New RI Governor Vows to Keep an Eye on 38 Studios

November 9, 2010 -

Curt Schilling’s 38 Studios has received an initial payment of $13 million from the Rhode Island Economic Development Corporation (EDC) as part of a $75 million bond deal put together to lure the developer from Massachusetts to the Ocean State.

38 Studios is slated to receive approximately $51 million in all, with $20 million held in reserve in order to guarantee three years worth of repayments on the debt. Schilling’s firm will receive the rest of the money over the next 15 months as it meets certain milestones.

Rhode Island’s governor-elect, and opponent of the 38 Studios deal, Lincoln Chafee (pictured) stated that he was disappointed over the closing of the loan, as he would have liked to “formally contribute to the process.” He wished 38 Studios success while vowing to do everything in his power “to protect the interests of the taxpayers of our state.”

Chafee also promised to keep watch over the EDC and 38 Studios, saying, “I will, however, ensure that 38 Studios fully and completely comply with each and every commitment that it has made to the taxpayers of Rhode Island.”

A Providence Journal story features details on the fund raising used to fuel the 38 Studios deal, which will be generated by a bond sale. Moody’s gave the bonds in question an A2 rating, “three notches below the Aa2 rating on Rhode Island’s general obligation bonds.”

Standard & Poor’s rated the bonds A, “with a negative outlook,” which indicates “the possibility the rating could be lowered in the next 6 to 24 months.”

The primary job of repaying investors will fall upon 38 Studios. Moody’s said about the bonds, “Given the development stage nature of the company, loan payments from 38 Studios have inherently more risk than other revenue streams that have established track records and predictability.”

Meanwhile, another story on the Providence Journal website outlines the entire story of the deal between 38 Studios and Rhode Island, which apparently began as a result of a visit by then Governor Donald Carcieri to Schilling’s Massachusetts home earlier this year for a fundraiser.

Carcieri recounted telling Schilling that he should relocate to Rhode Island, but he added, “I wasn’t thinking anything would come of it.”


 
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Wonderkarpi love nintendo <311/26/2014 - 10:27am
MaskedPixelantehttp://www.siliconera.com/2014/11/26/pokemon-omega-rubyalpha-sapphire-sold-3-million-worldwide-three-days/ More good Nintendo news that I can't wait to be turned into "NINTENDO IS DOOMED" articles by certain outlets.11/26/2014 - 10:03am
Wonderkarpthough its kinda ironic, as this cartoon shows. https://pbs.twimg.com/media/B3XCIeQCUAAWWkv.jpg cause I thought it was about wanting more women in games?11/26/2014 - 9:39am
Wonderkarphuh. thats weird... http://steamcommunity.com/sharedfiles/filedetails/?id=34087710511/26/2014 - 9:37am
Wonderkarpyeah. even being pro gg, I still dont boycott. Its stupid. I still go to Kotaku. Though I have a BS filter up. But I am addicted to their deals. 11/26/2014 - 9:36am
MaskedPixelanteI dunno, it looks like a Modern Warfare clone. Probably because the link you posted links to a screencap from Modern Warfare 2.11/26/2014 - 9:34am
james_fudgeI think boycotts arer wrong, almost always..11/26/2014 - 9:33am
WonderkarpI voted for it. looks cute. wish it was on ipad11/26/2014 - 9:30am
WonderkarpAntiGG people on twitter are calling for a boycott of an Indie game created by somebody on the "Blocklist". telling people not to vote for it on Steam Greenlight. Its a cute game about plants! http://steamcommunity.com/sharedfiles/filedetails/?id=3408771011/26/2014 - 9:22am
NeenekoWhich ties into a rather vicious cycle of mutual distrust.11/26/2014 - 8:28am
E. Zachary KnightNot really a suprise, but race correlates heavily with how one views the cops. http://reason.com/blog/2014/11/25/polling-finds-a-stark-racial-divide-in-p11/26/2014 - 8:22am
Matthew Wilsonalso, it looks like sony finally got a clue http://www.vg247.com/2014/11/26/sony-comes-to-senses-at-last-admits-playstation-is-going-to-save-it/11/25/2014 - 10:56pm
Matthew WilsonI wont say them, but there are other sites beyond youtube. it was a good move by HBO.11/25/2014 - 10:55pm
Papa Midnighthttp://www.pcgamer.com/dark-souls-to-move-from-gfwl-to-steam-a-month-later-than-expected/11/25/2014 - 10:30pm
Papa MidnightMatthew Wilson: Considering ContentID, I can't imagine that would necessarily be a problem for HBO.11/25/2014 - 10:19pm
Matthew Wilsonthey know if they dont, someone will.11/25/2014 - 8:40pm
Sora-ChanIt's a HBO show, which to be honest, considering it's HBO, it's actually surprising they even put any up on youtube.11/25/2014 - 8:36pm
Andrew EisenI imagine they hope the clips they do host (some of which are rather long) are enough to entice viewers to watch the show on whatever channel it airs on.11/25/2014 - 5:54pm
MaskedPixelanteIt's odd that these videos are missing from the official Last Week Tonight page.11/25/2014 - 5:51pm
Andrew EisenRelevant or not, the guy's pretty darn entertaining.11/25/2014 - 4:58pm
 

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