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Wed August 7, 2013
House Oversight Committee Set To Examine Investment in 38 Studios
The House Oversight Committee is set Wednesday to examine the state’s losing investment in failed video game maker 38 Studios.
The General Assembly ended the legislative session last month. But members of the House Oversight Committee are returning to Smith Hill to examine Rhode Island’s misadventure with 38 Studios.
The discussion will focus on documents obtained from the state Economic Development Corporation about the EDC’s approval of bonds for 38 Studios. The video game company was lured here with a $75 million state-backed guaranteed loan in 2010.
Former Red Sox star Curt Schilling’s company went bankrupt in 2012. Now with added interest on the loan, Rhode Island taxpayers are on the hook for roughly $100 million.
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