The new executive at the top of the Rhode Island Economic Development Corp. (EDC) says that the failed $75 million loan guarantee to Curt Schilling's 38 Studios has hurt the reputation of the agency, but he will do all that he can to restore it and to rebuild confidence in the state's economic recovery efforts.

The case between 38 Studios and the state of Rhode Island has begun, with opening arguments from both sides being made this morning in Rhode Island Superior Court. Rhode Island filed a lawsuit against 38 Studios founder and former Red Sox pitcher Curt Schilling and 13 others involved in the 2010 $75 million loan in November of last year.

The state claims that the company, its top executives and former executives from the Rhode Island Economic Development Corp. (EDC) knew that the company would run out of cash by 2012 and would ultimately fail but did not inform the state.

Former Red Sox pitcher and 38 Studios founder Curt Schilling will be selling off some of his assets, according to the website for Consign Works. No doubt the money will go to pay down legal fees and the debt that was the result of defaulting on a $75 million loan guarantee with the State of Rhode Island, which is currently suing Schilling and others related to that deal.

In court documents obtained by GoLocalProv, the former head of Rhode Island's Economic Development Corp. (EDC) accused RI Gov. Lincoln Chafee of forcing 38 Studios into bankruptcy last year by standing in the way of efforts to restructure its debt or raise additional funding. The accusations were part of a court filing responding to the state's lawsuit against Curt Schilling, former executives from the company, former Economic Development Corp.

A listing on the Heritage Global Partners' website reveals that 38 Studios' assets for its two game franchises - the MMO Project Copernicus and the action RPG Kingdoms of Amalur: Reckoning - will be sold at an online auction on November 14. Also on the block are several familiar Big Huge Games properties and game engine technology. The auction begins on the aforementioned date at 9:00 AM EDT and ends on November 15 at 12:00 PM EDT.

The Providence Journal reports that pre-trial wrangling was underway this morning in the lawsuit filed by the state of Rhode Island against 14 defendants related to the $75 million loan guarantee given to Curt Schilling's 38 Studios in 2010.

It looks like Rhode Island will finally have an auction to sell off 38 Studios' intellectual property. According to an IGN report citing WPRI.com, the court-appointed receiver for the assets, Richard Land, says that an auction will happen "soon." The state took possession of the 38 Studios IP after the company defaulted on a $75 million loan and filed for bankruptcy.

Rhode Island State Representative Karen MacBeth (D-Cumberland) wants the House Oversight Committee to grant subpoena power to a group of lawmakers looking into the Economic Development Corporation's 2010 deal with 38 Studios. Rep. MacBeth says that she wants to extract documents and compel appearances by key figures in Rhode Island's investment in Curt Schilling's now-bankrupt game development studio.

The Rhode Island Economic Development Corporation has confirmed with several outlets that the U.S. Securities and Exchange Commission (SEC) is actively investigating the $75-million taxpayer-backed loan given to Curt Schilling's now-bankrupt video-game company 38 Studios.

It looks like former Red Sox pitcher and 38 Studios founder Curt Schilling - along with associates of the company - could face legal problems on another front. Last week the Rhode Island Economic Development Corp. approved a request by the federal bankruptcy court trustee to use up to $150,000 in assets recovered from the company to further investigate its former officers, directors, and other parties. If this investigation turns up any further information, it could lead to additional legal actions against 38 Studios.

A Rhode Island judge is allowing a lawsuit filed by the state's Economic Development Corp. against former Red Sox pitcher Curt Schilling and others related to the default on a loan guarantee that went south after 38 Studios went bankrupt.

The Rhode Island Economic Development Corporation's handling of a $75 million loan deal to 38 Studios continues to have an effect on politics in the state, and today more reforms are being discussed so that the failure of that deal can never happen again.

Yesterday afternoon lawmakers in the Rhode Island House began examining hundreds of documents in an attempt to piece together a timeline on the $75 million loan guarantee awarded to Curt Schilling's 38 Studios. The committee began by looking at emails from the former Rhode Island Economic Development Corporation Executive Director Keith Stokes.

Stokes said in emails that the General Assembly would not have created the loan guarantee program without knowing Curt Schilling was interested in moving his video game company to Rhode Island in 2010.

A Rhode Island House committee opened hearings today to look into the events leading up to awarding a $75 million loan guarantee to former Red Sox pitcher Curt Schilling's 38 Studios. The oversight panel will start by sifting through 8,000 pages of documents related to the loan guarantee, according to what House Oversight Committee Chairman Rep. Michael Marcello (D-Scituate, Cranston) told talk radio station WPRO.

