Rhode Island Owns Defunct Video Game Firm
KRDO.com reports that taxpayers in the small, financially stricken New England state are on the hook for tens of millions of dollars loaned out to the video game company 38 Studios. Founded by former Boston Red Sox star pitcher Curt Schilling, the company was supposed to bring jobs for skilled professionals to a state struggling to expand its workforce. But on Thursday, 38 Studios laid off its entire staff of roughly 400 employees with no pay. It also cancelled their health insurance.For a lack of a better description, 38 Studios went out of business. Now Rhode Island is stuck with the tab of roughly $112 million in loan principle, interest and fees. There’s little chance taxpayers will make up even a quarter of their potential losses, according to industry experts.
Read more at http://www.krdo.com/technology/31121652/detail.html