38 Studios

Politics
8:35 am
Wed June 5, 2013

Rhode Island Republicans Demand Default

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.

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On Politics
11:07 am
Tue June 4, 2013

Support Grows for Defaulting on $100M Taxpayer Tab Over 38 Studios

The debate is intensifying over whether Rhode Island should default on the roughly $100 million owed by taxpayers due to the state's losing investment in failed video game-maker 38 Studios.

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Political Roundtable
4:00 am
Fri May 31, 2013

Political Roundtable: O'Neill on Chafee's Change, Economic Development + the House

Credit Ian Donnis / RIPR

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.

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On Politics
3:50 pm
Tue May 28, 2013

Chafee Administration Analyzing Cost of Not Paying Back 38 Studios' Investors

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.

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38 Studios
3:41 pm
Tue May 28, 2013

Gov. Chafee's Office Analyzing Cost of Defaulting on 38 Studios Loan

Protestors rally in downtown Providence against paying back a $75 million guaranteed loan to 38 Studios.
Credit Don Borman / RIPR

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.

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.

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38 Studios
2:54 pm
Wed May 22, 2013

38 Studios Lawyers: Curt Schilling Hid Nothing From RI

Video game company 38 Studios went bankrupt after receiving a $75-million loan from the state.
Credit RIPR

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.

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On Politics
4:22 pm
Fri May 3, 2013

TGIF: 14 Things to Know About Rhode Island Politics + Media

May rolls in with history being made in Rhode Island. Welcome back to my weekly column. As always, your thoughts and tips are welcome at idonnis (at) ripr (dot) org. Let's head in:

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On Politics
10:24 am
Thu May 2, 2013

Fox Foe Mark Binder Announces New Challenge to the Speaker

We're 18 months out from the November 2014 election, but that's not stopping Mark Binder from announcing on Thursday another legislative challenge to House Speaker Gordon Fox.

Via news release:

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RI News
8:23 am
Thu May 2, 2013

Beacon Atop Superman Building Won't Go Out

Credit RIPR

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.

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RI News
7:08 am
Wed May 1, 2013

Superman Building Owner Pursues State Aid

Credit RIPR

The owner of the vacant Superman Building in downtown Providence wants to use $39 million in state money to convert it into for residential apartments.  It remains unclear whether the General Assembly is willing to support that kind of spending.

The Superman Building has been sitting empty ever since Bank of America left in early April. The property’s owner, High Rock Development of Massachusetts, wants to convert the art deco building into 278 rental apartments.

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