PROVIDENCE, R.I. (AP) — A court-appointed receiver will take over the assets of former Red Sox pitcher Curt Schilling's failed video game company as Rhode Island seeks to recoup some of its investment during 38 Studios' bankruptcy proceedings.
Gov. Lincoln Chafee announced Thursday that Providence attorney Richard Land was appointed receiver for 38 Studios.
Land's legal practice concentrates on corporate law and insolvency and receivership law, and he has served as a court-appointed receiver for a variety of businesses, his professional website says. He did not immediately return a message left for him Thursday.
Rhode Island lured 38 Studios from Massachusetts in 2010 with a $75 million loan guarantee from the state's economic development agency. In May, the Providence-based company laid off all its employees. It filed for bankruptcy the following month.
Rhode Island petitioned the state Superior Court for a receiver after the company's bankruptcy case was moved from Delaware to Rhode Island. A federal judge in Delaware granted permission Wednesday for the move.
Tom Carlotto, an attorney representing the state, said the appointment of a receiver is the first step in a "long, multi-pronged" legal process in which the state will attempt to salvage as much as possible from the company.
"We will be aggressive in working to maximize the recovery for the benefit of the taxpayers of this state," Carlotto said.
Carlotto also said it will be less expensive to handle the legal matter in Rhode Island than in Delware.