Schilling's company bankrupt

[pappy]

Government guaranteed $75 Million load goes poof and investigations are underway.

TPM has the story

Quote:Schilling’s State-Backed Video Game Company Files For Bankruptcy

Former Red Sox pitcher Curt Schilling’s video game company, 38 Studios, has filed for bankruptcy.

“This action comes after several weeks when the company has reviewed, considered and received the recommendations and advice with respect to potential avenues for relief that are currently available,” 38 Studios told The Providence Journal in a statement. “After ongoing negotiations with the State of Rhode Island and potential investors and other interested parties, the Company has been unable to find a solution to the current stalemate.”

38 Studios relocated to Rhode Island in 2010 in exchange for $75 million in guaranteed loans, and, earlier this year, put out its first game, “Kingdoms of Amalur: Reckoning,” to positive reviews. But things fell apart after the company missed a $1.1 million payment to the state on May 1. The payment was eventually made, but the company was then unable to meet payroll, and Schilling asked the state for more money. Gov. Lincoln Chafee came out publicly against the idea, saying at a press conference that “there’s no more easy money,” and that 38 Studios should seek private money to stay in business. On May 24, 38 Studios laid off all its employees.

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[azmouse]

I'm sorry for the employees that lost their jobs. That's all.

[MilesColtrane]

The state of Rhode Island could have gotten off cheaper by hiring 450 employees at $150K a year to repair potholes than pouring that money into what was essentially a risky, start up venture with a celebrity Chairman of the Board.

[There Is No Spoon]

Haha! I liked Shilling when he helped the Sox win a World Series, then I hated when when I saw him hanging around with terrorists (GW Bush). I'm glad he went bankrupt (sorry for his employees.)