Read as much as you want on BostonGlobe.com, anywhere and anytime, for just 99¢.

High-risk video game venture has R.I., Curt Schilling reeling

The state of Rhode Island struck a $75 million deal with 38 Studios in 2010, to be repaid in 10 years. In return, the company relocated to Providence and promised to bring 450 jobs to the state.

38 Studios' timeline
2012

July 10 Bankruptcy meeting with 38 Studios creditors scheduled.

June 22 In an interview on WEEI-AM radio, Schilling says 38 Studios largely went bankrupt because it couldn't raise new capital. Schilling also says the money he saved from playing baseball, which he estimates at more than $50 million, is "probably all gone."

June 16 ESPN announces Curt Schilling on leave from part-time job as baseball analyst to deal with "his business issues."

June 15 Lawyer for five former 38 Studios workers files complaint against relocation company with Massachusetts attorney general.

June 7 RBS Citizens sues Curt Schilling for $2.4 million in loans to 38 Studios that Schilling personally guaranteed.

June 7 38 Studios files for Chapter 7 bankruptcy. Reports nearly $22 million in assets, but debts of more than $150 million.

June 5 MoveTrek Mobility, the relocation company hired by 38 Studios, notifies some former 38 Studios workers that it is rescinding agreement to purchase their homes and they will be responsible for the mortgage.

May 25 Blue Cross & Blue Shield of Rhode Island cuts off health insurance to former 38 Studios workers.

May 24 Curt Schilling’s 38 Studios lays off all staff.

May 22 Rhode Island Governor Lincoln Chafee said his administration has held up releasing the tax credits until it can find out more about the company’s financial situation.

May 19 38 Studios makes a $1.1 million payment that was originally due May 1 and applies for another $6 million in tax credits.

May 17 38 Studios CEO Jennifer MacLean resigns.

May 16 Governor Lincoln Chafee acknowledges 38 Studios in trouble; state trying to keep company solvent. Economic Development chief Keith Stokes resigns over 38 Studios investment.

May 1 38 Studios misses $1.12 million loan guaranty payment to the Rhode Island Economic Development Corp.

March 31 38 Studios missed payment to Blue Cross & Blue Shield of Rhode Island.

March 23 38 Studios CEO Jennifer MacLean takes unexpected leave of absence.

March 2012 (no exact date) 38 Studios pushes back internal launch date for project Copernicus from September 2012 to June 2013.

Feb. 8 Curt Schilling posts his stash of gold coins as collateral for loan from Bank Rhode Island.

Feb. 7 38 Studios releases first game, Kingdom of Amalur: Reckoning, in the United States.

Jan. 10 38 Studios signs deal to sell tax credits it expected to receive to Preservation Credit Fund, which in turn tries to sell credits to Blue Cross & Blue Shield.

2011

April 38 Studios relocates to Providence from Maynard.

June 38 Studios first game, Kingdom of Amalur: Reckoning, still under development, receives positive reviews at major industry trade show.

June 24 38 Studios auditors raise doubts company can stay in business without additional funding.

2010

March 9 Video game giant Electronic Arts Inc. announces it will distribute 38 Studios’ first product.

March 6 Governor Donald Carcieri attends a barbecue at Schilling’s Medfield home.

March 29 Schilling blogs that he is not looking for a government handout; threatens "give us tax credits or we bolt."

April 13 Rhode Island Legislature begins discussion of a $125 million fund for economic development but Schilling’s firm never mentioned as possible recipient.

April 16 Schilling urges Massachusetts to offer public funds to help video game start-ups.

June 11 Carcieri signs legislation for a $125 million fund for economic development, but Schilling’s firm never mentioned as possible recipient.

July 16 Rhode Island Economic Development Corporation meets to discuss $75 million loan guarantee to woo 38 Studios to Providence.

July 26 State approves $75 million loan; 38 Studios to create 450 jobs. Schilling said Massachusetts officials seemed indifferent to keeping his company.

Nov. 2 $75 million Rhode Island bond sale complete; 38 Studios to receive first installment of $13 million.

2009

March 23 Schilling announces retirement from Boston Red Sox.

May 38 Studios acquires Big Huge Games, a Maryland game development studio that will help develop products for gaming consoles such as Microsoft Xbox 360.

May 27 38 Studios announces plans to acquire Big Huge Games of Timonium, Md.

2007

Feb. 5 Schilling renames company 38 Studios LLC

2006

Aug. 28 Schilling incorporates Green Monster Games LLC in Maynard, Mass

Rhode Island deal with 38 Studios
$75 million loan guarantee to 38 Studios, repaid in 10 years
Company relocates to Providence, creates total of 450 jobs by 2013
Proceeds to 38 Studios
1. $13 million at bond sale
2. $9.4 million at signing of Providence lease
3. $17.2 million at relocation and creation of 80 jobs
4. $4.2 million at creation of additional 45 jobs
5. $4.1 million at distribution deal for first game
6. $23 million held in reserve accounts for interest of default backstop
*balance at creation of 125 additional jobs
Payments to state
1. $8 million in fees to Rhode Island over life of the loan.
2. $5.3 million interest due 2012.
3. $12.7 million principal and interest annually through 2020.
Other terms
38 Studios pays penalty of $7,500 per year for each job not created.
State liable for any unpaid balance and interest.
How Kingdoms of Amalur: Reckoning fared
38 Studios’ first game was an immediate hit when it was released in February 2012, but then fell off the charts of the top 100 selling video games after six weeks. A similar game from a rival firm, The Elder Scrolls V: Skyrim, released in November 2011, remained on the charts after 25 weeks.
The Elder Scrolls V: Skyrim
Released Nov. 2011
Total units sold since release: 11.78m
Kingdoms of Amalur: Reckoning
Released Feb. 2012
Total units sold since release: 1.12m

SOURCES: Globe news stories, Providence Journal, Rhode Island Economic Development Corp, VGChartz.

Monica Ulmanu, Andrew Caffrey and Patrick Garvin/Globe Staff

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week