T1B

PROVIDENCE, R.I. (AP) -- Rhode Island's economic development agency on Thursday sued former Red Sox pitcher Curt Schilling and some of its former officials, saying they committed fraud and other acts that misled the state into approving a $75 million loan guarantee to his failed video game company.

The suit was filed in Rhode Island Superior Court four months after 38 Studios filed for bankruptcy following a spectacular collapse that has likely left the state on the hook for as much as $100 million.

Among other things, the lawsuit claims that executives at 38 Studios, as well as former Economic Development Corp. Executive Director Keith Stokes and others, knew the company would run out of money by 2012, but concealed that from the EDC board, which made the final decision on whether to back the deal.

The board in 2010 lured 38 Studios to Providence from Massachusetts with the loan guarantee.

The lawsuit also alleges that Schilling, 38 Studios executives and others engaged in racketeering and conspiracy. The suit does not ask for a specific dollar amount but wants Schilling and others to repay the bonds and seeks triple damages.

In addition to Schilling, who founded the company, and Stokes, the suit names Michael Saul, a former top official at the EDC; two law firms that worked with the agency; a financial adviser for the state; Wells Fargo Securities and Barclays Capital, investment banks hired by the EDC to assist in issuing bonds for the deal; and an insurance company for 38 Studios.

Gov. Lincoln Chafee said the EDC board, of which he is the chairman, authorized the legal action in an attempt to recoup some of the state's money.

"My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable," Chafee said in a video statement. "The Board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island."

"My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable," Chafee said in a video statement. "The Board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island."

Screw_Michigan wrote:Not only is Schilling a staunch GOPer, he's also dumb as a brick and now with a networth of about zero.

I guess you could call this karma. But no, no money for poor people, more money for asswipes like Schilling! Video game company? What a loser.

PROVIDENCE, R.I. (AP) -- Rhode Island's economic development agency on Thursday sued former Red Sox pitcher Curt Schilling and some of its former officials, saying they committed fraud and other acts that misled the state into approving a $75 million loan guarantee to his failed video game company.

The suit was filed in Rhode Island Superior Court four months after 38 Studios filed for bankruptcy following a spectacular collapse that has likely left the state on the hook for as much as $100 million.

Among other things, the lawsuit claims that executives at 38 Studios, as well as former Economic Development Corp. Executive Director Keith Stokes and others, knew the company would run out of money by 2012, but concealed that from the EDC board, which made the final decision on whether to back the deal.

The board in 2010 lured 38 Studios to Providence from Massachusetts with the loan guarantee.

The lawsuit also alleges that Schilling, 38 Studios executives and others engaged in racketeering and conspiracy. The suit does not ask for a specific dollar amount but wants Schilling and others to repay the bonds and seeks triple damages.

In addition to Schilling, who founded the company, and Stokes, the suit names Michael Saul, a former top official at the EDC; two law firms that worked with the agency; a financial adviser for the state; Wells Fargo Securities and Barclays Capital, investment banks hired by the EDC to assist in issuing bonds for the deal; and an insurance company for 38 Studios.

Gov. Lincoln Chafee said the EDC board, of which he is the chairman, authorized the legal action in an attempt to recoup some of the state's money.

"My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable," Chafee said in a video statement. "The Board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island."

88 wrote:
Strange, I thought Bain Capital risked privately held funds. Are you suggesting that Bain Capital investments wasted public funds? Or are you simply shitting all over yourself trying to bring an attack against Romney in a thread about the government prosecution of persons who wasted public money?

smackaholic wrote: they had the gaul to not become wards of the state.

Mikey wrote:

smackaholic wrote: they had the gaul to not become wards of the state.

So, Ford is building cars in 1st century France?

Screw_Michigan wrote:Not only is Schilling a staunch GOPer,

The lawsuit also alleges that Schilling, 38 Studios executives and others engaged in racketeering and conspiracy. The suit does not ask for a specific dollar amount but wants Schilling and others to repay the bonds and seeks triple damages.

In addition to Schilling, who founded the company, and Stokes, the suit names Michael Saul, a former top official at the EDC; two law firms that worked with the agency; a financial adviser for the state; Wells Fargo Securities and Barclays Capital, investment banks hired by the EDC to assist in issuing bonds for the deal; and an insurance company for 38 Studios.

Rooster wrote:Wait, was it a green video game company which Schilling founded? Because then it'd be alright to tank after accepting taxpayer money, isn't that correct Libs?

88 wrote:Too bad the following companies were not incorporated in Rhode Island (all went bankrupt after receiving taxpayer money, by the way):


Abound Solar

KC Scott wrote:

KC Scott wrote:it's called self effacing humor

look into it

Dinsdale wrote:But no big surprise -- anyone who's seen Schilling lately understands his substance abuse renders him unable to doa simple interview, much less run a business.

smackaholic wrote:

"My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable," Chafee said in a video statement. "The Board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island."

You are correct. The tax payers of RI should be pissed.....at you for squandering their money. The governor and those that signed off on this loan should be gone after as well as Schilling and his partners. Every last fukking one of them should be left penniless if the State is not repaid in full.

KC Scott wrote:

Martyred wrote:

KC Scott wrote:it's called self effacing humor

look into it

Nice try.

See that's like the humor of the poster - he rarely laughs at "grammer" smack, unless it's shit like that poster



Side splitting shit dude

Cuda wrote:Dinsdale was just being charitable.

MgoBlue-LightSpecial wrote:

Dinsdale wrote:But no big surprise -- anyone who's seen Schilling lately understands his substance abuse renders him unable to doa simple interview, much less run a business.

I heard him on a national radio show a couplefew weeks ago and he sounded high as hell. He was rambling incoherently and it was pretty damn uncomfortable.