Former employees of 38 Studios are apparently being given some of the pay owed to them from almost a decade ago.
As reported by Bloomberg, alumni from the development studio have started to receive cheques making up "14 or 20 per cent" of what they were owed in final pay from the company when it went bust back in 2012. Apparently, some of these cheques have been sent to old addresses due to the fact that this is resolving pay issues that go back almost ten years.
The Rhode Island-based studio filed for bankruptcy in 2012 shortly after it released its first game, Kingdoms of Amalur: Reckoning (pictured). Four years later, the US' Securities and Exchanges Commission launched an investigation into the matter saying that 38 Studios misled its shareholders.
38 Studios was founded by former Boston Red Sox baseball player Curt Schilling in 2006. The outfit was initially based in Maynard, Massachusetts, but moved to Rhode Island in 2010 upon receiving a $75 million bond guarantee loan from the state.
“Investors weren’t fully informed when deciding to purchase the bonds that 38 Studios faced a funding shortfall even with the loan proceeds and could not develop the video game without additional sources of financing," the SEC wrote.
Details about 38 Studios' bankruptcy are currently under seal, with the Supreme Court of Rhode Island upholding the decision to keep this information from the public in 2020l.