Curt Schilling’s 38 Studios Misses Loan Payments; Needs Rhode Island To Stay Afloat

There’s some deliciously awful about outspoken Republican blowhard Curt Schilling’s 38 Studios falling apart and needing corporate (wait for it) socialism to keep it afloat. They’re floundering as fuck, and of course it is up to tax payers (who obviously as We The People shouldn’t have to be burdened with another man’s failings unless they’re rich) to save the miserable enterprise.


The hits keep coming for ex-baseballer Curt Schillings’  38 Studios. The company reportedly missed its latest loan payment of $1.125 million to the state of Rhode Island on May 1, effectively defaulting its $75 million loan.  WPRIspoke with Rhode Island House Speaker Gordon Fox who confirmed the news.

The loan’s facilitator, Rhode Island’s Economic Development Corporation, called an “emergency meeting” for tomorrow morning, wherein it will discuss “an unexpected occurrence that requires immediate action to protect the public regarding the 38 Studios financing.” As  reported earlier, if 38 Studios were to fully default on its loan obligations to investors supplying the loan via the Rhode Island government, the responsibility would fall to Rhode Island’s taxpayers — to the tune of $112.6 million.

Of the $75 million borrowed by 38 Studios from the state of Rhode Island, $49.8 million was received by the studio as of March 15, WPRI reports. Given that, it seems worrisome at best that 38 Studios was unable to fulfill its recent payment of $1.125 million. 38 Studios is working on the Kingdoms of Amalur MMO — the game was originally promised for a launch ahead of 2013, when 38 Studios is set to begin paying back bondholders on its $75 million loan. It’s unclear what stage its MMO is at, and 38 Studios hasn’t made a public statement regarding its recent issues.

Oh, post-script: thanks for 2004. Solidarity.