38 Studios

Political Roundtable
4:00 am
Fri July 5, 2013

Bonus Q+A: Marcello Says Paying Bondholders Doesn't Undercut Digging into 38 Studios

State Representative Michael Marcello (D-Scituate), chairman of the House Oversight Committee, takes part in Bonus Q+A to discuss Oversight's hearings on 38 Studios, transit funding, the legislative process, and other issues.

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Political Roundtable
4:00 am
Fri July 5, 2013

Political Roundtable: Marcello on the Sakonnet Toll Controvery, 38 Studios + More

State Representative Michael Marcello (D-Scituate), chairman of the House Oversight Committee, joins the Roundtable this week to discuss the bumpy end to the House session; new tolls on the Sakonnet River Bridge; repaying bonds for 38 Studios; and other issues.

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Politics
8:50 am
Fri June 28, 2013

Mayor Taveras Supports Repayment of 38 Studios Bonds

Providence Mayor Angel Taveras is supporting the General Assembly’s inclusion of money to pay back bondholders who invested in failed video game maker 38 Studios.  The legislative budget includes two and a half million dollars for the bondholders.

Opponents say not paying back the bonds will be less costly than coughing up a total of 90 million dollars over 8 years. They point to how Rhode Island isn’t legally required to pay back moral obligation bonds. But Taveras agreed with those who say that not paying the money would hurt the state’s credit rating and reputation.

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Political Roundtable
4:00 am
Fri June 28, 2013

Political Roundtable: Taveras on 38 Studios Bonds, Immigration + his Political Future

Credit Ian Donnis / RIPR

Providence Mayor Angel Taveras joins the Roundtable this week to discuss the legislative budget; paying back 38 Studios bonds; immigration legislation in Congress; and his political future.

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Politics
7:15 am
Thu June 27, 2013

2014 State Budget Passes in the House

Speaker Gordon Fox on the second night of debate over the 2014 State Budget.
Credit Ian Donnis / RIPR

The Rhode Island House of Representations Wednesday passed a budget that includes the first repayment for money owed over the state’s losing investment in video-game maker 38 Studios.  Taxpayers remain on the hook for a total of about 90 million dollars.

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On Politics
1:24 pm
Wed June 26, 2013

It's Day Two and RI House Still Trying to Bang out a Budget

House Speaker Gordon Fox on the second day of trying to pass a state budget.
Credit Ian Donnis / RIPR

The Rhode Island House resumed the budget debate Wednesday afternoon. It's the second day that followed an unusual defeat for House Speaker Gordon Fox which sent the state's spending plan for the fiscal year starting July 1 into uncertainty.

On Wednesday the House voted 67-4  on a bill that freezes tolls on the Sakonnet River Bridge until February 1, 2014. The legislation also creates a commission to study how East Bay bridges are funded. And a provision in the House budget blocks any toll hikes for Newport's Pell Bridge.

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Politics
9:03 am
Tue June 25, 2013

Lack of Independent Monitoring Factored Into 38 Studios Debacle

Legislative testimony shows that independent monitoring wasn’t put in place for 38 Studios before bonds were sold to fund the ill-fated video company.  The state Economic Development Corporation told investors that IBM would perform third-party monitoring of 38 Studios.

The issue of independent monitoring was discussed during a House Oversight Committee meeting earlier this month. In a document similar to a prospectus, the EDC told investors it hired IBM in September 2010 to monitor 38 Studios’ performance.

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Scott MacKay Commentary
7:04 am
Mon June 24, 2013

Will Rhode Island Ever Move Past Its 38 Studios Disaster?

Leaders at the State House have been unable to agree on what to do about the outstanding bonds owed for failed video game company 38 Studios.
Credit Don Boorman / RIPR

Will Rhode Island ever get beyond the shadow of the 38 Studios-Curt Schilling disaster. RIPR political analyst Scott MacKay on why state government so far has not developed options for putting this behind us.

President John F. Kennedy said famously that ``life is unfair.’’ Some men,’’ he noted, ‘’are killed in a war, some men are wounded and some men never leave the country.’’

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On Politics
5:20 pm
Fri June 21, 2013

TGIF: 9 Things to Know About Rhode Island Politics + Media

The General Assembly heads into the home stretch, with a House budget vote set for Tuesday. On that note, welcome back to my weekly column. Your thoughts and tips are welcome at idonnis (at) ripr (org), and follow me on Twitter. Here we go:

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On Politics
4:35 pm
Fri June 21, 2013

38 Studios: It won't end well for RI

Will Rhode Island ever get beyond the shadow of the 38 Studios-Curt Schilling  disaster. RIPR political analyst Scott MacKay on why state government so far has not developed options for putting this behind us.

President John F. Kennedy said famously that ``life is unfair.’’ Some men,’’ he noted, ‘’are killed in a war, some men are wounded and some men never leave the country.’’

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