Max Wistow, the lawyer for the Rhode Island Economic Development Corporation, filed documents on behalf of the state claiming that 38 Studios needed more than $75 million in loan guarantees before the company ever moved to Rhode Island. He argues that folks at 38 Studios knew that the funds they were receiving from the state would be insufficient. The company netted about $50 million from an EDC bond sale, and Wistow is claiming "crushing evidence" that 38 Studios actively masked its financial shortfall.
Posted on Oct 23rd 2014 8:00PM
Posted on Oct 23rd 2014 2:00PM
Posted on Oct 23rd 2014 12:00PM