 38 has created with the money they didn't use on KoA. What I think happened is that Studio 38 thought they could pull KoA and Copernicus off with the portion of the loan they received. Obviously this didn't happen and the representatives of RI only want to make sure it's residents aren't on the hook or the damage is controlled.
I would still like to know when Studio 38 was supposed to get the other 25 million if they've been paying on 75M (112.6M with Interest) since last year.
In regards to the initial decision by RI and the name calling now taking place: Who wouldn't have done it? The creative names for Copernicus alone will make sure it gets completed, either by Studio 38 or another entity (SoE for example). Not only was the 75M going to be paid back (112.6M total with interest) but already 250+ people have been paying RI taxes and buying goods in the state. It was supposed to be 350+ however. The sad thing is that public posturing by a politician is devaluing what can still be a success depending on the decisions made from there on out. We'll have to stay tuned.
The magority of all money that the REIDC aquires comes from the RI general assembly, only a small portion of it is got from private investors. Besides that, any loan only becomes the responsibility of the person issuing it when it's not repaid.
It's like saying the bank is only on the books for my loan if I default. The taxpayers are in the same situation here, only if the loan defaults will they be on the books for it.
Also, it's public information that if the loan defaults, the taxpayers are responsible for the initial loan plus interest, 112 milliion. If the money was secured through private investment, the taxpayers wouldn't be on the book for it. Even if, and this is what I'm assuming, the REIDC aquired the money from priviate investors and backed that money by a loan that the general assembly co-signed, it would still boil down to using taxpayer money to finance a business. In other words, it sounds to me like the gov. of RI took private investment money and backed it with a taxpayer loan so that the private investors would hold no liability.
In other words. He set up a venture that would make private indivuduals money regardless if the venture failed or not. How effed up is that? If 38 studios doesn't fold and repays the loan with interest, the investors get paid, if they do fold then the taxpayers have to repay the loan and the investors still get paid.
This seems like it should be the headlining story to me, not 38 studios themself. Win win situatins aren't investments, it's a savings account!
Anyone else curious who the private investors are? Or how linked to the governor they may be?
Edit: Little further reading.
Yes indeed, the gov. did back a loan from private investors through state issued bonds. So he just set up a win win situation for the investors and put all the risk and liability on the people of RI. Hope those people are smart and don't relect him.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
I'll have to admit, I'm having a hard time getting the full story regardless of where I go. Each news outlet seems to be giving out just enough information to seem different from the other news outlets while at the same time being just as attention grabbing.
This is probably the best source for the whole picture.
Studio 38 has only received 49 million of the 75 they're paying back. Of that 25 million outstanding only 12.5M has been listed as being "held back" by RI. Keep an eye on that other 12.5M...
The 75M did not come from RI. It was collected by RI from investors who then gave it to Studio 38. RI will be on the hook if 38 hits bankrupcy however. I wish Mr. Chafee realized that although political grandstanding is fun he is hurting the product that will keep his constituants out of paying the bill. it's ironic when you think about it.
Studio 38 used part of the 49-50M they recieved to purchase Big Huge Games and modify the game they were working on into KoA.
I have no idea what Studio 38 has created with the money they didn't use on KoA. What I think happened is that Studio 38 thought they could pull KoA and Copernicus off with the portion of the loan they received. Obviously this didn't happen and the representatives of RI only want to make sure it's residents aren't on the hook or the damage is controlled.
I would still like to know when Studio 38 was supposed to get the other 25 million if they've been paying on 75M (112.6M with Interest) since last year.
In regards to the initial decision by RI and the name calling now taking place: Who wouldn't have done it? The creative names for Copernicus alone will make sure it gets completed, either by Studio 38 or another entity (SoE for example). Not only was the 75M going to be paid back (112.6M total with interest) but already 250+ people have been paying RI taxes and buying goods in the state. It was supposed to be 350+ however. The sad thing is that public posturing by a politician is devaluing what can still be a success depending on the decisions made from there on out. We'll have to stay tuned.
Not sure were you got the second bullet point from.
