38 Studios Founder Curt Schilling: ‘I’m Tapped Out’

Speaking to sports radio station WEEI, former Red Sox pitcher and founder of the now bankrupt 38 Studios Curt Schilling said that he is "tapped out" after his company filed for bankruptcy. Schilling said that he lost $50 million of his own money and is personally responsible for paying back a $2.4 million loan from Citizens Bank parent RBS Citizens.

"I'm tapped out," Schilling told the radio station during his first public interview since filing for bankruptcy. "I put everything in my name in this company. I believed in it. I believed in what we had built. I never took a penny from this company. I never took a penny in salary, I never took a penny for anything."

38 Studios owes $150 million to over 1,000 creditors but only has assets of around $22 million, according a recent bankruptcy filing. Much of that money is owed to the Rhode Island Economic Development Corp. who guaranteed $75 million in loans to the company.

"The money I saved and earned playing baseball was probably all gone," he added. "Life is going to be different."

Schilling went on to say during the interview that he wasn't looking for any sympathy and acknowledged the lack of proper management at the company, but also pointed out that the state did not act like a true partner in the venture. He continued to point the finger at Rhode Island Governor Lincoln Chafee (a Democrat elected as an Independent) whose public comments – he claims – ruined any chance of securing further investment in the company.

Finally Schilling, a Conservative who campaigned for John McCain during the 2008 presidential campaign, defend charges that he was a hypocrite for taking government money.

"I’m not sure where my stance and opinion in that we need a smaller government, I’m not sure how that correlates to this," he said. "The program was there for local businesses to use. … That money was literally coming out of the budget into our company, going right back into the local economy."

Source: Ars Technica

Curt Schilling and Bill Russell attend the Sports Illustrated Sportsman of the Year Awards at the IAC Building on November 30, 2010 in New York City photo © 2012 Debby Wong, provided by Shutterstock.

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  1. 0
    Sleaker says:

    I agree there was some financial misgivings in how KoAR was marketted and sold to the point where they couldn't even begin getting revenue on it until after it hit a certain point.  That should have been a huge red flag for whoever was doing the initial push for the game to EA.  But I kind of have to blame the RI governor too for spilling on their financial status which could have kept them floating and possibly turned them around.  35 million is a pretty large sum to finish production.  Now that doesn't mean they wouldn't have just bombed later, but it certainly would have given them a chance to make back more money on KoAR, and possibly finish up 1 or 2 more titles.  who knows?

  2. 0
    Elle says:

    On top of that, while it would have been better if he hadn't screwed up in the first place, I'm gonna have more respect for someone who screws up, admits it and takes the fall with everyone else than someone who would take their money, cut and run, which is what some people were speculating.

    (That said, legal investigations are ongoing, so I reserve the right to withhold some judgment. And it doesn't make him any less of a fool, just a somewhat more honest one.)

  3. 0
    RedMage says:

    Had Schilling grown a spine and admitted he just wanted a cut of used game money with the online pass, I wouldn't be enjoying his demise as much as I am right now.  As it stands, fuck you, Curt.

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