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EDC mistake provides R.I. with opportunity to learn for future
To the editor: Your Morning Call e-newsletter (“Legal fees mounting in 38 Studios case,” Sept. 18, 2012), prompts several observations. I hope there is enough money for potential recovery to justify the large legal fees involved. Before the state spends any more of our money on this, I think they have an obligation to tell the public how much we might be able to recover. more
10/1/12
R.I. leaders must take RIPEC plan to heart
More than four months after being charged by Gov. Lincoln D. Chafee with examining the R.I. Economic Development Corporation in the aftermath of the 38 Studios LLC implosion, the Rhode Island Public Expenditure Council has come back with a 140-page report that makes clear change is needed. The report looks at the EDC today, at best practices across the country, and recommends what the state should do to improve the business-development environment in Rhode Island. more
10/1/12
38 Studios auction grosses $650K
The public auction of property from 38 Studios LLC's former headquarters at One Empire Plaza, which included items ranging from computers to a 5-foot battle hammer, grossed roughly $650,000, according to the R.I. Economic Development Corporation. more
| 10/26/12
Suit over 38 Studios deal risks collateral damage
Rhode Island’s $75 million loan guarantee to 38 Studios LLC was already synonymous with bad judgment. The state’s lawsuit against the deal’s participants now attempts to link it with fraud and incompetence. more

By Patrick Anderson
PBN Staff Writer | 11/12/12

Death of a firm can breathe life into others at auction
SJ Corio Co. President Salvatore Corio Jr. has been running liquidation auctions in Rhode Island since 1983, so when he took on the 38 Studios LLC bankruptcy sale, he knew he was in for a big job. With over 2,000 lots on the block, selling everything in one session while maximizing returns for taxpayers would take speed and endurance. Over a nearly uninterrupted 10 hours of bidding, the auction recovered $650,000 for the state as Corio mixed his trademark blend of rapid-fire humor with salesmanship. More than once, he asked for a bid of $75 million, the amount of the 38 Studios loan guarantee. more

By Patrick Anderson
PBN Staff Writer | 11/26/12

Providence police agree to pension changes
Providence police officers have approved the package of pension and retirement benefit changes agreed to with the city in May, clearing the way for its implementation. Police were the last group of rank-and-file municipal employees to ratify the landmark cost-cutting settlement. more
Incentives face scrutiny in G.A.
Business incentives and tax breaks were in the spotlight in the past year and will almost certainly be again in 2013. more

By Patrick Anderson
PBN Staff Writer | 12/31/12

EDC is ‘not broken,’ says Chafee
Gov. Lincoln D. Chafee will keep the state’s formerly beleaguered economic development apparatus intact for the rest of the year and in his proposed budget for the next fiscal year, he said Thursday. more
Judge approves Providence pension deal
On Friday, Superior Court Judge Sarah Taft-Carter gave final approval over the pension agreement between the city of Providence and its retirees, according to WPRI. more
| 4/12/13
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