The magority of all money that the REIDC aquires comes from the RI general assembly, only a small portion of it is got from private investors. Besides that, any loan only becomes the responsibility of the person issuing it when it's not repaid.
It's like saying the bank is only on the books for my loan if I default. The taxpayers are in the same situation here, only if the loan defaults will they be on the books for it.
Also, it's public information that if the loan defaults, the taxpayers are responsible for the initial loan plus interest, 112 milliion. If the money was secured through private investment, the taxpayers wouldn't be on the book for it. Even if, and this is what I'm assuming, the REIDC aquired the money from priviate investors and backed that money by a loan that the general assembly co-signed, it would still boil down to using taxpayer money to finance a business. In other words, it sounds to me like the gov. of RI took private investment money and backed it with a taxpayer loan so that the private investors would hold no liability.
In other words. He set up a venture that would make private indivuduals money regardless if the venture failed or not. How effed up is that? If 38 studios doesn't fold and repays the loan with interest, the investors get paid, if they do fold then the taxpayers have to repay the loan and the investors still get paid.
This seems like it should be the headlining story to me, not 38 studios themself. Win win situatins aren't investments, it's a savings account!
Anyone else curious who the private investors are? Or how linked to the governor they may be?
Glad to know that it was in fact funded by RI rather than the way it is in the post you were responding to. Because if that were the case and RI didn't actually loan the money and instead investors did, but RI would be on the hook for the bill if the company failed. That would be even more rediculous. It would be privatising the profits, but socializing the loss.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
I'll have to admit, I'm having a hard time getting the full story regardless of where I go. Each news outlet seems to be giving out just enough information to seem different from the other news outlets while at the same time being just as attention grabbing.
This is probably the best source for the whole picture.
Studio 38 has only received 49 million of the 75 they're paying back. Of that 25 million outstanding only 12.5M has been listed as being "held back" by RI. Keep an eye on that other 12.5M...
The 75M did not come from RI. It was collected by RI from investors who then gave it to Studio 38. RI will be on the hook if 38 hits bankrupcy however. I wish Mr. Chafee realized that although political grandstanding is fun he is hurting the product that will keep his constituants out of paying the bill. it's ironic when you think about it.
Studio 38 used part of the 49-50M they recieved to purchase Big Huge Games and modify the game they were working on into KoA.
I have no idea what Studio 38 has created with the money they didn't use on KoA. What I think happened is that Studio 38 thought they could pull KoA and Copernicus off with the portion of the loan they received. Obviously this didn't happen and the representatives of RI only want to make sure it's residents aren't on the hook or the damage is controlled.
I would still like to know when Studio 38 was supposed to get the other 25 million if they've been paying on 75M (112.6M with Interest) since last year.
In regards to the initial decision by RI and the name calling now taking place: Who wouldn't have done it? The creative names for Copernicus alone will make sure it gets completed, either by Studio 38 or another entity (SoE for example). Not only was the 75M going to be paid back (112.6M total with interest) but already 250+ people have been paying RI taxes and buying goods in the state. It was supposed to be 350+ however. The sad thing is that public posturing by a politician is devaluing what can still be a success depending on the decisions made from there on out. We'll have to stay tuned.
Not sure were you got the second bullet point from.
The magority of all money that the REIDC aquires comes from the RI general assembly, only a small portion of it is got from private investors. Besides that, any loan only becomes the responsibility of the person issuing it when it's not repaid.
It's like saying the bank is only on the books for my loan if I default. The taxpayers are in the same situation here, only if the loan defaults will they be on the books for it.
Also, it's public information that if the loan defaults, the taxpayers are responsible for the initial loan plus interest, 112 milliion. If the money was secured through private investment, the taxpayers wouldn't be on the book for it. Even if, and this is what I'm assuming, the REIDC aquired the money from priviate investors and backed that money by a loan that the general assembly co-signed, it would still boil down to using taxpayer money to finance a business. In other words, it sounds to me like the gov. of RI took private investment money and backed it with a taxpayer loan so that the private investors would hold no liability.
