"Toy maker gets new owners, not a new philosophy" by Sarah Shemkus | Globe Correspondent, August 22, 2013
“We don’t make toys that are based on computer chips,” Jack Schylling said, sitting in a conference room of his Rowley company that is lined with hundreds of his company’s painted metal robots, toy racing cars, and rubber duckies. “We like the more traditional toys where your imagination fills in the blanks.”
Now, Schylling and his company are entering a new phase. Schylling Inc. announced last week that the investment firms Crofton Capital LLC of Newton and Gladstone Investment Corp. of McLean, Va., have acquired the company from Schylling and his brothers David and Tom.
Terms of the sale were not disclosed.
As the new owners take over, Schylling, 63, and his brothers will retain a significant stake in the company — “certainly enough to keep us motivated,” Schylling said. David Schylling will stay on in business development, and Tom Schylling will remain in his current position as chief financial officer....
Schylling will be handing the title of president to Paul Weingard, an industry veteran and current head of product development for the company....
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Time to start steiffing the Boston Globe.
Also see: Wet Teddy
Time for some chow.
A different kind of Schilling:
So did the state of Rhode Island
:
"RI judge OKs lawsuit against Curt Schilling, others" by Erika Niedowski | Associated Press, August 29, 2013
PROVIDENCE — Most of a lawsuit asserting that former Red Sox pitcher Curt Schilling and executives at his failed video game company duped the state’s economic development agency into approving a $75 million investment can move forward, a judge ruled Wednesday.
Superior Court Judge Michael Silverstein’s decision allows the Economic Development Corp. to proceed with its lawsuit against Schilling, former 38 Studios executives, former Economic Development officials, and others. The suit alleges fraud, negligence, breach of fiduciary duty, racketeering, and conspiracy and says the board was misled into approving a $75 million loan guarantee for the company in 2010.
38 Studios, named for Schilling’s old jersey number, filed for bankruptcy last year, leaving the state on the hook for $112 million. About $90 million is outstanding....
The sock only fetched $60,000.
The suit does not seek a specific dollar amount but wants repayment of the $75 million in bonds that supported the deal. It seeks triple damages from some of the defendants, including Schilling.
In his ruling, Silverstein said the state cannot immediately sue to recover the entire $75 million because it has not lost that much. The bonds are being repaid over time. But the judge said the corporation might have a claim for future losses if and when the General Assembly approves the payments.
AmeriKa's entire $y$tem is built on debt enslavement that generates wealth for the already wealthy.
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I never thought Curt should have gotten state money; however, I now feel sorry for him. He didn't get bailed out like banks and stuff. Here was a guy trying to do the right thing and start a business and got a quick le$$on in real capitalism.
Also see: WEEI courting Curt Schilling for significant role
I'm glad he still has the job at ESPN, too.
