Life is a mystery. Curt Schilling, well known for being a vocal Republican, would never go in for a government guaranteed loan like Solyndra got, would he? After all, the government is not supposed to pick winners and losers, am I right? And yet…
38 Studios, the video game startup founded and funded by former Boston Red Sox ace Curt Schilling, is reportedly in troubled waters just three months after releasing Kingdoms of Amalur, its first title.
Ocean State economic development officials are reportedly working to keep the company viable. At stake is a $75 million loan guarantee the state of Rhode Island made to the fledgling video game developer.
The Providence Journal reports Gov. Lincoln D. Chafee spent the weekend working under a “tight timeframe” with 38 Studios and officials from the Rhode Island Economic Development Corp., with the aim of “keeping 38 studios solvent.” A spokeswoman for the governor’s office confirmed that the governor had made the reported statements.
38 Studios started six years ago in Massachusetts. But in 2010, Rhode Island lured the startup company south with a $75 million loan guarantee. In exchange, 38 Studios promised it will grow to a head count of 450. Turbine Inc., at one time the largest independent video game developer in Massachusetts, had a head count of 300. Schilling has invested millions of his own money in the company.
Presumably he’d welcome an Issa-type investigation.
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