The real tragedy is that Rhode Island put itself in a position where the failure of one specific mid-size firm would be a tragedy for the state. While real venture capitalists know that many investments fail, Rhode Island doesn’t appear to have planned for anything other than success when it guaranteed $75 million in loans to Curt Schilling. Regardless, the state has now left itself with nothing but bad options. One should be seriously considered: defaulting on the loan guarantee.
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