RI Gets 1st Payment From 38 Studios Settlement - NECN
Rhode Island

Rhode Island

The latest news from around the state

RI Gets 1st Payment From 38 Studios Settlement

Lawsuit involved former Red Sox pitcher Curt Schilling's failed video game company

    processing...

    NEWSLETTERS

    Real Estate Deals
    Bloomberg via Getty Images
    Curt Schilling, chief executive officer of 38 Studios LLC and a former Boston Red Sox pitcher, speaks during an interview in New York, U.S., on Monday, Feb. 13, 2012. 38 Studios, formerly Green Monster Games LLC, is an entertainment and intellectual property development company founded by Schilling and named for his jersey number. Photographer: Scott Eells/Bloomberg via Getty Images

    Rhode Island officials say the state has received its first payment from a lawsuit settlement involving ex-Red Sox pitcher Curt Schilling's failed video game company.

    The Providence Journal reports that the state received a $4.37 million check earlier this week from the insurance company representing two of the 14 defendants.

    Officials say the state will net about $3.2 million, and the state can use the money to help repay its debt related to Schilling's company, 38 Studios.

    The state approved a $75 million loan guarantee in 2010 for 38 Studios to move from Massachusetts to Rhode Island, but the company went bankrupt two years later and left the state and taxpayers responsible for some $89 million related to the deal.

    The state's lawsuit remains pending against other defendants.

    For up-to-the-minute news and weather, be sure to follow us on Twitter and like us on Facebook. Sign up for our new breaking news email alerts by clicking here and download our free apps here.