NEW: EDC takes No Action on 38 Studios
Wednesday, May 16, 2012
The Rhode Island Economic Development Corporation (EDC) took no action to help former Red Sox star Curt Schilling's video game company during an emergency meeting held today.
38 Studios missed a $1.125 million payment that was due to the EDC on May 1, prompting concerns over the company’s financial health.
Schilling’s company received a $75 million guarantee from the state two years ago that could leave taxpayers on the hook if the company goes broke.
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At the time, then-gubernatorial candidate Lincoln Chafee raised concerns regarding the deal and threatened to sue former Governor Don Carcieri if the company failed. Chafee has not indicated what he would like to see the EDC do to help 38 Studios.
