RI Wants To Seize Schilling Co.'s IP After $75M Loan Default

Law360, Wilmington (July 26, 2012, 1:46 PM EDT) -- The Rhode Island Economic Development Corp. asked a Delaware bankruptcy court on Wednesday for permission to seize the intellectual property and other assets backing its $75 million loan to 38 Studios LLC, the bankrupt video game company founded by baseball ace Curt Schilling.

In the motion, the state agency asked for relief from an automatic stay, primarily so it could retrieve and preserve the only potentially valuable 38 Studios assets — unfinished video games and other intellectual property stored on the company’s computers.

The move comes...
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