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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Mattsworknamehttps://www.youtube.com/watch?v=T-Vx4_prmvo09/01/2015 - 3:18am
MattsworknameTotal bisquit talkes about why teh Deus X pre order systems is garbage.09/01/2015 - 3:18am
MechaTama31Infophile: Kind of like how you're criticizing these theoretical reactions before you've even read any? ;)09/01/2015 - 12:44am
PHX CorpI'll probaly Start the stream around 8PM Eastern08/31/2015 - 10:09pm
PHX CorpOk, see you guys Tomorrow on the GP Facebook Page, I'll be steaming either the first 2 megaman games(Through Megaman Legacy Collection) or Rare Replay as the first game on My twitch.tv page tomorrow While we wait for GP to Come back up later this week08/31/2015 - 10:01pm
james_fudgeAlso check out our Facebook page and chat there! https://www.facebook.com/gamepolitics08/31/2015 - 9:53pm
james_fudgeSee you all on the other side! Find me on Twitter :)08/31/2015 - 9:51pm
james_fudgeAllright, i'll mention this on the GP facebook page08/31/2015 - 9:49pm
PHX Corpand now it's ready to go for everyone08/31/2015 - 9:35pm
PHX Corpok, done http://www.twitch.tv/trustygemtwitch I have to put on one more finishing touch and it is ready to go08/31/2015 - 9:19pm
Andrew EisenFeel free to leave us suggestions on Facebook or Twitter too. We're going to be busy but we'll try our best to keep an eye on 'em.08/31/2015 - 8:59pm
Andrew EisenIt's an interesting idea though. If we do anything, we probably won't know until after the site goes offline so keep an eye on GP social media for announcements.08/31/2015 - 8:59pm
Andrew EisenYeah, we could use my Twitch chat box too. There's always IRC but we don't currently have a GamePolitics channel.08/31/2015 - 8:57pm
Goth_SkunkThough I think the limit is 9 at a time in the hangout, so anyone who can't get in would be stuck out in the 'on air' portion.08/31/2015 - 8:57pm
Andrew EisenFor the show, I'd like the chat open to anyone who wants to watch.08/31/2015 - 8:55pm
PHX CorpI could Set Up a Temporary chatroom on My twitch.TV page while GP is busy updating the site(since I'll be Fighting Megaman Legacy Collection on Xbox one)08/31/2015 - 8:54pm
Goth_SkunkI don't see a problem with inviting viewers. It's not like I'm advocating this to be an open forum, just something specific to GP members.08/31/2015 - 8:53pm
Andrew EisenThat's why I embed the chat box from my Twitch Page. Can't get chat on the YouTube page to work either.08/31/2015 - 8:49pm
Andrew EisenI do but I haven't seen a way to incorporate viewers to chat without specifically inviting them to the event.08/31/2015 - 8:49pm
Goth_SkunkThough I'm surprised you'd not be familiar with this, Andrew. Do you not use Google Hangouts when you do S.P.A.C.?08/31/2015 - 8:45pm

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