Posted October 23, 2012 on AP on Fox
Rhode Island's economic development agency on Thursday sued former Red Sox pitcher Curt Schilling and some of its former officials, saying they committed fraud and other acts that misled the state into approving a $75 million loan guarantee to his failed video game company. The suit was filed in Rhode Island Superior Court four months after 38 Studios filed for bankruptcy following a spectacular collapse that has likely left the state on the hook for $100 million. Among other things, the lawsuit claims that executives at 38 Studios, as well as former Economic Development Corp. Executive Director Keith Stokes and others, knew the company would run out of money by 2012, but concealed that from the EDC board, which made the final decision on whether to back the deal. The board in 2010 lured 38 Studios to Providence from Massachusetts with the loan guarantee. The lawsuit also alleges that Schilling, 38 Studios executives and others engaged in racketeering and conspiracy. The suit do...
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