Curt Schilling

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.

Rhode Island Gov. Lincoln Chafee delivers his annual State of the State Speech this week. RIPR political analyst Scott MacKay on why the governor’s words are crucial.

Lincoln Chafee has been governor for two years, but can any of  his constituents honestly point to an accomplishment or speech that addresses our state’s crying need: a better economy that generates needed jobs.

Former Gov. Donald Carcieri has finally broken his silence on 38 Studios. RIPR political analyst Scott MacKay on what the former governor did not say.

It was a grim-looking Don Carcieri who ended his retirement hiatus from media scrutiny with an interview with WPRI-TV’s Tim White. If not contrite about the disaster that was the state’s $75 million investment in the video game company, the former governor at least took responsibility for pushing the deal.

Now comes Boston Magazine with an in-depth dissection of Curt Schilling’s 38 Studios video game fiasco that has snared Rhode Island taxpayers to the tune of at least $75 million. The article by Jason Schwartz details the mess that was 38 Studios long before the arrival of the $75 million in financing from Rhode Island taxpayers that was pushed by Gov. Donald Carcieri and approved by the General Assembly and the RI Economic Development Corporation.

Curt Schilling took to the sports talk airwaves last Thursday to once again blame Governor Lincoln Chafee for the collapse of his 38 Studios video game company.

As usual, the washed up Red Sox pitcher tried to deflect blame from his wrongheaded leadership of the nascent company and shift responsibility to Chafee and R.I. state government.

The crash of the 38 Studios-Curt Schilling video game deal has sent shivers through Rhode Island’s economic development efforts. RIPR’s Scott MacKay has some thoughts on how we can get our jobs mojo back.

It is bad enough that Rhode Island state government has become a national laughingstock and media piñata for the foolish $75 million taxpayer bet on Red Sox legend Schilling’s ill-fated video game foray.

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