Laurie White (president of the Greater Providence Chamber of Commerce) and Michael Sabitoni (president of the Rhode Island Construction and Building Trades Council) teamed up to pen an op-ed in the Providence Journal to warn lawmakers and the public that what happened with 38 Studios should not cast aspersions of future state investments into other industries.

The aftermath of 38 Studios defaulting on a $75 million investment and its subsequent bankruptcy has caused lawmakers to create a new government post. The Rhode Island legislature has passed a bill creating the new position of commerce secretary, a gubernatorial appointee. The bill which was opposed by Gov. Lincoln Chafee passed early Tuesday morning and without the Governor's signature. The bill creates a cabinet-level secretary position that will be in charge of the state's economic development efforts and the duties of the Department of Business Regulation.

After some back and forth from lawmakers in Rhode Island, officials say that they will honor the debt generated from a default on the loan to Curt Schilling's 38 Studios. The state of Rhode Island said that it will officially honor the bonds that financed Kingdoms of Amalur developer 38 Studios after the Rhode Island Finance Committee approved a budget last night that includes an interest payment of $2.5 million, Reuters reports.

The leader of Rhode Island's Republican Party is calling for a special investigation into the legislature's involvement in the state's failed investment in former Red Sox pitcher Curt Schilling's video game company 38 Studios. After the studio went bankrupt the state was left holding the bag to the tune of $100 million.

The State of Rhode Island has raked in $713,000 from Kingdoms of Amalur: Reckoning sales since it acquired various Amalur assets last summer from 38 Studios, according to GameSpot. The figure is from cumulative revenue from ongoing sales of Kingdoms of Amalur: Reckoning made through Steam, but not physical copies of the game.

This should come as no shock to anyone that has been following the saga between the state of Rhode Island and bankrupt game development house 38 Studios: the state of Rhode Island has decided that it will sell off the studios' assets (which it now owns) to pay down some of the deficit it was left with after 38 Studios went bankrupt.

According to WPRI, Rhode Island Governor Lincoln Chafee (I) is taking sides in a fight over the future direction of the state’s troubled Economic Development Corporation. The fight is between former campaign rival and Moderate Party Chairman Ken Block and House Speaker Gordon Fox, but the Governor has decided to go against the Speaker and side with Block.

In an extensive New York Times article on the demise of former Red Sox all-star pitcher Curt Schilling's 38 Studios, current Rhode Island governor Lincoln Chafee (I) shares his thoughts on what led to the studio defaulting on a $75 million loan from the state and the studio's eventual bankruptcy.

The Boston Herald is reporting that lawmakers in Rhode Island are saying that they should stop making payments related to 38 Studios loan. The state is currently suing founder Curt Schilling and executives from the company that defaulted on loans in the neighborhood of $100 million. The Rhode Island House Finance Committee is currently reviewing bills that would block the state or its Economic Development Corp. (EDC) from making payments.

Rhode Island Superior Court documents unearthed by The Providence Journal claim that the management at the now-defunct 38 Studios knew they didn't have enough money to finish projects before moving to the Ocean State. At least that is what the state is alleging in its case against the company who took a loan for millions of dollars and then defaulted on the loan.

The Associated Press is reporting that 38 Studios founder and former Red Sox pitcher Curt Schilling has asked a Rhode Island superior court judge to throw out a lawsuit filed by the Rhode Island Economic Development Corporation.

Former Boston Red Sox pitcher and 38 Studios founder Curt Schilling will sell the famous bloody sock that he wore during the 2004 World Series. The sock is expected to net at least $100,000. The Associated Press is reporting that an online auction for the piece of rare sports memorabilia will open on February 4, with an in-person auction to be held on February 23.

You can't get blood from a stone, but the state of Rhode Island is going to try anyway. The state announced today that it has filed a lawsuit against Curt Schilling and various executives at the now bankrupt 38 Studios in an attempt to recoup the $75 million loan guarantee given to the studio to set up shop in Providence and create an MMO.

The public auction held Tuesday at what used to be 38 Studios' headquarters in Providence, Rhode Island, raked in approximately $650,000, according to figures released by the Rhode Island Economic Development Corporation. Last week a similar auction was held at the site of 38 Studios' Big Huge Games division in Maryland. That auction brought in $180,000.

According to a Boston.com report, two auctions to sell of the tangible goods of the now bankrupt 38 Studios will allow online bidders to participate. Up for sale are the company's computers, office equipment, office furniture and more. Sorry, there are no game assets or intellectual property to bid on...

Former Red Sox pitcher and founder of the now bankrupt 38 Studios may be forced to sell memorabilia that is near and dear to his heart (and other assets) to help pay down some of the debt on the $75 million loan he took from the State of Rhode Island.