Two other 38 Studios subsidiaries also registered in Del., not RIMay 24th, 2012 at 1:59 pm by Ted Nesi under Nesi's Notes, On the Main Site
Two more largely unknown subsidiaries that 38 Studios established are not incorporated in Rhode Island, casting further doubt on whether the company is eligible for millions of dollars in tax credits it needs from the state.
In November 2009, Curt Schilling’s embattled video game company apparently incorporated two limited liability companies under Delaware law, records show: Mercury Project LLC and Precision Jobs LLC. Neither company was registered in Rhode Island.
WPRI 12 reported Wednesday evening that 38 Studios’ failure to incorporate in Rhode Island could make it ineligible for more than $8 million in state tax credits it’s seeking to avoid insolvency. The governor’s office says officials are looking into the question of 38 Studios’ corporate residency.
Precision Jobs holds the trademarks to logos for 38 Studios’ game “Kingdoms of Amalur: Reckoning” and listed its address as a building on Market Street in Philadelphia. 38 Studios put up Mercury Project’s assets to the R.I. Economic Development Corporation as security for the agency’s $75 million loan guarantee.
The Mercury Project and Precision Jobs LLCs are in addition to the company’s other two LLCs, also incorporated in Delaware: 38 Studios LLC, the parent company, and 38 Studios Baltimore LLC, the former Big Huge Games studio in Maryland that 38 Studios bought in 2009.
Governor Chafee will hold a press conference at 5:30 to offer an update on 38 Studios’ situation. Asked by another Twitter user whether he will “pay back” the government for his “bail out money,” Schilling replied: “Haven’t received a penny of it, and have not asked for any.”
“Don’t believe what you read, especially when what you read is a lie,” Schilling wrote Friday.
More coverage of the 38 Studios crisis:
- Schilling links to leaked ‘Copernicus’ art – ’38 isn’t dead yet’ (May 24)
- Schilling holds onto job as ESPN analyst amid 38 Studios woes (May 24)
- As Delaware firm, 38 Studios may be ineligible for RI tax credits (May 23)
- The Globe’s Kirsner lays out the likely endgames for 38 Studios (May 23)
- 38 Studios loses CEO and high-profile VP, LinkedIn suggests (May 23)
- Seven of EDC’s current directors voted to OK 38 Studios deal (May 23)