RI Gets First Payment from 38 Studios Settlement
PROVIDENCE, R.I. (AP) — Rhode Island officials say the state has received its first payment from a lawsuit settlement involving ex-Red Sox pitcher Curt Schilling’s failed video game company.
The Providence Journal reports that the state received a $4.37 million check earlier this week from the insurance company representing two of the 14 defendants.
Officials say the state will net about $3.2 million, and the state can use the money to help repay its debt related to Schilling’s company, 38 Studios.
The state approved a $75 million loan guarantee in 2010 for 38 Studios to move from Massachusetts to Rhode Island, but the company went bankrupt two years later and left the state and taxpayers responsible for some $89 million related to the deal.
The state’s lawsuit remains pending against other defendants.
Information from: The Providence Journal, http://www.providencejournal.com