Schilling Loan Shaved

September 8, 2010 -

Curt Schilling’s 38 Studios will have to make do with just a $51 million loan from Rhode Island’s Economic Development Corporation (EDC), as around one-third of the original loan amount of $75 million will be held aside for three years worth of repayments on the debt.

WPRI.com reported the news, citing a fact sheet issued by the EDC. After issuing the document, an EDC spokesperson indicated that the organization would no longer speak to reporters about the deal until it was finally closed.

While there was no mention of whether or not 38 Studios might eventually receive the $20 million or so being held aside, it was reported that, if approved, the deal would see 38 Studios receive $13 million right away, with another $38 million dispersed over the next 15 months, providing Schilling’s company meets certain goals and criteria.

Another “success fee” of between $15.3 and $18.8 million could be earned by 38 Studios, though no mention of terms and/or conditions were on the EDC fact sheet.

38 Studios also has until November 30th to find its new home, after which it must sign an enforceable 10-year lease.

The EDC loan helped lure Schilling and 38 Studios from their current Massachusetts home to neighboring Rhode Island and raised the ire of just about every politician in the Ocean State.


 
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E. Zachary KnightGot that same recommendation on Twitter. So I guess that is a good sign.09/15/2014 - 8:39pm
prh99Portlandia, though I don't watch a lot of sitcoms. Heard it was good though.09/15/2014 - 8:02pm
E. Zachary KnightSitcom recommendations for someone who like Parks and Rec but hates The Office: Go.09/15/2014 - 6:08pm
NeenekoEven if they do change their policy, they can only do it moving forward and I could see the mod/pack community simply branching.09/15/2014 - 12:50pm
Michael ChandraAs for take the money and run, the guy must have a networth of 8~9 digits already.09/15/2014 - 10:33am
Michael ChandraMe, I'm more betting on some form of mod API where servers must run donations/payments through them and they take a cut.09/15/2014 - 10:32am
Michael ChandraEspecially since they want it for promoting their phones. Killing user interest is the dumbest move to make.09/15/2014 - 10:32am
Michael ChandraGiven how the EULA actively allows for LPs, I'm not sure Microsoft is ready for the backlash of disallowing that.09/15/2014 - 10:31am
Matthew Wilsonthey wont do that, the backlash would be too big.09/15/2014 - 10:25am
ConsterSleaker: how is that a flipside? Sounds to me like that's basically what Notch himself said, except rudely.09/15/2014 - 10:18am
MaskedPixelanteOn the plus side, no more lazy Minecraft LPs, since iirc Microsoft has a strict "no monetization period" policy when it comes to their stuff.09/15/2014 - 10:13am
james_fudgeBut it continues to sell on every platform it is on, so there's that09/15/2014 - 10:09am
james_fudgeOh, well that's another matter :)09/15/2014 - 10:08am
E. Zachary KnightNothing against Notch here. I think it is great that he made something so cool. I just can't understand how it is worth $2.5 bil09/15/2014 - 9:59am
InfophileWhat a world we live in: Becoming a billionaire was the easy way out for Notch.09/15/2014 - 9:42am
james_fudgelots of hate for Notch here. I don't get it. Sorry he made a game everyone loved. What a monster he is!09/15/2014 - 9:37am
SleakerOn the flipside, Notch has been a horrible CEO for Mojang, and the company has grown on sheer inertia, DESPITE being mishandled over and over.09/15/2014 - 9:33am
SleakerI can understand Notch's statements he made to Kotaku about growing bigger than he intended, and getting hate for EULA changes he didn't enact.09/15/2014 - 9:32am
MaskedPixelantehttp://pastebin.com/n1qTeikM Notch's statement about the MS acquisition. He wanted out for a long time and this was the easiest way.09/15/2014 - 9:08am
ConsterEh, I can't blame him.09/15/2014 - 9:01am
 

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