Wedbush Securities’ Michael Pachter tells Joystiq he’s not optimistic about how much money Rhode Island could raise by selling off 38 Studios’ intellectual property if the company goes under:

“Nobody is buying MMOs after Star Wars fizzled. I think value is low, probably $20 million or so,” Pachter said. “There is just no demand for game assets right now, as THQ proved when it tried to sell the Warhammer MMO. I think [Electronic Arts] could step in, since they are the publisher, so you might see some alternative way to get 38 some bridge financing.”

An Electronic Arts spokesman offered no indication to Joystiq that the company which distributed “Reckoning” is planning to step in as 38 Studios’ savior. On the other hand, Pachter’s comments are a reminder that Rhode Island won’t be stuck with nothing if 38 Studios collapses.

Principal and interest payments due on the 38 Studios bonds total $112.6 million through 2020. Subtract the $23.4 million set aside from the initial proceeds to pay the bonds, add another $20 million in proceeds from selling 38 Studios’ assets, and Rhode Island taxpayers’ total tab could be reduced to roughly $69.2 million.