The lights are on
Four months after 38 Studios filed for bankruptcy, the Rhode Island Economic Development Committee (RIEDC) is suing owner Curt Schilling and other former studio executives, after failing to repay the $75 million the group borrowed.
A copy of the complaint can be found on the RIEDC website here.
Below is the full written statement from Gov. Lincoln Chafee about the lawsuit:
A Message from Governor Lincoln Chafee, Chairman of the RIEDC Board of Directors
As you know, in the past I have raised many concerns regarding the 38 Studios deal. When it became clear that the company would not survive, I publicly stated my commitment to you that my primary goal would be to do everything within my power to protect the taxpayers of Rhode Island. I will work to minimize any loss of your hard earned taxpayer dollars.With that goal guiding us, we engaged Max Wistow, a seasoned attorney with decades of experience in complex litigation matters, including financial restitution and settlements.Over the past four months, Mr. Wistow and his team have thoroughly examined the 38 Studios situation and the state's position.In executive session of the Economic Development Corporation Board, we received an extensive briefing from Mr. Wistow on his findings. In that meeting, the Board voted without opposition to authorize legal action.This vote was not taken lightly, and it was taken with the clear goal of protecting the taxpayers of Rhode Island.The 38 Studios saga has understandably generated a great deal of attention from the media and the public at large. I know, therefore, that there will be pressure to discuss the complaint. However, neither I, nor the other members of the EDC Board, nor the attorneys representing the EDC in this matter will be able to do so. Further discussion of the complaint could jeopardize this process and endanger our ability to recoup taxpayer losses. The complaint on its own contains a great deal of important and illuminating information on how this deal unfolded. Litigation is often long and tedious. The filing of this complaint is only the beginning. I know therefore there still will be many unanswered questions as the legal process continues and if and when other information comes to light it will be appropriately addressed.My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable. The Board’s legal action was taken to rectify a grave injustice put upon the people of Rhode Island. You have my commitment that I will continue fighting to protect the interest of all Rhode Islanders every day that I am Governor.
This is too many nails in Kingdom of Amalur's coffin...
How can use somebody even after they have died ? Does that make any sense to you ?
Tax dollars should never be used in business ventures. There is literally never a guarantee that an investment will pay off unless you're cheating. To have agreed to this "loan" from a lending perspective means RI is as culpable as Schilling.
I just feel bad for the guy.
I guess that means his bloody sock too.
On behalf of all Rhode Islanders, I apologize to Curt, to my tax dollars, and to gamers everywhere. Sorry my Governor turned out to be a ***.
I thought we had heard the last of this debacle. *sigh*