"Schilling’s 38 Studios headed for R.I.; State OK’s $75m loan guarantee" by Hiawatha Bray, Globe Staff | July 27, 2010
Former
Yesterday, the Rhode Island Economic Development Corp. voted 8 to 1 to grant the guarantee, in a bid to make the state a major hub for video game development.
Related: Slow Saturday Special: Schilling Strikes Out
Told you they would make that call.
“I’ve invested a significant amount of my life’s earnings in 38 Studios,’’ said Schilling, “and I will protect the loan guarantee that’s been given by the state with the same passion and interest that I’m protecting my own investment in this company. Our paths are very much aligned.’’
I don't want to hear this baseball player that supported Bush's tax cuts crying poverty.
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The deal, however, could backfire on Rhode Island, critics said. 38 Studios has no revenue as yet and won’t begin selling its first video game until fall 2011. If it fails, the state’s taxpayers could be forced to repay a large portion of the money.
Looks like Schill threw you a spitter!
Before yesterday’s vote, Rhode Island’s five main gubernatorial candidates all expressed reservations about the loan guarantee, with some opposed. The $75 million represents 60 percent of the maximum $125 million loan guarantee allowed under state law. The state itself would not be directly loaning the money, but would essentially act as a cosigner of the loan....
Schilling said yesterday that his efforts to arrange assistance from Massachusetts met with seeming indifference....
Now you know how the voters feel, Curt.
Yesterday, Stokes said the state would issue bonds to generate the $75 million, and Schilling’s company would receive the cash in stages as it added jobs and met predetermined goals....
You are screwed, taxpayers.
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Also see: Schilling’s company pitches its first video game
Finally!
