Rhode Island Guarantees 75 Million Dollar Loan To Curt Schilling’s Video Game Company To Get Him To Relocate
Boston - Former Red Sox pitcher Curt Schilling is moving his videogame company 38 Studios, based in Maynard, from Massachusetts to Rhode Island. The deal will bring Schilling’s company a $75 million loan guarantee backed by that state. “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.” Rhode Island’s Economic Development Corporation today approved a $75 million loan guarantee to Schilling’s company. The EDC board approved the offer after concluding that the company offered growth opportunity and could help drive the state’s economy. The offer represents 60 percent of the maximum $125 million loan guarantee allowed under state law. The company said it could bring 450 direct jobs to the state by the end of 2012 and would pay a penalty if it falls short. But some are concerned by the size of the loan guarantee and that the company doesn’t have a proven track record.
Rhode Island is guaranteeing a 75 million dollar loan to Curt Schilling’s video game company? What does that even mean? Like if Curt goes bankrupt RI will have to pay back the loan? Is that shit normal? Does RI even have 75 million dollars? And if so is this really how they want to spend it all? Like I’ll gladly relocate to the Ocean State if they’ll back a 20 million dollar loan never mind 75 million. It’s kind of a no brainer if you ask me. I mean I’m pretty sure smut is way more recession proof than dorky video games. So let’s talk Rhode Island. Help me help you.
Schilling’s made a bajillion dollars and that’s the shirt he wears. Horrible.
“I mean I’m pretty sure smut is way more recession proof than dorky video games.”
You would be surprised.
I wouldn’t be surprised if that hideous shirt he’s wearing has a Barstool logo on the back
Rhode Island is giving him $75 million to come there? Funny, I’d give him $75 million to go the fuck away from wherever I was.
To answer your question as an RI resident my entire life. No, we do not have 75 million dollars. Its fake life money.
Pres….this is the perfect candidate to “pimp” at Miltons. Schill is a fashion disaster.
No wonder RI is bankrupt. One of the highest unemployment rates in the country and they are guaranteeing $75 million to Schillings shitty gaming company. Makes sense to me.
They have more relaxed sex offender laws down there, so there’s that aspect of it, for Curt…
I’m sure the shirt has a big SoSH logo on the back…
Hey – you guarantee a few hundred jobs to the state and I am sure they will pony up some dough.
Good for Schill – scamming money from a state government in return for promised jobs in a few years that may never materialize. He’d never get this kind of dosh with these kind of terms from a venture capitalist. He’s taking advantage of everything he hates about big government. How ironic.
Well played, though.
Major League Bitching 2k10?
what the fuck is curt wearing?
“badgermit said: { Jul 27, 2010 – 10:07:11 }
Hey – you guarantee a few hundred jobs to the state and I am sure they will pony up some dough.
Good for Schill – scamming money from a state government in return for promised jobs in a few years that may never materialize. He’d never get this kind of dosh with these kind of terms from a venture capitalist. He’s taking advantage of everything he hates about big government. How ironic.
Well played, though.”
every single VC in the world passed on 38 Studios. there’s a reason for that. epic fail Curt.
not to mention, this is an enormous gamble on the part of RI. Gaming companies either hit it big or go bust – at a rate much higher than most verticals. This is part of the reason they aren’t attractive investments for VCs…their hit rate is very small. Chances are real good that RI will be out 75Mill…But typical government decision makers aren’t as smart as good VCs – so they bit. And, for what? 450 jobs? That might mean $4M/year in tax revenue for the state coffers in 2 years time? what a horrible return for that much risk.
Suckers.
“every single VC in the world passed on 38 Studios. there’s a reason for that. epic fail Curt.”
Ummm…not really – every one I talked to was really impressed with Curt’s pitch (no pun intended) – and with his in depth knowledge of the market and business. No one that I know passed because of Curt. the reason is mostly the large amount of capital outlay with large risk that is endemic to the market.
RI bit, though.
Good riddance.
Yours,
Massachusetts
His blow-dried feathered hair is even worse than his shirt.