NEW: Curt Schilling’s 38 Studios has Insufficient Funds in Bank Account
Thursday, May 17, 2012
The news comes a day after company executives met with the EDC’s board to figure out how 38 Studios could remain solvent.
The $1.125 million check was supposed to covered a payment due to the EDC on May 1.
38 Studios received a $75 million loan guarantee to come to the state in 2010. It released its first game earlier this year.
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Comments:
dis gusted
8:11pm on Thursday, May 17, 2012
Looks like Curt Schilling is following David Cicilline's
brother with checks...trying to pass off a bad check! ha ha
He has some nerve having 38 Studios wire the money knowing
there were insufficient funds. The finance officer who allowed
this to occur without checking, should be fired pronto!
Caroline Evans
8:53pm on Thursday, May 17, 2012
In the real world... if you bounce a $100 check at the liquor store.. and they get in a mood.... they can charge you with a crime.. and often enough it happens. Read the various "Police Beat" columns in local papers.
I wonder if they will write these clowns up for bouncing a check?
George Parker
9:57pm on Thursday, May 17, 2012
So much for the "Bloody Sock" icon. Either a poor business man or a swindler extraordinaire!!!!
Todd B
10:41pm on Thursday, May 17, 2012
We don't know if 38 Studios dropped the check off and honestly said, "We'll have funds in there by next week" trying to be proactive and thinking the state would want it or whether it was another mess up by 38 Studios.
As for Curt Schilling, I don't blame him. He is the CEO of entrepreneurial start-up. EVERY founder of a start-up is optimistic that their company will succeed and wears rose-colored glasses. He wouldn't have started the company if HE thought it would fail. It was the job of Carcieri, Fox, Paiva-Weed and EDC to determine if Schilling's company was a worthwhile investment and they failed miserably at their job.
Russ Hryzan
12:04am on Friday, May 18, 2012
This is what happens when we let these politicians gamble with our money. The State of RI's General Fund isn't some sort of venture capital firm bank account. Mass told Curt to not let the door hit him in the (you know what) on the way out (after he was told the same thing by many venture capital firms)...that should have been the writing on the wall.
Caroline Evans
9:20am on Friday, May 18, 2012
Jettison the agency in its entirety.
It is a waste of time.... gives free rides to some at the expense of others. Tilts the scales of legit capitalism.
And.. on top of that.... do you REALLY think anyone who is such a loser at business that they need to seek refuge in a government sponsored agency can ever perform in a competent manner?
Of course not.... they would not be there if they knew anything about business... they would be in business.
By definition the agency, now, and forever, will be infested with people who are among those least able to make these kind of judgments.
This kind of agency damages the business climate... every REAL business knows they will be taxed to pay for the agency... and that it will be incompetent third tier wannabe-businesses that get aid un-needed by honest capable businesses.
So the very best businesses get to be at a financial competitive disadvantage compared to the ones run by third-raters who need to suck up to business-lackwits with the key to the government petty cash box.
You could not discourage quality business from locating in RI more effectively short of having State Troopers blocking the doors if they dared open for business in RI.
Think of the insanity of subsidizing the inferior competitors to solid businesses... and doing it by taxing the solid ones to pay for it, too.
And yet the RI-business-geniuses in government wonder why RI is in the toilet business-wise.
Caroline Evans
9:37am on Friday, May 18, 2012
@Todd B:
Do you work for 38Studios? Or are you some awestruck sports fan who got an autograph from Shilling on a baseball?
This is not some quahooger's wife who asked the corner store to cut her a few day's slack on a check she wrote for baby formula.
It is a criminal offense to write a rubber check.... all the moreso does it deserve time in jail the larger the amount... and the more craven the criminal who cut the check.
The mother with the hungry baby deserves slack.... not so the con-artist and liar with a vast attitude problem from the get-go.
Round 'em up and lock 'em up.. the morons made it easy for us.. so let us prosecute... and prosecute hard and promptly.
If the RI AG fails to do so.. have the Feds round up the AG along with Shilling under the RICO statutes, if at all possible... seize everything they own... lock 'em up as long as possible.
Itis WAY overdue.
Todd B
12:32pm on Friday, May 18, 2012
@Caroline: Passing a bad check is only a crime if there is an intent to defraud. If 38 Studios warned the state of insufficient funds there was no intend to defraud and no crime.
