RI Treasurer Continues to Question Schilling Deal

August 11, 2010 -

Rhode Island Treasurer Frank Caprio is still attempting to poke holes in a $75 million guaranteed loan that helped lure Curt Schilling’s 38 Studios to the Ocean State from Massachusetts.

Speaking to Providence’s NBC 10 I-Team, Caprio, who is also a Democratic candidate for Governor, said that investors might be hesitant about buying into the $75 million "moral obligation" bonds because the nature of their structure makes them high risk and "there's nothing legally that would make Rhode Island pay off the investors."

Caprio continued:

The way this is structured now is structured in a similar way. There are minimal payments for the first 10 years, and then there's a balloon payment for about $45 million of the loan. And that's the major issue for the bond market. The bond market is saying, what faith would an investor have that 10 years from now some future legislature will appropriate a lump sum of $45 million for a failed deal?

While a spokesperson for the Rhode Island Economic Development Corporation, the organization behind the financing, stated that the group is “confident” it can make the investments attractive to the bond market, Caprio stated that the deal with Schilling is far from finalized, using baseball terms to state that it’s merely the first inning of a nine-inning game.


Comments

Re: RI Treasurer Continues to Question Schilling Deal

Caprio, all bonds are structured that way.  A bond is a security that is purchased at some nominal price, pays interests accross its lifespan, and then repays a lump sum on the maturity date.  Minimal payments for 10 years followed by a ballon payment on the maturity date is the definition of a bond.  The bond market is, naturally, used to this because that's how bonds work.  How is it possible a state treasurer could say something so stupid?

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Adam802http://www.sfgate.com/news/article/Ex-Sen-Leland-Yee-may-be-headed-for-a-plea-deal-6358941.php07/01/2015 - 7:12am
Adam802Possible plea deal in Yee case: http://www.mercurynews.com/crime-courts/ci_28408532/leland-yee-case-plea-deal-appears-likely07/01/2015 - 7:11am
MattsworknameInfo, Im with goth on this, the moment people start saying "You can but you shouldnt" thats a slow slide into censorship07/01/2015 - 6:05am
InfophileIn other words, you stopped when you found out it was arguing for a position you disagreed with, but before you found out why.07/01/2015 - 5:29am
Goth_Skunk"In short, anyone can write a rape scene—but should they? Chances are, the answer is no." And that's where I stopped reading.07/01/2015 - 5:11am
InfophileRelevant to our discussion of rape in fiction yesterday: http://www.wired.com/2015/06/rape-scenes/07/01/2015 - 4:58am
Mattsworknameof players, over and over for the last seveal years. Among non RPG games, which make up the vast majority of current games, I think that you still see a large scale disparity between male and female in the AAA industry.07/01/2015 - 1:36am
Mattsworknamewilson. Out of RPG players yes, thats true, and in pc ciricles im not suprised, but RPGS make a small fraction of Console games these days and while pc gaming is seeing a resurgance, MMOs are actually retracting in size , as shown by WOW losing millions07/01/2015 - 1:33am
Matthew Wilsonhere is the study to prove it. http://www.pcgamer.com/researchers-find-that-female-pc-gamers-outnumber-males/07/01/2015 - 1:17am
Matthew Wilson@matt wrong over half of rpg players, both singleplayer and mmos, are female.07/01/2015 - 1:15am
MechaCrashRight, women don't usually play AAA games because none are aimed at them because they don't play them because none are aimed at them because okay you see where I'm going with this.07/01/2015 - 1:11am
MattsworknameI think the better path is this, more games built to give you the Choice of playing as male or female, and give the females good voice actors07/01/2015 - 1:08am
Mattsworknameup more then a fraction of the AAA games industry, but they make up a much larger part of the moble market.07/01/2015 - 1:04am
Mattsworknameandrew is right, to a point, as you are seeing a slow increase of women in games, but the sales shows that the lions share of gaming money comes from a male demo, and while andrew is right that it is changing, it's gonna be a LONG time before women make07/01/2015 - 1:04am
Andrew EisenI think more professional gamblers should get into games publishing. They'll play the odds but they'll also take risks to maximize profits.06/30/2015 - 11:57pm
Andrew EisenAt the end of the day, the ball is rolling and it's rolling in the right direction. Maybe not as fast as we'd like, but it is moving. All we can do is play the games that interest us and make our thoughts known.06/30/2015 - 11:55pm
Matthew Wilsonits unfortunate that the dataset is so tiny for female leads, and is a mixed bag, so money people get the wrong idea.06/30/2015 - 11:54pm
Andrew Eisen"Duke Nukem Forever sold poorly. See? Games staring white guys don't sell!" Pretty silly thing to say.06/30/2015 - 11:50pm
Andrew EisenOr, at the very least, that gamers aren't turned off by female leads.06/30/2015 - 11:49pm
Matthew Wilsonyou would think games like metriod, portal and tomb raider would show that it work, but hopefuly those knew ones will.06/30/2015 - 11:47pm
 

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