Kingdoms of Amalur (and a $75 Million Dollar Loan) at the Heart of SEC Investigation

The brief tale of 38 Studios and its flagship IP Kingdoms of Amalur ended in May 2012 by the overbearing $75 million loan that the state of Rhode Island extended in order to fund the game, which studio exec (and former Red Sox pitcher) Curt Schilling was unable to return. As a result, the delightful RPG was presumed to have been dead. However, a new study from the U.S. Securities and Exchange Commission has thrown the downtrodden IP back under the bus yet again.

The SEC is investigating the loan granted by Rhode Island’s Economic Development Corporation (EDC), but it has not revealed any specifics about the investgation. As Joystiq reports, EDC spokesperson Melissa Czwerwein, speaking with WRPI , stated that “ongoing matters related to 38 Studios” will not be disclosed. At present, Rhode Island is assumed to be in control of the Kingdoms of Amalur IP. Depending on its focus and result, the SEC investigation may see the Amalur world kicked back into the market, possibly through a THQ-esque auction. Equally likely, WRPI points out, is a return to a previous lawsuit regarding potentially fraudulent information submitted by 38 Studios when applying for the loan.

Source: Joystiq , WRPI