It looks like Kingdoms of Amalur: Reckoning 2 was in pre-production at 38 Studios before the doors were closed for good last week. Big Huge Games might have been in serious talks with a publisher before the final issues that lead to entire company going under for good.
If Big Huge Games somehow was able to keep themselves afloat, even under another name or company, the IP isn’t theirs any longer to use. The tech and code from the game is still owned by 38 Studios for the time being, though Rhode Island will be in control of it soon. And remember, 38 owes a pretty hefty fine to the state which means that they will hold the assets for a very high price.
Reckoning did sell 1.2 million units over the course of three months, despite being called a failure by the Rhode Island Governor. Electronic Arts published the game, though they decided to pass on the opportunity of dealing with the sequel due to politics dealing with the title. Big Huge Games could still manage to get back together and salvage what worked with the game, coming up with a new IP. Just like what they’ve done in the past with their Ascendant RPG which became Amalur. The question of hope is still dangling by a thread, and no one really knows the future of what Amalur will become.