38 Studios Boss Zaccagnino’s Deposition and Exhbits

Thursday, September 24, 2015


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Almost a full year before the Rhode Island Economic Development Corporation approved the $75 million in funding for 38 Studios, Tom Zaccagnino, a Massachusetts financier, and ultimate Rhode Island insider Mike Corso were meeting and working on a deal to bring 38 Studios to Rhode Island.

Communications between Zaccagnino and Corso started in the summer of 2009, months before the inception of the deal were publicly reported. Zaccagnino, a former Yale lacrosse great, was the deal-maker in bringing together 38 Studios and his ability to get Rhode Island to create a $75 million loan fund.  By working with Corso, Zaccagnino had access directly to Speaker of the House Gordon Fox. 

Corso and Fox had a long and tangled relationship.

Zaccagnino was also involved with the rehab of the Stone House Inn in Little Compton, but that property went into bankruptcy. Recently, the property was purchased by a new owner after being closed for a year.

GoLocal reported in June of 2012, the key Rhode Island business leaders had teamed up with Zaccagnino. 

Read the Zaccagnino 38 Studio Documents:

Zaccagnino's Depostion June, 2014 SEE SLIDESHOW BELOW

Exhibit #369 Corso Email, April, 2010

Exhibit #370 Saul Memo on selling bonds to Brown, RISD, Hasbro before legislation has been approved, April, 2010

Exhibit #371 Well Fargo Strategy email, April, 2010

Exhibit #372 Developing EDC Board presentation, April, 2010

Exhibit #373 EA Agreement

Exhibit #374 38 Studios Presentation to EDC Board (DRAFT), June, 2010

Exhibit #375 Talking Points for 38 Studios presentation to EDC Board, June, 2010

Exhibit #376 Zaccagnino email to Saul pushing for full $75 million

Exhibit #377 Zaccagnino internal email about EDC info request, June, 2010

Exhibit #378 Corso email about Nappa change orders. Budget over $11 million, May, 2011

Exhibit #379 EDC term sheet, July, 2010

Exhibit #380  38 Studios team trades edits on presentation to RIEDC Board, July, 2010

Exhibit #381 38 Studios CFO still tweaking deal, July, 2010

Exhibit #382 CEO wants flexibility of how to use state funds July, 2010

Exhibit #383 Zaccagnino doesn't want to alert RI EDC or Board that the company is undercapitalized before the approval July, 2010

Exhibit #384 "As long as we don't legally represent otherwise." July, 2010

Exhibit #385 Financial viability in question, July, 2010

Exhibit #386 Use of funds for RIEDC, July, 2010

Exhibit #387 Questions from Moody's and S&P on Ballon Payment, Aug, 2010

Exhibit #388 Bond pricing and Citizens Bank and Bank of America, Aug, 2010

Exhibit #389 Financial projects as the deal was approved and before the bonds were issued showed that 38 Studios was looking at massive losses, Aug, 2010

Exhibit #390 Concerns by top 38 Studios officials about Chafee, Caprio and Raimondo opposition, Aug, 2010

Exhibit #391 Internal 38 Studios financials show that with RI investment losses over 3 years will exceed $90M, Aug, 2010

Exhibit #392 Deal change. 

Exhibit #393 Corso requests pre-payment for fees, 38 Studios would be short for payroll. Cash position is dire pre-distribution from RI Bonds. 

Exhibit #394 Expenses tied to the deal are mounting. Chafee transition. December, 2010.


Related Slideshow: Thomas Zaccagnino Transcript - Part 1


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