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  • Blog Post: SEC Files Charges Against Rhode Island, Wells Fargo Over 38 Studios Collapse

    The Rhode Island Economic Development Corporation, which issued $75 million in bonds for Curt Schilling’s 38 Studios, is now facing federal charges. The organization and underwriter Wells Fargo have been accused by the Securities and Exchange Commission of defrauding investors. $50 million of those... More
  • Blog Post: Rhode Island Lawmakers Questioned In Ongoing 38 Studios Case

    As part of the ongoing investigation into former baseball player Curt Schilling’s bankrupt company 38 Studios, state police officers have begun interviewing lawmakers involved with the vote for the loan guaranty program that gave $75 million in a state-backed loan to 38 Studios. The investigation... More
  • Blog Post: Rhode Island Taxpayers To Foot $2.4 Million 38 Studios Bill

    The state of Rhode Island will pay out $2.4 million to investors holding 38 Studios bonds. This will mark the first time that the state will pay out interest out of public funds. This payout follows a November 1 disbursement totaling $7.4 million in principal and $2.7 million in interest. Those funds... More
  • Blog Post: Rhode Island Denied Access To 38 Studios Lawsuit Documents

    The copies of depositions and exhibits relating to the civil lawsuit against 38 Studios for its defaulted loans granted by the State of Rhode Island will remain confidential for the time being. In late 2012, 38 Studios filed for bankruptcy and the Rhode Island Economic Development Committee (RIEDC) sued... More
  • Blog Post: 38 Studios Settlement Bill Signed By Rhode Island Governor

    Rhode Island governor Lincoln Chafee recently signed a bill into law that will help promote settlements in the litigation surrounding the collapse of the Kingdoms of Amalur developer. 38 Studios accepted and eventually defaulted on a $75 million loan from the state of Rhode Island to create Kingdoms... More
  • Blog Post: RI Proposes Bill To End Further Payments On 38 Studios' Debt

    A bill proposed last week by Rhode Island Lawmakers that, if passed, would allow the state to default on its debts incurred by investing in 38 Studios. According to an AP news report , the bill was proposed by democratic rep. Karen MacBeth on Thursday and would prevent Rhode Island's Commerce Corp... More
  • Blog Post: Rhode Island Governor Calls 38 Studios' Copernicus "A Lot Of Junk"

    Rhode Island Governor Lincoln Chafee recently spoke out against 38 Studios and its Project Copernicus MMO calling it, "a lot of junk," among a handful of other unfriendly terms. Chafee recently made an appearance on a local public affairs television show and had some choice words for 38 Studios... More
  • Blog Post: Rhode Island Considering Abandoning Its 38 Studios Debt

    While Governor Lincoln Chafee is currently planning to fulfill the obligations of the state's $75 million loan to 38 Studios, there is a chance that Rhode Island might abandon its obligations. The consideration is a balance between fiduciary and civic responsibilities. Rhode Island officials have... More
  • Blog Post: Rhode Island To Dispose Of Amalur Property Soon

    Believe it or not, there might be life left in Amalur. After a hard crash into financial oblivion last year, 38 Studios left the State of Rhode Island with nothing but some leftover assets and huge debt. The sale of physical goods netted the state of Rhode Island $830,000. According to the attorney responsible... More
  • Blog Post: Rhode Island Says 38 Studios Mislead State

    In new documents filed as part of the state of Rhode Island's lawsuit against 38 Studios executives, including baseball great Curt Schilling, the state's attorney claims that there is "crushing evidence" that 38 Studios intentionally misled the state. The suit is over a $75 million... More
  • Blog Post: Federal Investigation of 38 Studios Closed, No Charges Brought

    The federal investigation into Curt Schilling's 38 Studios has ended. In some rare good news for the former head of the Kingdoms of Amalur developer, federal authorities have decided that no charges will be brought as a result of the investigation. According to the Associated Press, a spokesperson... More
  • Blog Post: 38 Studios Filing For Bankruptcy, Authorities Begin Investigation

    Curt Schilling's beleaguered video game company has filed for chapter 7 bankruptcy. According to documents related to the filing, the company owes $100 million in Baltimore alone. Given that the 38 Studios' Baltimore LLC branch of the company is only one of four 38 Studios affiliate companies... More
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