Former Red Sox star Curt Schilling said Friday that his Rhode Island video game company, 38 Studios LLC, went bankrupt two weeks ago largely because it couldn’t raise more money from outside investors.
“One of the going concerns from Day One – and it was always something that we were cognizant of – is we needed to raise capital,” Schilling said in a radio interview on the Dennis & Callahan sports radio show on WEEI in Boston. “We tried for a long time to do that and it didn’t come to fruition.”

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Curt - Totally bummed that this venture didn't work out and that your personal loss was so large. Having met you in Maynard one day at the beginning, I was a big fan. The team you assembled amd supercharged could have been a lesson in MBA classes on best management practices. 38 Studios took an immense amount of courage. Boston still knows that you are one of the most courageous people we've ever seen. Best Paul
of course, he's totally in favor of himself getting public money. now that we see how well all the public money worked, of course the problem is that he didnt get more. courage? try feckless instead. some hero. and if his guy, McCain, had become President, we'd be at the depths of another Great Depression. and him and curt would be blaming poor people. yeah, courage.
As much as I may disagree with Schilling's political leanings...I don't think it is fair to throw that stuff in his face now. He is right...many, many companies take advantage of governmental tax breaks, and other deals to get up and running in any state. So, I don't see how he qualifies as a hypocrite for doing what many, many others do. I just think he got in over his head. He needed investment capital upfront no during production or afterwards. It is a shame it didn't work out for him. I wish him no ill will and am sorry to hear that the money he made playing baseball is nearly gone. That is tough on not just him, but his family too. It is also a shame the EA didn't come to his rescue. I am a pc gamer and have known EA since the beginning. They could have done it. But, the other side of this coin is that there are a lot of these types of role playing games out there. Blizzard just released the third of it's Diablo series. And there is always the Warcraft series which is very popular. So, the competition in that area of gaming is very tough.
I listened to the radio interview this morning. I've followed the Governor Chafee viewpoint in the news. There's enough blame to share. And business naïveté played far too much a role from the two major players, namely, Curt Schilling and Governor Donald Carcieri. I believe each were each other's sycophants or enablers. From the Wall Street Journal, June 7, 2012 by Katy Stech, "The day after a hand-delivered check from 38 Studios to the Rhode Island Economic Development Corp. bounced for insufficient funds, the corporation's executive director, Keith Stokes, resigned from his post. Industry analysts questioned earlier this year whether the success from the company's first videogame, "Kingdom of Amalur: Reckoning," would be enough to keep the company afloat. In a released statement, the company said it opted for bankruptcy after confronting its limited options." There seems to be a common thread throughout this sad story that not enough pre-business research was done on all the planners on Schilling's side and ditto for the Rhode Island Economic Development Corporation. I do find it interesting and slightly amusing that when I'm seeing, listening or reading commentary regarding all the parts of this venture that in one aspect it boils down to whose ox is being gored. The people who side with Schilling's view that the film credits should have been advanced by Rhode Island would be apoplectic if this tax infusion was occurring in Massachusetts. Have a nice weekend everyone.
And business naivety
I agree ScratchCook, It seems the one thing you can blame Schilling for here is that he didn't hire enough MBA's to give him credible, educated advice...but rather relied on his own intuition or something....and R.I. officials...well they should have done their due diligence which it appears they did not. And you are right, had this happened in MA, there would be an uproar of posts here rather than the few that are here now.
hahahahahahahahahahahahaha
It's a little bit hard to feel warmth for someone who was paid more than $100 million to throw a baseball, then publicly proclaims his suffering for losing it in a failed video game venture.