Robert A. Walsh Jr., executive director of the National Education Association Rhode Island, joins the Roundtable this week to discuss state Education Commissioner Deborah Gist; conflicting views on economic development; the debate over defaulting on bonds for 38 Studios; and Council 94's hiring of a prominent critic of state Treasurer Gina Raimondo.
The Rhode Island Republican Party said the state should default on the roughly 100 million dollars it owes due to the failure of video game maker 38 Studios. The GOP notes how the state isn’t legally required to pay back so-called moral obligation bonds.
State Republican Chairman Mark Smiley said the people who purchased the bonds bought an insurance policy as part of their investment. Smiley said the potential return on investment was higher because of the risky nature of the bonds. He also said taxpayers shouldn’t have to pay for a decision they didn’t make.
State Representative J. Patrick O'Neill (D-Pawtucket) joins the Roundtable this week (along with guest panelist Dan McGowan of WPRI-TV, Channel 12) to discuss Governor Lincoln Chafee's move to become a Democrat; the way forward for economic development, and legislative questions.
The Chafee administration is conducting a financial analysis on the cost of not paying back the moral obligation bonds that funded a $75 million loan guaranty for failed video game maker 38 Studios, the governor's spokeswoman said Tuesday.
Chafee spokeswoman Christine Hunsinger says the governor remains a strong believer that paying back the investors who bought the bonds is the right thing to do.
Gov. Lincoln Chafee’s administration is doing a financial analysis on the cost of not paying back investors who underwrote the state’s loan guarantee for failed video game maker 38 Studios.
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The governor has said it’s important for the state’s reputation to pay back the 38 Studios loan. Chafee’s spokeswoman, Christine Hunsinger, said several state agencies and department heads are conducting an analysis on the cost of not paying back those bondholders.
Lawyers for the defunct 38 Studios video game company were back in court Wednesday, asking a judge to dismiss a lawsuit brought against them by the Rhode Island Economic Development Corporation. The suit alleges that executives of the defunct Curt Schilling enterprise deliberately misled state officials about the financial viability of the company to gain a $75 million state-backed loan.
The beacon light atop the tallest building in Rhode Island will remain on for the time being. But the owner of the so-called “Superman Building” says that could change if state leaders don’t approve a $39 million package of tax credits. State leaders are decidedly lukewarm to the idea.