Depositions began this week in the Rhode Island Economic Development Corp.’s lawsuit against Curt Schilling’s 38 Studios, the Associated Press reports.
EDC lead attorney Max Wistow said the first deposition began on Thursday with an executive at First Southwest. First Southwest was a financial adviser to the EDC in its $75 million loan guarantee to 38 Studios. Wistow also said that former EDC Executive Director Keith Stokes and Deputy Director Michael Saul are currently scheduled to be deposed in November.
Rhode Island green-lit a $75 million loan to 38 Studios in 2010. The studio went bankrupt in 2012 leaving $112 million debts. Rhode Island filed a lawsuit in November 2012 claiming 38 Studios was aware it was headed for bankruptcy but did not let the EDC know. A liquidation auction for 38 Studios’ assets is scheduled for November 14-15 2013.