Curt Schilling

Ian Donnis / RIPR

Intellectual property rights for 38 Studios, the failed video game that left Rhode Island taxpayers on the hook for $90 million, were slated to hit the auction block Wednesday. Nick Jimenez, executive vice president with Heritage Global Auctions, says via email there will be "more to report after the sales process is completed in the coming days." In the interim, an update on related developments:

The state’s lawsuit over failed video game company 38 Studios will move forward. Superior Court Judge Michael Silverstein dismissed some of the counts, but allowed key parts of the state’s lawsuit to move ahead.

file / RIPR

Rhode Island’s lawsuit over failed video game company 38 Studios will move forward. Superior Court judge Michael Silverstein dismissed some of the counts, but allows key parts of the state’s lawsuit to move ahead.

(Read the judge's 98-page decision here.)

When video game maker 38 Studios went belly up after receiving a $75 million state loan guaranty, it left taxpayers in the lurch for roughly $100 million.

Former Red Sox star Curt Schilling says stress from 38 Studios’ business problems was part of why he suffered a heart attack in 2011.  Schilling revealed the health problem in an interview with the Boston Sunday Globe.

Schilling tells the Globe he experienced chest pains while watching his wife run in the New York Marathon in November 2011. That was seven months before 38 Studios went bankrupt, leaving Rhode Island taxpayers on the hook for close to 100 million dollars. Schilling says he was treated after returning to Boston.

RIPR FILE

A legislative committee Wednesday held the fourth in an ongoing series of oversight hearings on Rhode Island’s investment in failed video game company 38 Studios. Committee members had different views on the value of the meeting.

Don Boorman / RIPR

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.

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.’’

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.

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.

The Sunday New York Times is out with Matt Bai's lengthy and well-written overview of Rhode Island's disastrous investment in 38 Studios, former Red Sox star Curt Schilling's bankrupt video game company. Bai's story doesn't offer much in the way of new findings, but it will expose the Ocean State's folly to a broad audience of influentials.

So now the most ridiculous and irresponsible decision of former Gov. Donald Carcieri’s tenure has come home to roost. That, of course, would be the decision to gamble $100 million or so of the taxpayers’ money on Curt Schilling’s ill-fated 38 Studios video game company.

The company is now bankrupt. As ProJo State House veteran Katherine Gregg reports, the budget proposal from Governor Lincoln Chafee, the most vocal opponent of this fiasco during the 2010 governor’s race, has proposed making the initial $2.5 million payment to bondholders.

Gov. Chafee: Having Trouble Filling EDC Board

Mar 5, 2013

Gov. Lincoln Chafee says he’s having some trouble getting people to serve on the board of the Rhode Island Economic Development Corporation. Seven of the 13 board seats are empty and the agency has no director.  

Chafee says people he’s approached are reluctant to serve because of the high-profile nature of the troubled agency.

Friday, February 22, 2013

Feb 22, 2013

A snow storm is on its way.  Yes, again.  The ACLU says the state's Attorneys General are falling down on the job of enforcing the Open Meetings Law.     These stories and more on the RIPR Morning News Podcast, along with this week's Political Roundtable with guest Pablo Rodriguez. 

Do you have insight or expertise on this topic? Please email us, we'd like to hear from you.  news@ripr.org
 

Tuesday, February 19, 2013

Feb 19, 2013

RI's former Attorney General is in Brazil helping law enforcement looking into a deadly nightclub fire.  RI and MA are working out how to best regulate centers which dispense  medical marijuana.  These stories and more on the RIPR Morning News Podcast.  Also a special interview by Ian Donnis with US Attorney Peter Neronha.

Do you have insight or expertise on this topic? Please email us, we'd like to hear from you.  news@ripr.org

File / RIPR

So far Curt Schilling’s bloody sock has a highest bid of $32,500 in an online auction of this piece of baseball history. The sock is expected to go for more than $100,000.

While on the mound during the 2004 World Series, former Red Sox pitcher Curt Schilling’s ankle started to bleed. His blood-stained sock became an instant icon and the symbol of his career. Well, a failed videogame business and millions of dollars in debt later, a broke Schilling pulled the sock from the National Baseball Hall of Fame and put it up for auction.

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