PROVIDENCE, R.I. (AP) — The government deal that guaranteed a $75 million loan for Curt Schilling’s video game company focused largely on how quickly the firm would bring jobs to Rhode Island.
It overlooked requirements for attracting outside investment or other steps that could have helped protect the public’s money.
The state’s 2010 agreement with 38 Studios demanded job creation at a pace described as aggressive by former employees and outsiders. Schilling’s firm hired even more quickly than the state required, draining its resources.
State officials also did not demand a company board seat or a timeline for outside investment, though the firm’s success hinged on it.
