38 Studios - Schilling Responds
The Providence Journal has Schilling's first public comments about the collapse of 38 Studios, with the celebrity sports star saying he stands to lose $50M of his own money and expressing bitterness at the public commentary from Governor Chafee:
Schilling's controversial partnership with the State of Rhode Island was forged with $75 million in taxpayer-backed bonds two years ago. If 38 Studios fails, Rhode Island taxpayers will be liable to repay more than $100 million. Also, Schilling says, he stands to lose $50 million of the fortune he earned as a professional baseball player and committed to the venture.
Schilling says that state economic-development officials reneged on a deal to approve film tax credits to which 38 Studios was legally entitled, and to allow the company to defer a $1.12-million payment that was due the state on May 1 so that 38 Studios could meet its May 15 payroll.
Schilling also criticized Chafee's "devastating" public remarks about 38 Studios' financial health, which he says scared off private investors.