Curt Schilling, 38 Studios, and Rhode Island

seems like 38 was in the process of developing another mmorpg as this all went down.

also:

Gov. Lincoln Chafee said today that 38 Studios is back in default with Rhode Island because the video game company violated its loan agreement by not informing state officials about yesterday’s mass layoffs in advance.

they've been developing that mmo for years, and in fact their single released game was one they got from buying out another studio because they had to release something

What the hell wrong with these people; make a match-3 iPhone game to start or sumthin, then work up a bit.

It's really not that hard to figure out; bit easier than making a MMO or three out of the gate.

http://news.providencejournal.com/breaking-news/2012/05/38-studios-bond.html

PROVIDENCE, R.I. -- A gaggle of lawyers from Cranston to Los Angeles -- including a former R.I. lieutenant governor -- shared close to $545,650 in payments from the state-backed sale of $75 million in taxable revenue bonds for former Red Sox pitcher Curt Schilling's collapsed video-game venture, 38 Studios.
The local payments from the 2010 bond sale included $124,790 to Adler Pollock & Sheehan, as legal counsel to the R.I. Economic Development Corporation; $36,990 to Taft & McSally as the state's disclosure counsel; $120,620 to First Southwest Company as financial adviser to the EDC; $190,000 to Moses & Afonso as bond counsel to the EDC; and a $12,250 "partial payment'' to Pannone Lopes Devereaux & West as local counsel to the "placement agent."
The lawyers involved in the bond sale approved by the EDC when Republican Governor Donald Carcieri chaired the board included: former Republican Lt. Governor Bernard Jackvony at Pannone Lopes Devereaux & West, according to recently released EDC documents.
At Taft & McSally, they included Robert Murray, a chief of staff to another former Republican governor, Edward D. DiPrete.
At Adler Pollock, they include the EDC's long-time legal adviser Robert Stolzman, and at Moses & Afonso, lawyers Antonio Afonso Jr. and Paul M. Harley.

^^ for ppl wondering how this could happen

this entire thing is one of the dumbest ideas ever

http://blogs.wpri.com/2012/05/25/salvatore-defends-38-studios-its-game-would-blow-you-away/

for that kind of money it better do more than blow me right fellas

somehow extra depressing that you only need $500k of corruption on a $75mn package.

RIP Rhode Island, you will now be known as Connecticut East.

Actually, I was biking home yesterday afternoon and some a-hole in a minivan with RI plates cut me off really closely and I wished bad things on the state. This is all my fault.

eh, don't worry about it. our state prides itself on bad driving & open corruption.

"Some of the hundreds of 38 Studios employees laid off yesterday were hit with a second round of bad news this week when they were told by banks that homes they thought the company had sold for them hadn't been and that they may be stuck with a second mortgage, Polygon has learned.

Several sources directly impacted by the mortgage issue confirmed the news today and a 38 Studios official, who asked to not be named, said the company is working to try and get to the bottom of the notifications and find a resolution."

http://www.theverge.com/gaming/2012/5/25/3043282/38-studios-downfall-leads-to-second-mortgages-for-some-employees

wow that's next level

The upside of all this is that Curt Schilling is going to be a bankrupt, broken man.

what are the odds of criminal charges being brought against 38 i wonder

eh, don't worry about it. our state prides itself on bad driving & open corruption.

hey, that's what we from New Jersey take pride in! we got their first!!

man my girlfriends parents could not stop talking about this the other weekend

blamed of course on unspecified "mini-obamas" in the RI gov't

objectively this is a terrible terrible thing but it's also basically hilarious

also will probably spend the whole day thinking about a rhode island RPG

You have obtained: DELS LEMONADE

ACHIEVEMENT UNLOCKED: BUCK A BOOK

blamed of course on unspecified "mini-obamas" in the RI gov't

do they not know that you are a communist propagandist?

blamed of course on unspecified "mini-obamas" in the RI gov't

mini... obamas...?

presidential imitators, dwarf division

lollipop choom gang

Character Race: Obama Dwarf
Character Class: Politician
Level: State Government (Appointed)

The upside of all this is that Curt Schilling is going to be a bankrupt, broken man.

Schilling put something ridiculous like $30 million into this

oh, wow, that's hilariously dumb

ha that makes me feel a lil better, what a muppet

I thought he paid himself back from that state loan first thing?

corporations are people, my friend

Pictured, top to bottom: Curt Schilling, Rhode Island

http://cdn.fd.uproxx.com/wp-content/uploads/2012/04/Jeff-daniels-toilet-dumb-an.jpg

In his first public remarks on the company's problems, Schilling told the newspaper for its Tuesday editions that public remarks by Gov. Lincoln Chaffee that the state was trying to keep his company solvent were "devastating." He said that shortly after those remarks, a video-game publisher pulled out of a deal to finance a new game.

"The governor is not operating in the best interest of the company by any stretch, or the taxpayers, or the state," Schilling told the newspaper. "We're trying to save this company and we're working 24/7. The public commentary has been as big a piece of what's happening to us as anything out there."

"I have done whatever I can do to create jobs and create a successful business, with my own income," he said. "Fifty million dollars, everything I've ever saved, has been put back into the economy. The $49 million from Rhode Island has been put back in the economy. I've never taken a penny and I've done nothing but create jobs and create economy. And so how does that translate into welfare baby? I've tried to do right by people."

http://www.boston.com/news/local/massachusetts/articles/2012/05/29/schilling_says_ri_played_role_in_companys_trouble/

this fuckin' guy

it's not government cheese if I am a recipient, see. hands offa my Medicare when i turn 67, too, for that matter.

The $49 million from Rhode Island has been put back in the economy.

what a delightful euphemism for "we had $49 million and spent it all."

he didn't specify WHICH economy ... a chunk of that $49 million could be in Cayman Island or Swiss bank accounts for all anyone knows at this point.

well some of that $49 million was used to repay private bank loans in Massachusetts and to pay mortages on former out-of-state homes of relocated employees, way to give back to rhode island, baby

i don't think he understands that you can't just "create jobs," you have to "keep jobs around once you have created them"

And so how does that translate into welfare baby?

also I'm hearing that the main reason that Schilling took the RI state loan guarantees was because he was unwilling to get private venture capital in the first place -- investors were unwilling to sink money into such a risky venture without a guarantee of oversight, and schilling was unwilling to give up any of his equity or control of the company

investing your entire $50m fortune into a video game company is one of the dumbest athlete investments of all time

seriously, just open up a string of steakhouses and call it a life

also baseball reference estimates that he made $115m in salary alone in his playing career -- what happened to the other $60 million?

something "scaring away investors" is always the most bullshit economic argument made by conservatives

what happened to the other $60 million?

pies

Lost it at the track?

Blew it all on Silver Age comics?

Bought Fleer and Donruss and tried to make them kiss?

clean socks

and that $115 doesn't include endorsements, any potential investment that he actually turned a profit on, any paid work (ESPN etc) that he did after baseball -- obv some of that is probably illiquid and tied up in real estate etc, but... $60+ million? he's either the worst investor/money manager of all time, or he's bullshitting about being on the brink of "financial devastation"