Curt Schilling

Ian Donnis / RIPR

The state Commerce Corporation announced Tuesday it has reached a $25.6 million settlement with two of the defendants in the state's lawsuit over 38 Studios, Wells Fargo Securities and Barclays Capital.

Ian Donnis

State Police and Attorney General Peter Kilmartin will pursue no criminal charges after a years-long investigation into 38 Studios, the company that won a $75 million public subsidy to move to Rhode Island, then went bankrupt, leaving taxpayers on the hook.

In announcing results of the investigation, State  Police Col. Steven O'Donnell said a bad business deal doesn't necessarily provide grounds for a criminal indictment.

It's peak presidential politics in Rhode Island, with a trio of candidates set to stump in the state this weekend. So thanks for stopping by for my weekly column. As usual, your tips and comments are welcome, and you can follow me through the week on the twitters. Here we go.

John Bender / RIPR

The US Securities & Exchange Commission on Monday announced that it has charged Wells Fargo Securities and the state agency formerly known as the Economic Development Corporation with defrauding investors in the municipal bond offering used to finance 38 Studios in Rhode Island.


Ian Donnis / RIPR

Former House Finance chairman Steve Costantino said through his lawyer Wednesday that he's willing to return to Rhode Island to answer questions about the state's ill-fated investment in the video game company 38 Studios.

"Mr. Costantino is aware of the intent of the committee you chair to have him appear for testimony on January 14, 2016," lawyer Marc DeSisto writes in a letter to Oversight Chairwoman Karen MacBeth. "I have been authorized by Mr. Costantino to advise you that he is willing to appear and testify before your committee without the need to utilize a subpoena."

House Speaker Nicholas Mattiello has signed a subpoena calling on Curt Schilling to appear for a December 15th meeting of the House Oversight Committee.

Ian Donnis / RIPR

On a 9-0 margin, the House Oversight Committee voted Thursday to seek a subpoena meant to spur State House testimony by Curt Schilling about his ill-fated video game company, 38 Studios. Yet the committee's counsel, Charles Knowles, told the panel that a court in Massachusetts, where Schilling resides, is unlikely to recognize the subpoena.

State Rep. Karen MacBeth (D-Cumberland), who chairs the committee, said there's value in issuing the subpoena, even if it doesn't succeed in the short-term in causing testimony by Schilling.

RIPR FILE

The House Oversight committee meets Tuesday for yet another round of hearings into the defunct video game company 38 Studios. The hearings come after the release of thousands of documents related to the state’s lawsuit with the company.

Among the major takeaways, the documents revealed some lawmakers may have known about a potential 38 Studios deal months before previously acknowledged. At Tuesday’s meeting the house oversight committee will receive an updated timeline of events.

Kristin Gourlay / RIPR

The 38 Studios lawsuit disclosures have once again cast a cloud over the Rhode Island Statehouse. RIPR political analyst Scott MacKay wonders when Rhode Islanders will finally be fed up enough to bring change to Smith Hill.

John Bender

Former Gov. Lincoln Chafee, now seeking the Democratic presidential nomination, weighed in this afternoon on the release of the 38 Studios court documents.

It was Chafee, a vigorous opponent of the 38 Studios deal when he was running for governor in 2010, who later hired lawyer Max Wistow to file suit against principals in the deal. 38 Studios went bankrupt, leaving taxpayers holding the bag for $75 million in state-backed bonds to the company run by former Boston Red Sox star pitcher Curt Schilling.

Ian Donnis / RIPR

During a closed session on June 9, 2010, the board of Rhode Island's Economic Development Corporation received a briefing on what then-Governor Don Carcieri suggested was a "fairly significant transaction" that had presented itself to the EDC.

A status hearing in the state’s lawsuit over the failure of video game company 38 Studios is slated for Friday. The topics will include a proposed settlement involving some of the defendants.

The state announced earlier this month it reached a $12 .5 million settlement with four of the 38 Studios defendants. A judge has to approve the deal for it to go forward.

Some of the defendants who have yet to settle, including former 38 Studios owner Curt Schilling, are objecting to the settlement. The reasons for that have not yet been made public.

Wikimedia Commons

A Superior Court delayed a hearing scheduled for Friday about whether to release some of the documents in the state’s lawsuit over 38 Studios.

The state says the discovery process has concluded, so it’s a good time to unseal the previously confidential documents.

A lawyer for two of the defendants responds by saying all the documents in the case should be released at the same time, rather than in piecemeal fashion.

Wikimedia Commons

Rhode Island state government has asked a state Superior Court judge to open to the public records related to the state’s civil suit against several financial companies and law firms in the long-running case to recover damages from those involved in the ill-fated 38 Studios bond deal.

    

The debate over Rhode Island taxpayer support for a new stadium for the PawSox in Providence has started. RIPR Political Analyst Scott MacKay talks about state government’s next move.

Listening to the opening salvos in the Providence stadium debate reminds one of William Faulkner’s dictum about the American South: "The past is never dead. It isn’t even past.’’

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