Schilling Loan Shaved

September 8, 2010 -

Curt Schilling’s 38 Studios will have to make do with just a $51 million loan from Rhode Island’s Economic Development Corporation (EDC), as around one-third of the original loan amount of $75 million will be held aside for three years worth of repayments on the debt.

WPRI.com reported the news, citing a fact sheet issued by the EDC. After issuing the document, an EDC spokesperson indicated that the organization would no longer speak to reporters about the deal until it was finally closed.

While there was no mention of whether or not 38 Studios might eventually receive the $20 million or so being held aside, it was reported that, if approved, the deal would see 38 Studios receive $13 million right away, with another $38 million dispersed over the next 15 months, providing Schilling’s company meets certain goals and criteria.

Another “success fee” of between $15.3 and $18.8 million could be earned by 38 Studios, though no mention of terms and/or conditions were on the EDC fact sheet.

38 Studios also has until November 30th to find its new home, after which it must sign an enforceable 10-year lease.

The EDC loan helped lure Schilling and 38 Studios from their current Massachusetts home to neighboring Rhode Island and raised the ire of just about every politician in the Ocean State.


 
Forgot your password?
Username :
Password :

Poll

Will Code Avarice's Paranautical Activity make its way back onto Steam?:

Shout box

You're not permitted to post shouts.
InfophileAdobe: "Adobe sent Ars an e-mail that said, "Please read our Twitter response to this matter.""... You do realize Twitter isn't the best platform for an official response, right?10/22/2014 - 4:23am
Technogeekprh99: Gamergate and Adobe deserve each other.10/22/2014 - 2:55am
Andrew EisenAdam McKay directed cartoon about income inequality. https://screen.yahoo.com/we-the-economy/inequality-1-unbelievable-sweet-alpacas-175411663.html10/21/2014 - 8:54pm
prh99Bit.ly Maintainance here is the original http://arstechnica.com/business/2014/10/after-gamergate-tweet-adobe-distances-itself-from-gawker-bullying/10/21/2014 - 8:39pm
prh99Adobe calls out Gawker for GG bullying and backpedals...sort of. http://bit.ly/1pyM4Yg10/21/2014 - 8:35pm
Neo_DrKefkaThanks James. Means a lot.10/21/2014 - 7:24pm
prh99Nothing that hasn't been said.10/21/2014 - 6:52pm
Andrew EisenHaven't read it yet. I'm sharing this because I love the header image. http://nymag.com/scienceofus/2014/10/gamergate-should-stop-lying-to-itself.html10/21/2014 - 3:39pm
james_fudgeYou are one of us, you're a GPer, not a GGer :)10/21/2014 - 2:27pm
james_fudgeNeo_DrKefka: half of them don't know who that is, so no worries :)10/21/2014 - 2:27pm
Andrew EisenUpdate to the Paranautical Activity story. Dev leaves the studio. http://codeavarice.com/post/100592709238/mike-is-leaving-code-avarice10/21/2014 - 1:52pm
quiknkoldI'm sure you are, Andrew10/21/2014 - 1:44pm
Andrew EisenNintendo announced the Link amiibo is compatible with Hyrule Warriors. No idea how Nintendo expects anyone to give a toss if it don't tell us what it does. Then again, maybe I'm just being curmudgeonly.10/21/2014 - 1:25pm
Neo_DrKefkaSo Gamergate compared me to leftist Saul Alnsky....ME off all the people10/21/2014 - 1:16pm
IanCWell.... quite.10/21/2014 - 1:10pm
Andrew EisenWell of course. Girls don't buy figurines and guys don't buy figurines of girls. And no, the girls that buy figurines and the guys that buy figurines of girls don't count. The money belongs on the table, thank you very much!10/21/2014 - 12:43pm
IanCI have 3 of the Disney Infinity figures even though i don't have the game (Rapunzel from Tangled, and Anna & Elsa from Frozen, purely because its the only way to get figures from those two films)10/21/2014 - 12:23pm
Andrew EisenGlad you said "Pokemon." That's the first time I've seen anyone use that abbreviation.10/21/2014 - 12:14pm
MaskedPixelanteGot my demo key for ORAS, hope I get some awesome Pokemon to bring over.10/21/2014 - 12:08pm
E. Zachary KnightNot owning a WiiU helps too.10/21/2014 - 11:39am
 

Be Heard - Contact Your Politician