Globe: Schilling put up $5M as collateral for 38 StudiosJune 1st, 2012 at 8:25 am by Ted Nesi under Nesi's Notes, On the Main Site
The Boston Globe’s Todd Wallack scoops:
Former Red Sox pitcher Curt Schilling says he poured much of his personal fortune into his Providence video game company — and that apparently included a stash of gold coins.
In February, the day after 38 Studios released its first game, Schilling posted 3,200 gold coins — worth roughly $5 million at current prices — as collateral for a loan from Bank Rhode Island in Providence, according to financing statements filed in Massachusetts. …
The 1-ounce coins, some 200 pounds of South African Krugerrands, Canadian Maple Leafs, and American Eagles, were stored at Coins ‘N Things Inc. in Bridgewater, according to the documents.
Update: Gamasutra offers this look at what went wrong at 38 Studios, sourced to ex-employees:
They tell us founder Curt Schilling – the former pro baseball star with a love of MMORPGs like EverQuest and World of Warcraft – was a kind patron and supportive leader.
But his naive optimism, backed by millions in taxpayer-backed bonds and Schilling’s personal savings, was exploited and manipulated by executives and politicians, they say.
Tags: 38 studios