Seriously though, read our big new 38 Studios investigationNovember 21st, 2012 at 9:34 am by Ted Nesi under Nesi's Notes
We didn’t go through 2,500 documents for nothing!
As we first reported last night, Tim White and I unearthed some eye-opening documents that were circulating inside state government during the four-month window when officials were putting together the 38 Studios deal.
In an April 9 email, Cole acknowledged the firm the EDC wound up using – Strategy Analytics of Boston – wasn’t as strong a choice as an alternative, Monitor Group of Cambridge.
Monitor Group is “clearly the best fit from an analytical and prestige standpoint, but their price range is prohibitive,” [Timothy Cole, the EDC's senior strategy and research manager,] told [EDC Deputy Director J. Michael] Saul. …
In another email, Saul said he “felt we should stay away from any statements about financial projections” when briefing the EDC board. …
Documents show there was a tension between the need for speed and the need for scrutiny. A July 23 memo to the House of Representatives’ fiscal advisor marked confidential reported that 38 Studios’ internal projections forecast the company would book $1.15 billion in gross revenue and $570 million in net revenue from 2010 through 2015.
“I did not check the math…but these appear accurate,” the House Fiscal memo said.
Read the whole thing here. And behold the power of open records.
Tags: 38 studios