EDC board to take more active role as <br>38 Studios deal demands accountability

When the time came for a decision on whether the state should guarantee a $75 million loan for 38 Studios, it is no coincidence that Keith W. Stokes, executive director of the R.I. Economic Development Corporation, had the EDC board of directors decide the outcome in a high-profile public meeting, attended by at least a…

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  1. What are the protections for the state in the event that 38 Studios goes belly-up when in fact Schilling has a non-recourse loan guaranty from EDC? This deal negotiated by the best and brightest on the EDC Board is the most ill-conceived endorsement and every knowledgeable lender, economic development practioner, and those skilled in finance recognize it. The exception of course is the PBN editorial board who most people know have to cozy a relationship with the EDC and frequently co-sponsor events together.