In a reversal of public statements made in the wake of the revelations of its financial difficulties, executives of 38 Studios LLC told U.S. Bankruptcy Court in Delaware that its its first product, the video game “Kingdoms of Amalur: Reckoning,” did not meet its sales expectations. more

PROVIDENCE – Another loan guarantee approved by the R.I. Economic Development Corporation in 2010 has turned into a financial liability for the state. more

The lowest municipal yields in a generation may help Rhode Island cut the cost of repaying $75 million it borrowed to lure former Boston Red Sox pitcher Curt Schilling’s now-bankrupt videogame company from Massachusetts. more

One of the most important goals that former R.I. Economic Development Corporation Executive Director Keith W. Stokes set when he took the job in early 2010 was the need to measure the results that the state’s various economic-development programs were producing. The lack of any such controls was exposed by a two-part series in Providence Business News in June 2010 that documented how little the state knew about the companies it had supported through the federally funded Small Business Loan Fund and its related microloan fund. Despite federal reporting requirements, the state had no idea how many jobs the recipient companies currently had. In addition, the failure rate of the loans was double that of similar commercial loans made by banks. more

Richard J. Land, an attorney with Chase Ruttenberg & Freedman LLP, has been appointed state receiver in the 38 Studios LLC bankruptcy case, Gov. Lincoln D. Chafee announced Thursday. more

The R.I. Economic Development Corporation and Bank of New York Mellon Trust Co. won court approval to take possession of assets of 38 Studios LLC, the bankrupt video-game maker founded by former Boston Red Sox pitcher Curt Schilling. more

The R.I. Economic Development Corporation has guaranteed a $1 million loan to eNow Inc., an expanding Providence company that makes solar power systems for trucks. more

A three-member “litigation subcommittee” was created by the R.I. Economic Development Corporation Board of Directors Monday night to oversee legal efforts to recover taxpayer funds lost from the failure of 38 Studios LLC. more

Former R.I. Economic Development Corporation Executive Director Keith W. Stokes has joined The Mayforth Group, the Providence-based consulting firm announced Wednesday. more

The driving force behind the privatization of the R.I. Economic Development Corporation in 1995 was a desire to separate the Ocean State’s volatile and corruption-prone politics from efforts to grow its economy. more