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Mon September 10, 2012
Winners + losers of the 38 Studios bankruptcy filing
Last Friday marked the three-month anniversary of the bankruptcy filing of 38 Studios. That makes it a good time to assess how some of the main players in that debacle are faring:
Lincoln Chafee opposed the deal for 38 Studios as a candidate and tried to gain an audience with the EDC. He looks prudent for cutting the state’s losses, rather than sinking more public money into a concept without a clear path to success. His administration has also pursued efforts to try to limit the exposure for taxpayers.
Gordon Fox retains a solid hold on what is not uncommonly called the most powerful post in state government. He has tried to distance himself from responsibility for the 38 Studios debacle. Even if some voters take their frustration out on legislative incumbents, Fox seems likely to be back at the rostrum in January.
Curt Schilling Schilling’s standing is not so hot in the minds of many Rhode Island taxpayers. A penetrating Boston magazine story portrayed him as way in over his head from the start. It also made his attempts to pass the blame on to Lincoln Chafee look petty and misplaced.
Don Carcieri The former governor has remained mostly MIA since 38 Studios melted down in May, declining to speak with reporters. It wasn’t until the recent Republican National Convention that he vowed to talk — at some point.
RI’s psyche Add a supposed great idea-turned-disaster to decades of failure in moving the state economy foward, and you can get further inertia. But maybe 38 Studios also provided a wake-up call about the need for new ideas.
Ex-38 Studios employees are among those who got the short end of the stick when the company fell far short of the vision thing.
RI taxpayers remain the ones facing most of the brunt from the state’s losing investment in 38 Studios – roughly about $100 million at last count.