Photo: AP Images
Last week we reported that Curt Schilling’s video game company 38 Studios was on the verge of going out of business, and today the company filed for Chapter 7 bankruptcy protection and is on the verge of liquidation.38 Studios lists $21.7 million in assets, but owes the state of Rhode Island well over $100 million — money that the state will almost certainly never see.
At its peak, 38 Studios had over 400 employees according to CNN.com, but they were all laid off in late May.
Schilling’s headache isn’t close to being over yet, though. According to the Providence Journal, the activities of 38 Studios are under investigation by the Rhode Island State Police, the FBI, the U.S. Attorney’s office and the Rhode Island attorney general.
Here is a trailer for 38 Studios’ main asset, a massively-multiplayer online role-playing game tentatively called “Project Copernicus.” Some have speculated that given the low quality of the trailer, 38 Studios had made very little progress on the game (meaning it wasn’t much of an asset to begin with).
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.