We’ve been following the story of the failed 38 Studios on and off for the last year or so and it doesn’t look like the drama surrounding the bankrupted Kingdoms of Amalur developer is going to end any time soon.

In last week’s intellectual property focused auction, the court-appointed received didn’t receive sufficient offers for the rights to the Amalur MMO and sequel to KoA: Reckoning. While the 38 Studios IPs didn’t sell, the major IPs held by 38’s subsidiary, Big Huge Games, were sold for $320,000.

Anonymous bidders bought a lot that included the rights to both Big Huge Games IPs Rise of Nations and Rise of Legends while the second lot sold was the Big Huge Games trademark. Bidders remained anonymous and individual price breakdowns weren’t provided.

Unsold items included the sequel rights for Kingdoms of Amalur: Reckoning, including all development work that was in progress on the game, and Project Copernicus, the Kingdoms of Amalur MMO that was in-development at the time of 38 Studios’ closure. Surprisingly, the merchandise and revenue stream rights for Kingdoms of Amalur: Reckoning wasn’t sold either.

Also going unsold were the Big Huge Games Engine, the rights to Catan (a game based on the Settlers of Catan board game) and Helios (an internally developed social media and gaming platform).

Between three auctions for 38 Studios assets, the state of Rhode Island has raised an estimated amount of over $1 million to recover the $75 million loan guarantee from the Rhode Island Economic Development Corporation. After adding in other debt to be recovered, Rhode Island is on the hook for an estimated amount of upwards of $90 million.

Negotiations are ongoing between the receiver and parties interested in the remaining IPs in order to sell them and raise more money. However, recovering anywhere close to that guarantee amount just isn’t going to happen.

Source: Gamespot, WPRI