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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MechaCrashThe point of the Bechdel Test isn't "is this film sexist," it's to illustrate "this is an incredibly low bar and most movies STILL can't pass it."11/21/2014 - 10:11pm
mthielNew report on Adam Lanza http://tinyurl.com/pnj9os611/21/2014 - 8:07pm
Andrew EisenIf you missed the HuffPost segment I guested on, the replay is now embedded in the story.11/21/2014 - 6:05pm
Wonderkarphttps://pbs.twimg.com/media/B2__4yZCcAA9Ytp.jpg these look amazing. Peach is the only one I'm tempted to open cause her packaging is bent. get another nonbent one....man. toycollector me and gamecollector me is fighting11/21/2014 - 5:51pm
WonderkarpJust finalized my Smash Bros free Sound Track Order. Also got 4 amiibos and they look fantastic. I'm afraid to open them. they look spectacular!11/21/2014 - 5:45pm
james_fudgeCan we all agree that Andrew cleans up nicely and can go on any program?11/21/2014 - 5:01pm
Wonderkarpthank you for that line, Andrew. alot of great films fail the bechdel test. Gravity fails it and it has a female lead.11/21/2014 - 4:48pm
Andrew EisenAw, thanks James! Well, now I have to drive back to work!11/21/2014 - 4:45pm
Andrew EisenDidn't have a chance to say this on the HuffPost segment but while the Bechdel test is useful as a broad examination of gender representation in media, it's not at all appropriate as a judgment of quality.11/21/2014 - 4:45pm
james_fudgeAndrew you killed it!11/21/2014 - 4:44pm
WonderkarpMadeline Bergman. second female, they never speak of men, just a computer program. it passes the test11/21/2014 - 4:34pm
E. Zachary KnightDoes Other M have more than one woman in it?11/21/2014 - 4:31pm
Wonderkarpyet Metroid Other M, a game where people cried sexist due to the commanding officers restricting Samus, passes the test....11/21/2014 - 4:21pm
Wonderkarpwait...they are using the bechdel test to determine which games are sexist?.....how does that work with a game like Super Mario Bros when there is no Dialogue? test itself is BS. Alien doesn't pass it11/21/2014 - 4:20pm
james_fudgeAndrew Eisen on Ice! Please join in at 4:23 pm et and support our bestie! http://live.huffingtonpost.com/r/segment/sweden-sexism-video-game/546d41cffe344486d400023711/21/2014 - 4:05pm
Matthew Wilsonthose are the same people that said google should pay to list news sites in their news reader, and than accused google of blackmail when google said no and delisted them.11/21/2014 - 4:03pm
Wonderkarpwait....europe can dismantle a company not founded in europe?11/21/2014 - 3:54pm
NeenekoHrm, that does raise interesting questions about anti-trust laws and transnational corporations.11/21/2014 - 3:54pm
Matthew Wilsonhttp://arstechnica.com/tech-policy/2014/11/europes-parliament-poised-to-call-for-a-break-up-of-google/ what is with Europe? good think they dont have the power to do it. worse comes to worse google can block any European country that tries.11/21/2014 - 3:49pm
Andrew EisenFun Fact: Back when it was new, I was linked to that docket by three separate people in the same day. It was submitted as proof of their claim. In all three cases, the docket didn't even address what they were talking about. Did any of them read it?11/21/2014 - 3:00pm
 

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