The Broke and the Beautiful: 38 Studios Settlement Edition

This week on The Broke and the Beautiful, 38 Studios’ bankruptcy trustee reached an important settlement, and Girls Gone Wild’s Hottest Girl in America 2010 is getting an overdue payment. Also, a Formula One racing team filed for bankruptcy.

Failed video game company 38 Studios LLC’s bankruptcy trustee has long been seeking money for creditors, and with a recent settlement, he’s made some headway. According to the Providence Journal, trustee Jeffrey Burtch struck a deal to recoup $300,000 from ex-baseball star Curt Schilling and three other former executives of 38 Studios, which filed for bankruptcy in 2012. The proposed settlement, which must still be approved by a bankruptcy judge, would be paid for by a directors’ and officers’ insurance policy.

Chelsea Heath must be feeling hot, hot, hot this week. That’s because Girls Gone Wild’s Hottest Girl in America 2010 will finally be getting paid for her win, Bankruptcy Beat reported. A judge this week approved the deal between Ms. Heath and the porn business, whose operations filed for bankruptcy last year. Under the settlement, Ms. Heath will get $12,500 and the power to seek more money after it’s seen how much remains from this year’s sale of the Girls Gone Wild brand.

A U.K.-based racing team has come up with a new formula: bankruptcy. Tailing fellow Formula One racing team Caterham, Marussia has filed for the U.K. equivalent of Chapter 11 bankruptcy protection, Bankruptcy Beat reported. Administrators from restructuring firm FRP Advisory placed the team, which is skipping the U.S. Grand Prix this weekend, into administration Monday. The team will keep operating while administrators “assess the longer term viability of the company in its present form,” according to FRP Advisory’s Geoff Rowley.

Zing! Bam! Zoom! You could own the rights to sound effects like those if you’re interested in bidding at an auction for Todd-Soundelux LLC. As Bankruptcy Beat reported, an auction is taking place next month for the company’s Hollywood Edge sound effects library and website. Before it shut down and filed for bankruptcy, Todd-Soundelux worked on movies and TV shows including “Game of Thrones,” “Mad Men” and “Lone Survivor.” The company has since been selling its assets piecemeal.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa.