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[Boston.com] Rhode Island sues 38 Studios to recoup losses

post #1 of 8
11/1/12 at 2:23pm
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Rhode Island on Thursday sued Curt Schilling and his bankrupt company, 38 Studios LLC, in an effort to recoup the $75 million in loans the state guaranteed to lure the video game maker from Massachusetts.

The suit, filed with the Rhode Island Superior Court, names Schilling, several 38 Studios executives, the company’s bankers and Keith Stokes, the former director of the Rhode Island Economic Development Corp., who resigned earlier this year over the 38 Studios deal.

Source

Having followed the 38 Studios story a bit, it smells worse than a Tuna processing factory after losing it's cooling for a week.

I just don't see how upper management, Curt Chilling and his friends, didn't know they were on a sinking ship. Pretty sure they just bilked Rhode Island and are trying to run with the money.
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post #2 of 8
11/1/12 at 2:56pm
lol!not likely!38 just didnt read the fine print(aka the cost to be that close to any big center (metropolis)in america!ri is even worst being close to boston and ny!
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post #3 of 8
11/1/12 at 3:09pm
i love curt shilling and glad he brought my boston a world series.
i just seen this coming hearing him talk about it here on the local radio stations just sounded like he learned his business from "starting a business for dummies". think he admitted to not knowing they were not going to make payroll and loan payment like a week out.
it's too bad as he's an ok dude and was really liking the things he was talking about and direction of games before all this.

maybe he can get that bloody sock back from the HOF and sell it for a $150 million to pay back the debt.
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post #4 of 8
11/1/12 at 11:40pm
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Originally Posted by drbaltazar View Post

lol!not likely!38 just didnt read the fine print(aka the cost to be that close to any big center (metropolis)in america!ri is even worst being close to boston and ny!

Uh...no.
Quote:
Originally Posted by killerhz View Post

think he admitted to not knowing they were not going to make payroll and loan payment like a week out.

This is called Gross Negligence, and if true, he is completely liable for everything in my book.
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post #5 of 8
11/2/12 at 12:07am
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Good luck squeezing blood from that turnip. From what I understand Curt Schilling lost 50 million that he invested into his own company when 38 Studios collapsed. From all the interviews he has given, the 30 For 30 documentary and the fact that he is trying to sell his house at a loss it is clear that the guy is pretty much broke. Rhode Island made a gamble when they loaned 38 Studios all that money, they took a gamble on an unproven video game development company that was attempting to create, from the ground up, what is considered by just about everyone the hardest type (and most expensive) of game to develop, an MMO. Rhode Island made a bad move to begin with. Who the hell invests 75 million in a completely unproven development house to develop an MMO, a genre in which development costs + initial investments are now cresting 400 million.
Edited by tubnotub1 - 11/2/12 at 12:16am
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post #6 of 8
11/2/12 at 12:14am
It really takes a special kind of talent to blow that much money on a game and then fail absolutely miserably.
Edited by geoxile - 11/2/12 at 12:16am
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post #7 of 8
11/2/12 at 1:14pm
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Originally Posted by tubnotub1 View Post

Good luck squeezing blood from that turnip. From what I understand Curt Schilling lost 50 million that he invested into his own company when 38 Studios collapsed. From all the interviews he has given, the 30 For 30 documentary and the fact that he is trying to sell his house at a loss it is clear that the guy is pretty much broke. Rhode Island made a gamble when they loaned 38 Studios all that money, they took a gamble on an unproven video game development company that was attempting to create, from the ground up, what is considered by just about everyone the hardest type (and most expensive) of game to develop, an MMO. Rhode Island made a bad move to begin with. Who the hell invests 75 million in a completely unproven development house to develop an MMO, a genre in which development costs + initial investments are now cresting 400 million.

Very true. Though if the process goes deep enough I wouldn't be surprised to see him brought up criminally and face jail time.
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post #8 of 8
11/2/12 at 1:20pm
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didnt they file bankruptcy also and they didnt pay their employs and other stuff lol seems like it will be pretty hard to get any money out of them.
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