Chafee: 38 Studios ‘Living High’ On Rhode Island Dollars
PROVIDENCE, R.I. (AP) _ Gov. Lincoln Chafee says former Red Sox
pitcher Curt Schilling’s video gaming company had been “living
high on the taxpayer’s dollars” before it collapsed into
bankruptcy last month.
WPRI-TV reports that 38 Studios spent
$15.4 million during the first three months of this year, including
$5.4 million in March.
Documents released by the Economic Development Corp. show the
firm spent $118 million between its founding in 2006 through the
end of 2011.
It had no revenue during that time, and expenses were paid from
Schilling’s baseball fortune and the proceeds of bonds floated by
the state as part of a $75 million loan guarantee.
Chafee told the station there was “not a startup atmosphere in
the company, where you really hunker down and have macaroni and
Information from: WPRI-TV, http://www.wpri.com
(Copyright 2012 by The Associated Press. All Rights Reserved.)