In other words. He set up a venture that would make private indivuduals money regardless if the venture failed or not. How effed up is that? If 38 studios doesn't fold and repays the loan with interest, the investors get paid, if they do fold then the taxpayers have to repay the loan and the investors still get paid.
This seems like it should be the headlining story to me, not 38 studios themself. Win win situatins aren't investments, it's a savings account!
Anyone else curious who the private investors are? Or how linked to the governor they may be?
Glad to know that it was in fact funded by RI rather than the way it is in the post you were responding to. Because if that were the case and RI didn't actually loan the money and instead investors did, but RI would be on the hook for the bill if the company failed. That would be even more rediculous. It would be privatising the profits, but socializing the loss.
No, after reading a little further, RI is effectively funding it.
The loan is backed by bonds issued by the state. The people of road island pay the loan only if the loan defaults.
It's a win win situation for the investors. They get provide the money, and are guaranteed payment on that money regardless if defaults or not. The REIDC decided that if it defaults they'll just pay it with tax dollars.
In the end it's still funded with taxmoney though. It's only the issue of it's repayment based on defaulting or not.
Edit: Ok, this is basically what virtually every state does, but it's usually supposed to be done for SMALL business. They're usually called grants and a state will give you the money to open a business if it's something that has the potential to succeed, sometimes not even that. This is why some grants, if the venture fails, doesn't even have to be paid back, because it's covered through tax payer money.
To me, thats fine whenit's a small business. But 38 studios isn't really a small business and the governor sholdn't have bonds issued to cover investment for something this risky. It's to many ways of stupid.
McFarlane told Start about a conversation he had with Amalur backer and baseball player, Curt Schilling, in which he voiced his concerns about releasing Reckoning before the MMO. “If Reckoning comes out first before your MMO, which we’re still working on, it’s supposed to come out later in the year, and that comes out and it lays an egg, I don’t understand what your marketing campaign is,” he said.
“From the mediocre game that nobody bought and doesn’t really like that much, comes a big giant version of that game!” he quipped.
Looks like McFarlane knocked one out of the park, not Schilling.
38 Studios would still have run out of money. Putting that game out was probably their only way to tread water a while longer.
McFarlane told Start about a conversation he had with Amalur backer and baseball player, Curt Schilling, in which he voiced his concerns about releasing Reckoning before the MMO. “If Reckoning comes out first before your MMO, which we’re still working on, it’s supposed to come out later in the year, and that comes out and it lays an egg, I don’t understand what your marketing campaign is,” he said.
“From the mediocre game that nobody bought and doesn’t really like that much, comes a big giant version of that game!” he quipped.
Looks like McFarlane knocked one out of the park, not Schilling.
38 Studios would still have run out of money. Putting that game out was probably their only way to tread water a while longer.
Even then, the gov forced a deadline of june 2013 for the release of the MMO. No way it's done by then, and even if they had something they could release, you know it's not going to be ready enough to succeed.
One way or the other, it's a doomed company. The gov. is making sure of that.
Comments
If Chafee and the other state bozo's let them have that aid, R.I. taxpayers should start demanding recalls and/or resignations.
-Letting Derek Smart work on your game is like letting Osama bin Laden work in the White House. Something will burn.-
-And on the 8th day, man created God.-
Thanks for the explanation , that seems to make sense.
Hopefully things work out ,not just for the company ,but for the employees as well.
Bummer. I'm a Red Sox fan, a Schilling fan, and I enjoy KoA.
I hope they can pull through.
Playing | GW2
Wanting | Pantheon
Watching | Crowfall
Retired | WAR, Cabal, MO, CO, SHK, WoW, FFXIV: ARR
Project Copernicus World Fly-Through :x
http://www.youtube.com/watch?v=m9nvnrP0j8U
It's more like a lesson learned.
Can't tell you how many people I've seen say one things and then over the years they learned a bit more of reality and realized that their convictions just did hold water.
Especially when you have employees who you want to end up paying.
