Executives from vide-game company 38 Studios LLC admitted in bankruptcy court that their breakthrough game fell short of expectations.
William Thomas, president and chief operating officer, and Richard Wester, who became chief financial officer early in 2010, met with a trustee at the U.S. Bankruptcy Court for the District of Delaware in Wilmington, Providence televison station WPRI reported on its website.
Former Boston Red Sox pitcher and company founder Curt Schilling, who moved it to downtown Providence from Maynard, Mass., did not attend, according to WPRI.com.
The Rhode Island Economic Development Corp. provided a $75 million taxpayer-guaranteed loan to entice Schilling to move.
According to WPRI, Wester said 38 Studios received no cash from sales of its first game, “Kingdoms of Amalur: Reckoning,” which it released in February, because the company had to repay a $28.7 million advanced from distributor Electronic Arts Inc. to fund the game’s development.
