Hey, here’s a thing Curt Schilling said last year!
“There can be no question our country is in the worst economic crisis of our lifetimes. I also think there can be no question that it falls on us, the individuals, to find a way out of our own personal crisis.”
Schilling has been vocal in his criticism of the ARRA stimulus, even though it directly funded the Rhode Island job creation program that handed out $75 million to 38 Studios. He’s also had not-so-nice things to say about the government’s various bailouts, even though, yes, one could argue that’s exactly what “additional state assistance” could be construed as. But Schill has never particularly thought ahead. That photo up there is him getting the logo for Green Monster Games tattooed on his arm—a year or so before the company changed its name and logo.
If 38 Studios does shutter, beyond Rhode Island taxpayers having to pay off the $75 million bond (plus interest) through 2020, it appears the state will also own the intellectual property of the developer as a parting gift.
This covers “all rights, title and interest in any projects, including video game projects,” such as Kingdoms of Amalur: Reckoning and “Project Copernicus” – the title currently in development at 38 Studios.
More interesting reporting from Joystiq:
38 Studios was unable to make payroll this week, but is in the process of making the $1.125 million payment that set off the company’s crisis earlier this week. WPRI reports that a spokesperson for the Rhode Island Economic Development Corporation (RIEDC) did confirm that former Red Sox player Curt Schilling’s video game company was unable to pay its employees.
A source tells Joystiq that beyond not making payroll, all temps and contractors at 38 Studios were let go this week.
At the same time, Governor Lincoln Chafee’s office stated 38 Studios is in the process of making the overdue payment to the state. The head of the RIEDC, Keith Stokes, who approved the $75 million loan to 38 Studios in 2010, resigned late last night.
Update: Missed this the first time around, but worth noting. Last year Schilling told Reuters that he had invested “$30 million to $35 million” in 38 Studios. A disclosure filing obtained by WPRI shows that Schilling advanced the company $4 million of his own money, and has already been paid back—with funds from the Rhode Island loan.
Interesting, despicable, but potentially disingenuous. The “word on the street” has always been that Schilling dumped a considerable chunk of his fortune into 38 when he founded the company back in 2006, which may well have been $35 million (which incidentally is when they started work on the MMO “Copernicus”).
The $4 million figure reported above is related to the Rhode Island move in 2010, which was four years after Schilling set up the company.