Outamyhead
Supreme [H]ardness
- Joined
- Jan 3, 2008
- Messages
- 4,263
Well done Rhode Island, you now own an empty shell of a company and your loyal citizens are going to have to pay up the money lost on this.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
I can agree with that.He had a loan approved for 75 million but only borrowed 49 million. Furthermore Rhode Island promised the 75 million in return for Schilling moving the company to Rhode Island.
Look, I'm pissed off as well that the taxpayers have apparently lost 49 million but the facts are apparently Schilling himself has lost 30 million (source) trying to build this company. Portraying him, as others have done, as someone who stole taxpayer money seems irresponsible. The way I look at it, both RI and Schilling gambled on the company being successful and they both lost.
Amen on that. All of these politicians are a waste.
politicians need to be shot for shit like this, its the only thing that will ever stop them
They didn't need that many employee's. They seriously let things spiral out of control.
He had a loan approved for 75 million but only borrowed 49 million. Furthermore Rhode Island promised the 75 million in return for Schilling moving the company to Rhode Island.
Look, I'm pissed off as well that the taxpayers have apparently lost 49 million but the facts are apparently Schilling himself has lost 30 million (source) trying to build this company. Portraying him, as others have done, as someone who stole taxpayer money seems irresponsible. The way I look at it, both RI and Schilling gambled on the company being successful and they both lost.
Do we have a source saying he repaid his initial investment from company funds?
If this is true the shitstorm that will ensue will be epic.
The company is in financial turmoil as it struggles to bring its major video game, code-named Copernicus, to market; earlier this week the state revealed 38 Studios missed a $1.1 million payment it owed Rhode Island, and then tried to deliver a check Thursday night for the amount but officials refused to cash it after learning the company did not have sufficient funds. It has also not been able to pay its employees this week.
Meanwhile, Schilling, the companys founder and chairman, took to Facebook Friday morning to deny reports that suggested he used state funds to repay money he had poured into the company. That is not true, he wrote on his Facebook page Friday.
What Vahey may be referring to is reports of a $4 million line of credit that Schilling opened for 38 Studios in 2010. Documents show that the line of credit was paid back with money from the $75 million loan received from Rhode Island.
Schilling has made no comment to the media since news about possible troubles with 38 Studios first cropped up on Monday. On Tuesday, we reported that the studio had missed the first annual payment on the $75 million taxpayer-backed loan Rhode Island gave to the company to move to the state from Massachusets.
Most of all it sucks for all those people that got laid off, who now have to find new jobs at this time in the economy. I hope they land on their feet and do so.
I'd say that it's a little early to be talking about filing criminal charges or lambasting Curt Schilling until the facts are all reported, but this is the internet, we demand heads
Sucks, I was always interested in KoA but I hadn't gotten around to buying it yet.
Yeah, I agree. Any state that would loan a startup company tens of millions of dollars to develop an MMO is fucking out of their mind. Schilling may have mismanaged the company to a degree (who knows at this point) but the blame for the taxpayer losses should rest squarely on the government who approved this deal.Nevermind Schilling, the governor of RI needs to be ejected from office. It's a shame the people who are capable of fucking over the masses are the people who can decide it's not illegal to fuck over the masses.
Most games fail to break even,
Life is luck. There is maybe one person I would absolutely trust with investment advice and that is Warren Buffet , everyone else can shut the fuck up.
You would trust a lying stealing cheating tax evading piece of shit just because he made a fortune being an asshole?
No no no and no.
He stole taxpayer money by repaying himself with people's tax money. Instead of him fitting the bill (he made his 30mil back he originally "invested") the taxpayers are out 75mil and the company went down the crapper.
What risk was there? He didn't risk anything other than his reputation -- which is now royally fucked mind you but that should be the least of his worries. Hell, I'll "invest" millions of dollars too if I can get every red cent of it back from the government if it all falls apart.
The people that made monetary decisions deserve this fate. No one else.
Disgusting.
I'm sorry, but are you retarded? The man has generated vast fortunes for many, many people besides himself, and has pledged almost all of his personal fortune to charity. He doesn't evade taxes - he follows the tax code as it is set forth. Blaming him personally for how capital gains works is asinine. You would do the same if you were in his position. He has personally advocated for more fair taxation on the rich. I mean geez, the man still lives in a five bedroom house he bought in 1957.You would trust a lying stealing cheating tax evading piece of shit just because he made a fortune being an asshole?
Nevermind Schilling, the governor of RI needs to be ejected from office. It's a shame the people who are capable of fucking over the masses are the people who can decide it's not illegal to fuck over the masses.
Seriously, 372 full-time employees to make ONE game? No wonder they are going under! Bethesda used the largest team they've ever had to make Skyrim and it was around 100 people. Fallout 3 was made with 70 people. I am speechless.
One last thing. Some people dont seem to realize that the governer that approved this mess is no longer in office and its the new one that made the decision to not give any more money. He has taken a lot of heat over this but i say good job. This should have never been allowed to begin with. I still shake my head thinking about the comments from people when this all started about how great of an idea it was.
Whether or not Schilling was a crook is painfully obvious. That "30 mil" he ponied up himself was just a claim by him. The reality is the loan he took out to start the project was paid back with that tax payer money.
It was April 2009 and Schilling felt he had taken 38 Studios to the brink, extending himself and his family both financially and personally. ...He admitted [while considering the acquisition of another gaming company, Big Huge Games], "I have put the majority of the money I've earned in my life on the table. If I make another financial investment, I will have crossed the point of no return from a personal investment and company standpoint.
Not true at all.
http://www.boston.com/business/technology/innoeco/2010/02/a_business_school_grilling_for.html
He was asked if he used the RI money to recoup his investment and said he did not. It's a false allegation.
Separately, the company told investors it used the state-backed funds to help pay off a $2.5 million credit line that the company had taken out and Schilling had personally guaranteed.
Separately, the company told investors it used the state-backed funds to help pay off a $2.5 million credit line that the company had taken out and Schilling had personally guaranteed.
The claims that Schilling extended a LOC to the company and that he invested $30 million in the company are not in conflict. The company existed for 4 years before the RI loan, spent a lot of money getting talent and buying another company, and there are no reports of other investors. Schilling was the major source of cash before the first game. The LOC is just a small part of his financing the company and there would be nothing wrong with it being paid off from new financing as long as the company didn't stiff earlier creditors or violate the terms of the RI loan.