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Posts tagged loan

SEC subpoenas the Rhode Island Commerce Corporation over 38 Studios lawsuit

After the last bit of immature name-calling over the 38 Studios debacle, it must be nice to finally put this whole mess to bed for good so we can... oh, wait. No, it appears that the drama regarding the dead studio continues as the Securities & Exchange Commission has issued a subpoena for the ...

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Rhode Island attempting to default on 38 Studios' debt

The AP is reporting that Rhode Island is attempting to default on the debt it owes for 38 Studios' $75 million loan and subsequent bankruptcy. The state has a proposal before lawmakers that would keep it from having to make any payments to bond holders. Supporters of the move to default say th...

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Rhode Island EDC sues Curt Schilling and more over 38 Studios loan

Back in May, Project Copernicus developer 38 Studios became embroiled in the controversy of the year when the studio officially shut down and fired all 379 of its employees. The story quickly turned political as the studio had been granted a loan of $75m US by the state of Rhode Island and it bec...

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Subpoenas issued over 38 Studios deal, Citizens Bank sues Schilling [Updated]

While the fallout from 38 Studios' collapse carries with it a human toll, it also has triggered a legal one as well. State and federal law enforcement agencies have issued subpoenas to both Bank Rhode Island and the Rhode Island Economic Development Corporation over the loans that enticed the gam...

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38 Studios' Project Copernicus to release in June 2013, says RI governor

It is not every day that a U.S. governor is the one to announce the launch window for an MMO, so savor the weirdness while you can: Rhode Island Governor Lincoln Chafee announced at a press conference that 38 Studios will be releasing code-name Project Copernicus next summer. "What I understand i...

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38 Studios paying state back by not paying employees

If you're familiar with the phrase "robbing Peter to pay Paul," you'll understand the latest episode in the ongoing 38 Studios financial crisis. Except replace "Paul" with "the state of Rhode Island" and "Peter" with "the company's employees." Yes, in order to make the most recent payment to the ...

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38 Studios Rhode Island deal still up in the air

Just when we thought 38 Studios' epic quest to move its guild headquarters to Rhode Island was nearing its conclusion, a posting on the blog of a local television news outlet casts a bit of doubt on the successful outcome of the proceedings. Reporter Ted Nesi writes that the state's Economic Develo...

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38 Studios relocation loan in jeopardy

Democratic Rhode Island gubernatorial candidate Frank Caprio has flip-flopped in his stance towards a $75 million loan from the state's Economic Development Corporation to fledgling game maker 38 Studios. The development house, founded in 2006 by former Major League Baseball pitcher Curt Schilling,...

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Rhode Island pitches a $75M loan offer to 38 Studios

States are always highly competitive when it comes to luring industries to their neck of the woods to bolster the local economy. From movie shoots to auto plants to hospitals, states tend to be shameless in offering incentives and tax breaks to benefit from an economic injection by these companies....

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