Caprio Now Attempting to Put Brakes on 38 Studios Loan

September 1, 2010 -

Rhode Island Democratic gubernatorial candidate Frank Caprio (pictured) is now attempting to block the $75 million loan used to lure Curt Schilling’s 38 Studios from Massachusetts.

Caprio, who is also the state’s General Treasurer, has expressed tepid uncertainty about the deal all along, calling for the state’s Economic Development Corporation to modify the loan and questioning the bond structure that will finance it.

His new position however, as reported by Boston.com, puts him firmly against the loan, and on the same side as Independent candidate for governor Lincoln Chafee, who Caprio lashed out against last week, saying to his opponent, “You don’t understand the deal. You don’t know the first thing about this.”

Caprio has now brought his doubts about the deal to credit rating firms Moody’s and Standard & Poor’s, urging them to “hold off on reviewing the project until a new governor can take office.”

This move prompted criticism from other candidates who accused Caprio of grandstanding. Not Chafee though, who stated, “The main thing is to stop the deal,” adding “…it's great to have General Treasurer Caprio now join me.”

Caprio’s website detailed the four “major issues” he has with the loan agreement:

1. The Deal Lacks Normal Guarantees
2. Failure to disclose current defaults by the State
3. Questionable approval by the State Legislature
4. The Deal Jeopardizes the State's Financial Stature

Caprio said he was just doing “what needs to be done to protect the taxpayers.”


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