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BankRI parent sets aside $4.2M for losses tied to 38 Studios
Brookline Bancorp Inc., the parent company of Bank Rhode Island announced on Thursday it has set aside $4.2 million to cover possible losses from two business loans BankRI issued shortly after Brookline bought the bank in January. more
Schilling-bond refunding hastened by lowest yields
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
EDC makes payments on loan guarantee for Capco Steel
PROVIDENCE – Another loan guarantee approved by the R.I. Economic Development Corporation in 2010 has turned into a financial liability for the state. more
7/23/12
38 Studios tells court it missed sales goal
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
| 7/10/12
Warwick City Council approves union contracts
Monday evening, the Warwick City Council unanimously approved three contracts with the city’s municipal employee, police and firefighters’ unions. more
38 Studios starts liquidation
Former Red Sox pitcher Curt Schilling’s defunct videogame company 38 Studios LLC begins liquidation Tuesday, news sources report. more
| 7/10/12 | 1 comment
Warwick reaches agreement with Fire, Police
The city of Warwick has reached new, three-year contracts with the city’s fire and police unions, Mayor Scott Avedisian announced Monday. more
| 7/3/12
Missed opportunity on credits
Cornish Associates President and CEO Arnold “Buff” Chase said his company has five historic Providence buildings lined up to buy and restore once Rhode Island brings back its historic tax credit program. more
Brown to benefit from $127M bond sale
Brown University will use a $127.4 million bond sale to renovate downtown property after agreeing in May to almost double annual payments to the city. more
EDC hires firm to investigate parties in 38 Studios deal
The R.I. Economic Development Corporation has hired Providence law firm Wistow & Barylick to pursue legal action against “third parties” connected with the 38 Studios LLC loan guarantee, Gov. Lincoln D. Chafee announced Tuesday. more
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