38 Studios
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An assessment of the 38 Studios LLC moral obligation bond debt service conducted by SJ Advisors concluded that failure to repay the bonds would probably result in a downgrade of Rhode Island’s bond rating to “junk bond” status. more
(Updated, 3:19 p.m.) Gov. Lincoln D. Chafee on Tuesday issued a statement defending the need for Rhode Island to repay the 38 Studios moral obligation bonds and criticizing gubernatorial candidates Cranston Mayor Allan W. Fung and Ken Block, who have voiced opposition to repayment. more
The state of Rhode Island has reached a tentative settlement with the law firm Moses Afonso Ryan Ltd., and one of the firm’s partners, Antonio Afonso Jr., who served as bond counsel to the state on the 38 Studios LLC bond deal. more
As a candidate, Gov. Lincoln D. Chafee’s opposition to the pending $75 million 38 Studios deal was both a pillar of his platform and symbol of his governing philosophy of fundamentals over special deals and big projects. Looking back on four years in office, Chafee’s warnings about 38 Studios proved correct, but that didn’t prevent the company’s collapse from casting a shadow over much of his term. Even if many of his priorities never made it through the legislature, Chafee argues that history will look back favorably on his record, which includes a pension overhaul, budget stability and no scandals. more
Former members of the R.I. Economic Development Corporation board, including ex-Gov. Donald L. Carcieri, are among 20 witnesses scheduled to be deposed this summer in the state’s lawsuit against participants in the failed 38 Studios loan, the state’s attorney said Wednesday. more
Two Rhode Island legislators investigating the collapse of former Red Sox pitcher Curt Schilling’s bankrupt video-game company have received poison-pen letters. more
Moody’s Investors Service upgraded Rhode Island’s credit outlook from negative to stable while maintaining an Aa2 bond rating, the agency announced Monday. more
A Dec. 10 auction of 38 Studios’ intellectual property assets grossed $320,000, but no “acceptable offers” were made for the 38 Studios video game under development when the company declared bankruptcy, codenamed “Copernicus,” according to a statement from 38 Studios receiver Richard J. Land. more
A proposed financial settlement has been reached in the federal bankruptcy case involving Curt Schilling’s former 38 Studios video game company. more
R.I. Superior Court Judge Michael A. Silverstein has approved the state’s $4.37 million settlement with the law firm Moses Afonso Ryan Ltd., denying objections by a number of other defendants in the 38 Studios lawsuit who challenged the constitutionality of the proposed settlement. more
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