38 Studios: Schilling fears loss of $50m personal fortune

Kingdoms of Amalur dev emptied and now owned by the state

Curt Schilling has admitted his personal $50 million baseball fortune may be wiped out after investing it in a Rhode Island studio that last week buckled under its own debt.


Days since the former Phillies pitcher was forced to lay off about 300 staff at 38 Studios, as well as axe another 100 at Baltimore subsidiary Big Huge Games, Schilling has broken his silence on the matter and blamed state officials for meddling.

In particular he criticised Rhode Island governor Lincoln Chafee for delivering "devastating" public comments on the health of 38 Studios, and said such rhetoric had "scared off private investors".

In May, Chafee claimed that Rhode Island was trying to keep 38 Studios "solvent" - a claim which, according to Schilling, scared off an unnamed publisher which resulted in the loss of $35 million in investment.

Now the empty studio is owned by the state with about $112 million to repay in loans and interest.

In 2011, Schilling's studio moved to Rhode Island as part of a complex $75 million taxpayer-backed bonds deal.

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[ SOURCE: Providence Journal ]