I also haven't seen where 38 Studios has lied at all. They asked for the loan and presented their financials. Nobody has questioned the legitimacy of the numbers that were presented. Massachusetts and private sector investors by and large said, "No thanks, too risky". Several independent analysts warned the deal was too risky.
But Gordon Fox, Teresa Paiva-Weed, Don Carcieri, Keith Stokes and the EDC board ignored those warnings and chose to invest taxpayer dollars. That doesn't make Schilling a "con-artist" so much as it shows the lack of judgement by RI's leaders at the time.
Caroline Evans
12:52pm on Friday, May 18, 2012
Wrong Todd.....
Uttering a bad check is a crime... all by itself.
Add into that....if there is no money in there now and was none then.... tell us how that is not intent to defraud?
It matters not if the intent was only to defraud long enough to get out of the room without getting verbally abused.... there is prima facie evidence of intent to defraud when you utter a bad check.
There is ZERO excuse for a company of that size to do so.... they have ZERO "I didn't know any better" defense.
Sheeesh... it is your kind of attitude Todd that allows and encourages crooks and scammers galore to drain the state dry.
This would be especially true if you are not connected to this con somehow and were trying to excuse it for your companions in this idiot boondoggle. God knows how many lies and misrepresentations were made in the pitch to the state... they had plenty of practice getting rejected by others.
The total failure to even begin to understand what is and is not corrupt is a major failing in some too large portion of the population of RI.
Caroline Evans
1:01pm on Friday, May 18, 2012
There is only no intent to utter a bad check if for some reason wholly beyond your control and knowledge the check was bad when you passed it.
Like suppose the bank gaffed up somehow and had provided a statement with a couple million dollar balance but it was a computer error and you only and a couple dollars in there.
Or a check you had deposited in good faith.. had in turn bounced and reduced your balance below what you though it was when the deposit was reversed.
Knowingly writing a check on an account you know is empty is a crime.. plain and simple... no excuses.
Todd B
1:14pm on Friday, May 18, 2012
@Caroline: "Uttering a bad check is a crime... all by itself."
Unfortunately, you can't change the law to make it say what you'd like it to say. If you want, take the time to check out RI General Laws Chapter 6-42, you'll find that only civil penalties are imposed. For criminal charges, there needs to be intent.
After hearing Gordon Fox say he'd do the deal again, Teresa Paiva-Weed saying Keith Stokes did a great job and reading your comments, I'd say that one of RI's other problems is that people just can't admit when they're flat-out wrong.
tjulietoscar aifseng
3:26pm on Friday, May 18, 2012
.
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Caroline Evans
9:21am on Saturday, May 19, 2012
@Todd B
You are right about RIers being unable to admi tthey are wrong even when it is proven to them.
And, assuming you are an RIer... it would seem you are a perfect example.
Your RIGL reference backs up my view.... and I would venture you have no legal background nor experience at all.. and figure you can lecture someone with 30 years worth.... 5 in federal law enforcement.. and 25 in tax law... which is kinda a financial field.
The arrogance of sub-mediocre know-it-alls is part of the corrupt mentality that so dominates too much of RI... and I would suggest Todd B is an example.
They disprove their own arguments... and then pretend, somehow, they won the dispute.
This is the same mentality that thinks you can wish a half-baked idea that was found at the bottom of a beer bottle into working in the real world. Like the whole 38Studios boondoggle
It is always the real world that is at fault for these nincompoops.... as it fails to conform to their desires of what it ought to be or do.
You
dis gusted
10:10am on Saturday, May 19, 2012
Why is it RI never, never, never learns a single lesson from these kind of things?
THIS WAS CAROLINE'S QUESTION.
And here is your answer..
THERE ARE NO CONSEQUENCES
Look at teh Sports Institute fiasco at URI
No consequences..
no one charged with any wrong doing.
Look at the fiasco of 38 Studios writing a bad check
NO CONSEQUENCES
If you check out every fiasco done, you see the same pattern
NO CONSEQUENCES
There is no determent to this type of state house bill making...no oversite and no transparency..
No one charged with any wrong doing.
Caroline Evans
10:35am on Saturday, May 19, 2012
I cannot begin to express how incredibly maddening is the refresh feature on this site when it randomly flushes your work down the chute/
It really ought to be shut down entirely... there is no reason for it at all.. and it involves fixing about one line of code.