Judge Denies RI Advisor Request to Be Shielded in 38 Studios Lawsuit

It looks like Maureen Gurghigian, a senior vice president for the Lincoln office of financial firm First Southwest, will have to undergo more questioning in the ongoing lawsuit between Rhode Island Commerce Corporation (formerly known as the RI Economic Development Corp., or EDC) and bankrupt game developer 38 Studios, according to the Providence Journal.

R.I. Superior Court Judge Michael A. Silverstein has denied a request by First Southwest to shield Gurghigian from further questioning related to the case, but he did limit any further testimony by Gurghigian to six hours within one day.

Gurghigian has been question at length on two separate occasions as part of a deposition given in the state’s case against 38 Studios founder Curt Schilling and 13 other defendants. The Commerce Corporation sued Schilling and others related to the deal in an attempt to recoup nearly $100 million in bond principal and interest owed to investors related to a failed $75 million loan deal.

Lawyers for the Commerce Corporation want to question Gurghigian further because she helped review the financing arrangement that brought 38 Studios to Rhode Island.

In late February, RI state lawmakers in both Houses passed a bill that would make it easier for the state to settle its case against 38 Studios, but nothing has happened since that time – at least publicly.

We will continue to follow this story as it develops.

Source: Providence Journal

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