Godfred's Tomb Trailer: https://youtu.be/-nsXGddj_4w
Original Skyrim: https://www.nexusmods.com/skyrim/mods/109547
Serph toze kindly has started a walk-through. https://youtu.be/UIelCK-lldo
Yeah. Apparently he's a big Republican Tea Party guy yet got a government loan that taxpayers are on the hook for. Tax breaks and government help for sinlge mothers in ghetto=bad. Tax breaks and government help for multi millionare ex-baseball players=good. What a fucking amuteur hour company and Schilling is a complete hippocrite and douchebag for trying to pay the loan with the employees payroll.
Maybe MMORPG.com could do an another interview with him about how awesome EQ was while playing it on the road.
Is a man not entitled to the herp of his derp?
Remember, I live in a world where juggalos and yugioh players are real things.
I think Curt is just a gamer who has some coin and wanted to go out and make his dream game....Like many of us he didnt really know what he was doing and got in over his head.....Its too bad he tried to bite off so much and not start smaller to get his feet wet......A small budget indie game would have been a better way to start.
I wish the people of Rhode Island could get their money back, especially from a Tea Bagger that is supposedly against government handouts( he Schilling says socialism is bad yet he readily held out his hand to take tax payes money to fund his company), good riddence to bad garbage.
It just keeps getting better.
http://www.gamespot.com/news/layoffs-strike-38-studios-6378046
-Letting Derek Smart work on your game is like letting Osama bin Laden work in the White House. Something will burn.-
-And on the 8th day, man created God.-
I don't see them ever bein able to repay the investors (R.I.). This reminds me of Alganon in some ways in that the investors there are holding on in the hopes of getting a return on their investment but instead are likely just increasing the amount of money they are losing.
Schilling certainly wasn't conservative in his business approach and aspirations.
This is just awful
the game could be the greatest MMO of all time at this point and still fail simply due to all the crap surrounding the game. This isn't some beloved underdog that fans are willing to back, this is a company with big names and big bucks which means people aren't going to be cutting them much slack at all.
- EA as a publisher
- Poorly recieved first game
- Money woes when you received a massive loan
- Witholding payroll to employees
- Laying off employees after witholding payroll
- Attempting to make loan payment with a check knowing you had insufficient funds at the time
- No real marketing has been done as of yet
- No real information has been circulated
- No gameplay videos
- A launch date that has been set by those that gave them the loan
Sure, they may get more funding. They may make the launch date. But at what cost? I can't see a very good MMO coming out of all of this, not to mention one that is profitable. R.I. giving them even more money at this point is beyond foolish.
I wanted to see this MMO come to life more than any other I had heard about through the years. I wanted to see this game launch. It had some of my all time favorites working on it. Rolston, Salvatore, McFarlane, this was a dream come true.
Then there was Curt Schillings, a ball player with dollar signs in his eyes. Why couldn't this have been some dream team being put together by someone like Richard Garrett.
Could you imagine Garrett and Rolston teaming up to do UO2 with Salvatores writing and McFarlanes Art?
I'll drink to what could have been and I'll drink to mourn what is.
The best part about this whole issue, which is really nothing considering people's livelihoods are at stake, is the lack of information between multiple news outlets and the reactions of people from said half information.
Fret not, "Copernicus" will see the light of day one way or another.
Just not worth my time anymore.
I'll have to admit, I'm having a hard time getting the full story regardless of where I go. Each news outlet seems to be giving out just enough information to seem different from the other news outlets while at the same time being just as attention grabbing.
I'm having trouble believing this game gets released unless they find some additional funding somewhere.
The demo left me underwhelmed, but even still, it's rough times even for companies with popular titles.
Maybe so. But what shape will it be in when it releases. A company in deep financial trouble will have to cut every corner they can and hope they can recoup from box sales.
So release it may, but I wouldnt bet a dime on it being in good shape when it does.
McFarlane told Start about a conversation he had with Amalur backer and baseball player, Curt Schilling, in which he voiced his concerns about releasing Reckoning before the MMO. “If Reckoning comes out first before your MMO, which we’re still working on, it’s supposed to come out later in the year, and that comes out and it lays an egg, I don’t understand what your marketing campaign is,” he said.
