10 Jan
The Rhode Island General Assembly introduced a new bill on Wednesday “at the request” of Governer Lincoln Chafee’s administration, which would resolve the $75 million debt caused by a loan given to 38 Studios. The bill addresses “court-approved settlements,” stating that “a person, corporation, or other entity who has resolved its liability to the Rhode […]
01 Jun
A panel from the state’s House Oversight Committee has received documents on 38 Studios, and are now ready to debate the 38 Studios situation
The second time’s the charm for 38 Studios. The developer’s second $1.125 million check sent to the Rhode Island Economic Development Corporation cleared late last week, fulfilling the first payment on the company’s $75 million loan. The state believes the totality of the $49 million portion given to the studio has been spent, their next […]
38 Studios’ check to the Rhode Island Economic Development Corporation was returned due to insufficient funds, according to local news outlet WPRI. The $1.125 million owed by the Curt Shilling-backed studio was the impetus for the company’s default on May 1st, as per a 2010 loan agreement. Rhode Island Governor Lincoln Chafee stated that the […]