Rhode Island Eyeing Liability In Schilling Firm Bankruptcy

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What an absolute disaster this has turned out to be. Tax payers and the employees of 38 Studios are seriously getting the short end of the stick. :(

The bankruptcy filings show that former 38 Studios employees are also owed millions, and that several whose homes in Massachusetts never sold under a relocation program appear to be on the hook for the mortgages. 38 Studios contracted with MoveTrek Relocation of Massachusetts to manage the relocation program. But seven of the homes never sold, a list of the employees and properties shows.
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They absolutely SHOULD sue...no way someone should walk in take 100million and walk away saying oops sorry didn't work out.

I wrote every state rep/senator I could find a email for telling them someone needs to be held responsible. Absolutely disgusted with my state.
 
The government should stay out of business. This is what happens. I doubt that anyone (in government) will learn anything from this. After all, it's not their money.
 
matt9669 said:
Yet another example where the government has no business giving out loans.
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Considering how many different people say this company owes them money you REALLY have to wonder where all that money went. The employees in particular are getting screwed every which way - they were told to keep their jobs they had to move (to the state giving the company the loan), they were told relocation expenses would be paid (now Atlas Van Lines has started sending physical letters demanding payment from the employees instead of the company), they were told their old homes had been sold (now the banks are demanding they pay for mortgages on their old home and their new home because surprise - the homes weren't sold), AND to top it all off the company stopped paying them awhile back and kept telling them everything was fine right up to 'You're all fired!'

I thought Curt Schilling might have just got in over his head, but then I start reading articles that claim he paid himself $4 million with some of the last of the money, I read about his tea party political views (you know the - complain about food stamps and welfare are wastes of money type of tea party campaigner) which he used to help the Republican governor up for election at the time win. (and surprise - that's the governor that gave him the $75 million dollars) He comes across as a huge hypocrite yelling 'where's personal responsibility' and 'government shouldn't help people' and then leaving taxpayers with over $100 million in liability. He even tried to tell the The Providence Journal that essentially the company's failure is because the now Democratic governor wouldn't give him even more money.
 
Ualdayan said:
Considering how many different people say this company owes them money you REALLY have to wonder where all that money went. The employees in particular are getting screwed every which way - they were told to keep their jobs they had to move (to the state giving the company the loan), they were told relocation expenses would be paid (now Atlas Van Lines has started sending physical letters demanding payment from the employees instead of the company), they were told their old homes had been sold (now the banks are demanding they pay for mortgages on their old home and their new home because surprise - the homes weren't sold), AND to top it all off the company stopped paying them awhile back and kept telling them everything was fine right up to 'You're all fired!'

I thought Curt Schilling might have just got in over his head, but then I start reading articles that claim he paid himself $4 million with some of the last of the money, I read about his tea party political views (you know the - complain about food stamps and welfare are wastes of money type of tea party campaigner) which he used to help the Republican governor up for election at the time win. (and surprise - that's the governor that gave him the $75 million dollars) He comes across as a huge hypocrite yelling 'where's personal responsibility' and 'government shouldn't help people' and then leaving taxpayers with over $100 million in liability. He even tried to tell the The Providence Journal that essentially the company's failure is because the now Democratic governor wouldn't give him even more money.
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Personal responsibility is fine, as long as they're talking about someone else.
 
Politicians can be addled brained as any other fanboy when it comes to sports celebrities,they saw Schilling as a famous pitcher and didn't bother to question his qualifications as a business man. As a pitcher he was great,but outside the playing field he was a complete jerk.
 
Personally I feel employees wages, as long as they are not exorbitant, should be moved to the front of the line for reimbursement. Loaning a company money can be risky,, getting paid for the time you worked shouldn't be.
 
Ualdayan said:
Considering how many different people say this company owes them money you REALLY have to wonder where all that money went. The employees in particular are getting screwed every which way - they were told to keep their jobs they had to move (to the state giving the company the loan), they were told relocation expenses would be paid (now Atlas Van Lines has started sending physical letters demanding payment from the employees instead of the company), they were told their old homes had been sold (now the banks are demanding they pay for mortgages on their old home and their new home because surprise - the homes weren't sold), AND to top it all off the company stopped paying them awhile back and kept telling them everything was fine right up to 'You're all fired!'

I thought Curt Schilling might have just got in over his head, but then I start reading articles that claim he paid himself $4 million with some of the last of the money, I read about his tea party political views (you know the - complain about food stamps and welfare are wastes of money type of tea party campaigner) which he used to help the Republican governor up for election at the time win. (and surprise - that's the governor that gave him the $75 million dollars) He comes across as a huge hypocrite yelling 'where's personal responsibility' and 'government shouldn't help people' and then leaving taxpayers with over $100 million in liability. He even tried to tell the The Providence Journal that essentially the company's failure is because the now Democratic governor wouldn't give him even more money.
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Curt Shilling is a "hypocrite," it really annoys me when people try and say they have one view or belief, and then do the opposite. I am glad the new Governer did not throw any more money away trying to this company.

It really makes you wonder what Shilling did with all that money, a rough tally is somewhere around $200+ million owed, where did that money go???
 
DarkStar_WNY said:
Personally I feel employees wages, as long as they are not exorbitant, should be moved to the front of the line for reimbursement. Loaning a company money can be risky,, getting paid for the time you worked shouldn't be.
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Unfortunately that might not happen, most of the time the creditor that is owed the most get's paid first.
 
bearax said:
They absolutely SHOULD sue...no way someone should walk in take 100million and walk away saying oops sorry didn't work out.

I wrote every state rep/senator I could find a email for telling them someone needs to be held responsible. Absolutely disgusted with my state.
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Actually this is how investments work. You give someone a loan and they go bankrupt, you may not get your money back. And this is why governments should be giving out loans (both state and federal).
 
I love how not only was state money used to help fund this eventual collapse, but the state and federal governments are now spending many millions more on FBI, attorney general and state police investigations. What a bunch of baloney. Pick a scapegoat and go for it already. The business failed, move on.
 
the only people to blame here are the politicians. the state had no legitimate reason to get involved in this type of situation, they gambled with taxpayer money and lost. they guaranteed a loan that the business would otherwise not been able to procure. who here in their right mind thinks the government know how to run anything correctly, especially when it comes to money. instead of worrying about if this will be a good move for the people of RI, they were more concerned if this move would get them re-elected. so in the end it comes down to the taxpayer, we all need to wise up, and instead of voting on this party or that party vote for a person/people that actually get the job done
 
obs said:
Actually this is how investments work. You give someone a loan and they go bankrupt, you may not get your money back. And this is why governments should be giving out loans (both state and federal).
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I understand how loans work...but the simple fact was this was a BAD investment that should have NEVER happened. That money could have helped a LOT of small businesses in the state...businesses that would have employed well more than the 300 people that are now collecting unemployment.

Liability should be taken out on the people who decided this was a good deal...namely the governor who railroaded it through and the asshats at the RI Economic Development Corp who said it was "worth the risk". It wasn't...and it was obvious to everybody (except them) that it wasn't.
 
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