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May 16, 2012

Wait....Rhode Island Gave Curt Schilling (Yes, THAT Curt Schilling) $112 Million In Loan Guarantees For His VIDEO GAME Company?

And now the company is defaulting on the loans. Of course they are.

In 2010, the state of Rhode Island came a-calling. As part of the RI Economic Development Corporation's effort to create jobs in the state, they offered 38 Studios a $75 million loan, if only they would pack up operations and bring them to Rhode Island. Schilling and co. moved to Providence, and pledged to employ 450 locals. It was a gamble for the state, which only had $125 million for the entire job creation program, and took criticism at the time.

450 people? To design a video game? I worked in the industry about 10 years ago on a game that became really popular and was sold to a major company for a metric butt-load of money (not that I got any of that). If there were ever more than 30 people working there I'd be shocked and they never got anywhere near $75 million in cash until they sold out.

Of course Schilling's company only ever had 288 people working there anyway. 288 people? On development? For a game not even ready for preview at E3? Oh dear God!

They better have singing robots there for that kind of money.

Of course Schilling is a "conservative" who is happy to take government money (that he used to pay himself back money he "lent" his company) and now wants even more money from Rhode Island. It seems all this money apparently comes from Obama's so-called "stimulus".

People in government don't even know how to run a government. Why do they think they are qualified to be investors?

Remind me again, why do we have Rhode Island as a state?

Via @abumuqawama

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posted by DrewM. at 06:08 PM

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