“Deals this big don’t go through this fast unless they haven’t been properly vetted.”
“This project went through so fast it begs the question, ‘was it fully vetted first?’ Figliola said. Several members of the agency have resigned in the past month. “The amount of money to be successful in this industry is not tens of millions of dollars, it’s hundreds of millions of dollars,” he said.įigliola said authorities might also scrutinize the speed at which the loan to 38 Studios was approved in 2010 by the Rhode Island Economic Development Authority. On Thursday Chafee said that 38 Studios never really had a chance to be a going concern. You look back, how could it have happened?” “I hope we never make any kind of mistake like that again,” Chafee said of the loan guarantee. Those agencies, as well as the Rhode Island Attorney General’s office, are “coordinating an effort to look into what the monies were used for” as well as “banking issues,” said Steve O’Donnell, spokesman for the state police. Attorney’s office in Providence, said his agency had “been in touch with the FBI and the Rhode Island State Police regarding 38 Studios” but declined to comment further. “After ongoing negotiations with the State of Rhode Island and potential investors and other interested parties, the company has been unable to find a solution to the current stalemate.” “This action comes after several weeks when the company has reviewed, considered and received the recommendations and advice with respect to potential avenues for relief that are currently available,” the company said in a statement. The company’s name derives from Schilling’s baseball uniform number. Schilling, an avid video gamer who said last year he had invested $35 million of his own money into the company, owns an 82.9 percent stake in 38 Studios, a court filing shows.
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