Archive

38 Studios Loan Relocation Deal Under Fire

Posted Mon, Sep 06, 2010 by Martuk

38 Studios founder Curt Schilling made a play to relocate the studio to Rhode Island back in July to secure up to $75 million in loans, but the deal has drawn a lot of criticism from people like aspiring R.I. governor Frank Caprio, who in a recent release made clear his intentions to try and halt the deal with Curt Schilling’s game studio.

"I am not going to stand by and watch us gamble taxpayer dollars on a bad deal when there are thousands of small businesses in need of more access to capital,"  Caprio stated with regards to his decision to attempt to stop the deal.

Caprio expressed several concerns about the deal and offered suggestions that he believed would make the deal a "fair transaction for Rhode Island taxpayers”, but he is now attempting to block the deal by going directly to the investors since the Rhode Island State Economic Development Corporation (EDC) is moving forward without his recommendations in place.

How this will impact the deal for 38 Studios is still unclear at this time.

News from around the 'Net