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RBS sues Schilling over 38 Studios loan

BLOOMBERG FILE PHOTO/SCOTT EELLS
RBS CITIZENS has sued former Red Sox pitcher Curt Schilling for $2.4 million to recover the loans made to Schilling’s defunct video game company, 38 Studios LLC, reported The Boston Globe.
Posted 6/14/12

PROVIDENCE - RBS Citizens has sued former Red Sox pitcher Curt Schilling for $2.4 million to recover the loans made to Schilling’s defunct video game company, 38 Studios LLC, reported The Boston Globe.

RBS Citizens, which is owned by the Royal Bank of Scotland, said Schilling personally guaranteed the debt to the bank, but that the former Red Sox star has failed and refused to pay, according to the news source.

Citizens holds notes worth $2.4 million, part of more than $150 million owned by the former gaming company, said the Globe.

38 Studios filed for Chapter 7 bankruptcy protection last week as a formal investigation of the company began.

Spokesman Larry Solters told Providence Business News on June 7 that the action came after several weeks of contemplation and review by the company.

Both 38 Studios and 38 Studios Baltimore LLC – formerly Big Huge Games – filed for bankruptcy June 7 in Delaware.

Rhode Island is owed $62.25 million in principal as part of the $75 million loan guarantee that lured the company to the state, but according to various news sources, the 38 Studios’ bankruptcy filing listed the company’s assets – not including the Project Copernicus IP – at closer to $20 million.

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