Rhode Island Gets OK To Liquidate 38 Studios' Collateral

Law360, Wilmington (August 9, 2012, 7:12 PM EDT) -- A Delaware bankruptcy judge gave permission Wednesday for a Rhode Island agency to seize and sell collateral backing its $75 million loan to bankrupt 38 Studios LLC, the video-game developer founded by former hurler Curt Schilling, averting the agency's fear that the assets might be inadvertently destroyed.

U.S. Bankruptcy Judge Mary F. Walrath granted a motion of the Rhode Island Economic Development Corp. for relief from court's automatic stay, allowing the state agency to preserve the assets — mostly intellectual property stored on leased computers —...
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