Tue, May 29, 2012 | 15:20 BST
Schilling: Investor for Reckoning sequel pulled out over “devastating” comments made by RI governor
Curt Schilling has told The Providence Journal he could end up losing $50 million of his own money due to his studio’s failure, furthermore claiming comments Rhode Island governor Lincoln Chafee made regarding the firm were “devastating,” and “scared off private investors.”
Schilling said he invested $50 million of his person fortune into the studio, and $50 million of a planned $75 million loan which was co-signed by Rhode Island was thrown into development Project Copernicus – confirming comments made by a source close to the matter yesterday.
Schilling also confirmed yesterday’s rumor that a sequel to Kingdoms of Amalur: Reckoning was in the works with a private investor on board for it. However, due to the governor’s comments, the investor dropped out of the deal, taking its $35 million with it.
He also told the paper that state economic-development officials “reneged on a deal to approve film tax credits,” which he said 38 Studios was legally entitled to which would allow the firm to defer the $1.12-million payment due the state on May 1. Because of this, the studio was unable to pay its employees and ended up laying off 291 employees in Rhode Island and 100 others in its Maryland office.