“From the mediocre game that nobody bought and doesn’t really like that much, comes a big giant version of that game!” he quipped.
Looks like McFarlane knocked one out of the park, not Schilling.
"Gypsies, tramps, and thieves, we were called by the Admin of the site . . . "
Makes you wonder? What kind of cut did Curt Schilling take from the money (assuming he took any at all). Even if he didnt..you know R.A. Salvatore wasn't paid in peanuts. Worst of all....how much was that douchebag , Todd McFarlane , paid to be an art and design consultant. Sorry..just don't like that guy at all...his comic work is highly over-rated imo. I do like some of his detailed....non-mcfarlane-esque/Spawn toys from McFarlane Toys. At least he kept his factory in America instead of outsourcing like many jerk-offs. If he really did say the quote from the post above mine....well at least he has business sense.
Still, sad to see Studio 38 in dire circumstance. Especially thinking of all the other employees that probably never even knew where the funding came from and thought they found the job of a lifetime.
This is probably the best source for the whole picture.
http://www.joystiq.com/tag/38-studios/
A few notes:
Just not worth my time anymore.
The magority of all money that the REIDC aquires comes from the RI general assembly, only a small portion of it is got from private investors. Besides that, any loan only becomes the responsibility of the person issuing it when it's not repaid.
It's like saying the bank is only on the books for my loan if I default. The taxpayers are in the same situation here, only if the loan defaults will they be on the books for it.
Also, it's public information that if the loan defaults, the taxpayers are responsible for the initial loan plus interest, 112 milliion. If the money was secured through private investment, the taxpayers wouldn't be on the book for it. Even if, and this is what I'm assuming, the REIDC aquired the money from priviate investors and backed that money by a loan that the general assembly co-signed, it would still boil down to using taxpayer money to finance a business. In other words, it sounds to me like the gov. of RI took private investment money and backed it with a taxpayer loan so that the private investors would hold no liability.
In other words. He set up a venture that would make private indivuduals money regardless if the venture failed or not. How effed up is that? If 38 studios doesn't fold and repays the loan with interest, the investors get paid, if they do fold then the taxpayers have to repay the loan and the investors still get paid.
This seems like it should be the headlining story to me, not 38 studios themself. Win win situatins aren't investments, it's a savings account!
Anyone else curious who the private investors are? Or how linked to the governor they may be?
Edit: Little further reading.
Yes indeed, the gov. did back a loan from private investors through state issued bonds. So he just set up a win win situation for the investors and put all the risk and liability on the people of RI. Hope those people are smart and don't relect him.
Glad to know that it was in fact funded by RI rather than the way it is in the post you were responding to. Because if that were the case and RI didn't actually loan the money and instead investors did, but RI would be on the hook for the bill if the company failed. That would be even more rediculous. It would be privatising the profits, but socializing the loss.
No, after reading a little further, RI is effectively funding it.
The loan is backed by bonds issued by the state. The people of road island pay the loan only if the loan defaults.
It's a win win situation for the investors. They get provide the money, and are guaranteed payment on that money regardless if defaults or not. The REIDC decided that if it defaults they'll just pay it with tax dollars.
In the end it's still funded with taxmoney though. It's only the issue of it's repayment based on defaulting or not.
Edit: Ok, this is basically what virtually every state does, but it's usually supposed to be done for SMALL business. They're usually called grants and a state will give you the money to open a business if it's something that has the potential to succeed, sometimes not even that. This is why some grants, if the venture fails, doesn't even have to be paid back, because it's covered through tax payer money.
To me, thats fine whenit's a small business. But 38 studios isn't really a small business and the governor sholdn't have bonds issued to cover investment for something this risky. It's to many ways of stupid.
38 Studios would still have run out of money. Putting that game out was probably their only way to tread water a while longer.
Nah! the RI mafia will bail them out in return for a large part of the ownership of the company.
Even then, the gov forced a deadline of june 2013 for the release of the MMO. No way it's done by then, and even if they had something they could release, you know it's not going to be ready enough to succeed.
One way or the other, it's a doomed company. The gov. is making sure of that.