Citizens sues Schilling for $2.4M; docs detail 38 Studios’ debts

By Ted Nesi

PROVIDENCE, R.I. (WPRI) – Citizens Bank is suing former Red Sox ace Curt Schilling personally for more than $2.3 million, alleging he promised to repay money his now-bankrupt video game company 38 Studios borrowed from the bank.

The court documents obtained by in the Citizens suit shed new light on how 38 Studios capitalized on its $75 million taxpayer-guaranteed loan from the R.I. Economic Development Corporation and what happened behind the scenes as the company fell apart last month.

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  • gary

    why can’t the taxpayers of r.i. sue his company.the gov says we taxpayers have to payback the loan why shuld we we did not get to vote for them t use taxpayer monies to give to 38 studios,so why should we thataxpayer be held responsible.let the ones who approved the loan pay it back.

    • http://pension sleepless in ri

      The bonds are so called “moral obligation” bonds which the State is not required to pay back. The General Assembly would have to approve the money to repay the bonds, if requested to do so by the Governor.

  • http://pension sleepless in ri

    Do you know if the EDC Board members are covered by professional liability errors and omission insurance?

  • Ed

    Curt Schilling is the MINOR criminal, the MAJOR CRIMINALS are the Speaker of the House, the President of the Senate, the previous governor, the members of the EDC and elected officals who voted for this agreement. These are the people who should make restitution to the taxpayers of Rhode Island. Each one of the 100 or so people should have to come with only $1million dollars, Then do Federal jail time, not be allowed to vote, or run for elected office or be compensated by any level of government.

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