Trustee for 38 Studios bankruptcy seeks help to sort out remaining assets

The trustee in the 38 Studios federal bankruptcy case wants to hire a law firm that specializes in intellectual property and media law.

Jeoffrey Burtch, the trustee in the 38 Studios federal bankruptcy case, wants to hire a law firm that specializes in intellectual property and media law, according to the Providence Journal.

Burtch is seeking the law firm Cozen O'Connor's help to sort out what remains of 38 Studios, and how the remaining assets may be used to settle the bankrupt studio's outstanding debt.

In bankruptcy court on Tuesday, Richard Wester, chief financial officer for 38 Studios, revealed that the company would have remained solvent had it sold 2 million copies of Kingdoms of Amalur: Reckoning. The revenue would have allowed 38 Studios to pay its bills and finish development on Project Copernicus, the MMO that the studio never launched. A previous report on Polygon pegged total sales of Kingdoms of Amalur: Reckoning around 1.2 million units.

Earlier this week, a trailer for Project Copernicus was released online.

38 Studios’ financial trouble began in May when it defaulted on a payment on a loan to the State of Rhode island. On May 24th, the studio had laid off its entire staff. It declared bankruptcy on June 7th.