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Guarantee program on new course
The $1.5 million loan Rhode Island guaranteed for NuLabel Technologies Inc. of Providence last August bears little resemblance to the $75 million taxpayer-backed financing package delivered out of the same program to Curt Schilling’s 38 Studios LLC a year earlier. more
38 Studios back in default
Gov. Lincoln D. Chafee said Friday afternoon that 38 Studios LLC was back in default on its $75 million loan guarantee deal with the state for violating labor laws governing mass layoffs. more
Atrion recruiting workers at 38 Studios
At least one Rhode Island company is trying to find a landing place for laid off 38 Studios workers, as a recruiter from Atrion Networking Corp. of Warwick is at the troubled video game developer talking to former employees about openings at the IT services company. more
Reports: 38 Studios lays off entire staff
(Updated, 7:19 p.m.) Former Red Sox pitcher Curt Schilling's video game company has laid off its entire staff in the wake of financial difficulties, according to multiple media reports. more
Foulkes resigns from EDC board
CVS Caremark Corp. Executive Vice President Helena B. Foulkes resigned as vice chairwoman of the R.I. Economic Development Corporation Board of Directors Thursday as continued controversy over the handling of 38 Studios LLC’s $75 million loan guarantee wracks the quasi state agency. more
Moody’s affirms 38 Studios bond rating on R.I.’s moral obligation
Moody’s Investors Service – a globally recognized rating company – affirmed the ‘A2’ rating on 38 Studios’s bonds since the bonds’ “stable” outlook is based on the state’s moral obligation pledge, which high-ranking Rhode Island officials say they intend to honor. more
38 Studios may miss out on tax credits
38 Studios LLC, the teetering video game company of former Red Sox pitcher Curt Schilling, could be ineligible for million in state tax credits because the firm is incorporated in Delaware, not Rhode Island. more
| 5/26/12 | 1 comment
Providence breaks $700,000 pension link joining nationwide insolvency fight
Providence lawmakers - facing a $1 billion deficit and squeezed for cash - reformed pensions, ending automatic raises and capping annual payouts and joining a national insolvency fight over pensions. more
MacLean, Blakely leave 38 Studios
(Updated, 6:30 p.m.) Gov. Lincoln D. Chafee on Wednesday said the apparent departure of two of 38 Studios’ top executives – CEO Jen MacLean and Senior Vice President of Product Development John Blakely – "is not good news" for the struggling video game company. more
| 5/23/12
Industry analyst says 38 Studios game assets only worth $20M
Michael Pachter, managing director of equity research at Los Angeles-based Wedbuch Securities told gaming-publication Joystiq that 38 Studios' intellectual property is worth only $20 million. more
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