Report: Michael Corso Stood to Gain Millions from 38 Studios Loan Deal Getting Approved

May 23, 2014 - GamePolitics Staff

Another day, another dozen stories coming out of Rhode Island about 38 Studios and how it is affecting several political races this year. The most prominent story today (from the Providence Journal) highlights the revelation that Michael Corso, the Rhode Island lawyer, tax-credit broker, and long-time friend of former House Speaker Gordon D. Fox, stood to gain million of dollars when he brokered the $75 million loan that lured Curt Schilling and 38 Studios to Providence.

According to documents provided by an unidentified "38 Studios insider" to House Oversight Committee chairwoman Karen MacBeth, Corso stood to be enriched in several ways by the deal going through. In addition to receiving a fee for lobbying on behalf of 38 Studios, Corso presided over the Kingston Capital Group, the Preservation Credit Fund and Orb Development, created on Jan. 17, 2008, prior to the loan guaranty legislation making its way through the state legislature.

Orb was promised a "development fee in the amount of 10 percent" of 38 Studios’ projected $10.3 million construction-budget, "but no less than $500,000." Documents filed with the Secretary of State's office also showed that Corso was listed as a "registered agent" at Orb. The documents show a who’s who of construction companies and managers that had a hand in the rehabilitation of 38 Studios' new headquarters on Empire Street, in Providence.

We will have more on this story as it continues to develop.

Source: Providence Journal


Comments

Re: Report: Michael Corso Stood to Gain Millions from 38 ...

Affecting several races this year? This doesn't even get mentioned on the national news so it's not very major.

Re: Report: Michael Corso Stood to Gain Millions from 38 ...

*House Speaker Gordon D. Fox (D) Please fix

Re: Report: Michael Corso Stood to Gain Millions from 38 ...

I'll add the designation if you can explain how the political affiliation of the former House Speaker, who isn't the focus of this story, is relevant or adds to the story in any meaningful way.

 

Andrew Eisen

Re: Report: Michael Corso Stood to Gain Millions from 38 ...

I don't know for sure if this is what he's going for, but it is proper titling grammar in this particular case.

--- With the first link, the chain is forged.

Re: Report: Michael Corso Stood to Gain Millions from 38 ...

I wrote for Techdirt for a while and the only time they included a politician's political affiliation was when it was relevant to the story. If it was not relevant, it was not included, ever.

Re: Report: Michael Corso Stood to Gain Millions from 38 ...

Really?  Do you have a source for that?  I've looked around, consulted a writing guide and asked a few people who know more about writing than I do and I can't find anything to suggest that the proper formatting of a gov't official's name and occupation includes political affiliation.

 

Andrew Eisen

 
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