RI economic agency meets with Schilling

PROVIDENCE, R.I. (AP) — Curt Schilling met with Rhode Island’s economic development agency Monday night to discuss the finances of his troubled video company, and the former Red Sox pitcher said afterward there is misinformation circulating about the situation and that he’ll speak to the issue when he is able.

Schilling and the Economic Development Corp. board began a closed-door briefing on 38 Studios early in the evening.

After the meeting, Schilling said only that there is so much misinformation circulating that he couldn’t begin to clear it up with a sound bite. He said he would speak directly about the situation when he’s able.


The board continued to meet after Schilling’s exit.

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Schilling last week briefed the Economic Development Corp. board on 38 Studios’ finances and asked for additional help to stay afloat after missing a $1.1 million payment to the state that was due on May 1.

The board has not acted on that request, but Gov. Lincoln Chafee, the board’s chairman, has said he doesn’t want to provide any more assistance to the Providence-based company.

‘‘Ultimately, we want this to succeed,’’ Chafee said before Monday’s meeting.

38 Studios moved to Rhode Island from Massachusetts in 2010 after the state offered a $75 million loan guarantee that officials said would mean several hundred high-paying jobs and millions in tax revenue. It has received about $50 million of that money to date, and told state officials it has spent it all.


Melissa Chambers, a spokeswoman for the economic agency, said she didn’t know if the board would take action on Monday night.

The company finally made the overdue $1.1 million payment to the EDC on Friday. The company had delivered a check to the agency Thursday only to acknowledge soon after there wasn’t enough money in the account to cover it. The check was returned.

State officials say 38 Studios also notified them last week the company would not be able to meet payroll.

Chafee opposed the loan guarantee deal in 2010 when he was campaigning for governor, calling it ‘‘one of the biggest risks I’ve ever seen.’’ But he said Friday he recognizes the need to protect the already steep public investment.

‘‘We’re in deep,’’ he said.


Keith Stokes, the executive director of the Economic Development Corp., resigned last week. One member of the EDC board voted against the loan guarantee in 2010.