Report: Schilling’s Video Game Company Lays Off All Staff | TPMMuckraker

[geefloyd46]

Former Red Sox pitcher Curt Schilling’s video game company, 38 Studios, has laid off all its employees, an anonymous source at the company told The Boston Globe on Thursday.

The company, which moved from Massachusetts to Rhode Island in 2010 in exchange for $75 million in guaranteed loans, started to get headlines earlier this month after it missed a $1.1 million loan payment to the state. While it later made the payment, it was reportedly having trouble making payroll. Schilling has asked Rhode Island for more money, but the state has refused.


[link:http://laborspains.blogspot.com/2012/05/report-schillings-video-game-company.html|

[Turbineguy]

1. Was Bain involved?

[TheWraith]

2. I guess Deval Patrick gets to say "I told you so." nt

[geefloyd46]

3. He really can't because he has Socialistic tendancies

While the guy passing the hat is the capitalist.

[ladym55]

4. Curt Schilling is a good Republican

He expects public money to fund HIS business ventures, and public money to bail him out when he fails. I've noticed that lots of Republicans think public money is GOOD thing to fund business, so that the good capitalist can reap all of the profit without having to risk any of his own capital.

[Scurrilous]

5. Curt Schilling’s Video Game Company Might Cost Taxpayers $112 Million

<snip>

"Curt Schilling loves his MMORPGs (think Everquest or World of Warcraft). So much so that in 2006, he founded his own company to produce them. 38 Studios set up shop in Maynard, Mass., and got to work.

In 2010, the state of Rhode Island came a-calling. As part of the RI Economic Development Corporation's effort to create jobs in the state, they offered 38 Studios a $75 million loan, if only they would pack up operations and bring them to Rhode Island. Schilling and co. moved to Providence, and pledged to employ 450 locals. It was a gamble for the state, which only had $125 million for the entire job creation program, and took criticism at the time.

It's 2012, and 38 Studios is in trouble. They've only employed 288 Rhode Islanders so far, and the company recently had to pull out of next month's E3 showcase because their upcoming game, paid for by the loan, isn't close to being ready. An independent audit expressed "substantial doubt" about whether the company can remain solvent, and state officials have been meeting with 38 Studios in recent days.

The worst case scenario? 38 Studios goes under, and is unable to repay the loan. If that happens, taxpayers are on the hook for $112.6 million after interest is factored in. Maybe Curt Schilling was right all along: big government and the stimulus plan just don't work."

http://deadspin.com/5910569/

[regnaD kciN]

6. While I'm sure there will be lots of people commenting about Schilling's politics...

...as someone who used to work in that field, my heart goes out to the employees. I went through a similar situation in 1999 with Sierra, where they closed down many studios and laid-off a huge chunk of staff, and it was traumatic for everyone...and that wasn't even during a time of unemployment like we have now.

[geefloyd46]

7. Thanks for focusing conversation back to what's important.

We are truly one people no matter how many times people try to divide us.