Sections

38 Studios lawsuit depositions started this week with EDC financial loan adviser

Saturday, 26th October 2013 22:07 GMT By Stephany Nunneley

Depositions in the 38 Studios lawsuit brought upon the company by the Rhode Island Economic Development Corporation (EDC) stated this week. The first set of questioning started Thursday with an executive at First Southwest, which served as financial adviser to the agency in its $75 million loan to Curt Schilling’s now defunct game studio. Former EDC executive director Keith Stokes and deputy director Michael Saul are set to be questioned in November. A lawsuit accusing the Kingdoms of Amalur developer of “fraud, negligence, breach of fiduciary duty, racketeering and conspiracy” as well as misleading Rhode Island’s economic development agency was  brought against the company by the state, with other defendants including four former 38 Studios executives and its insurer. Via The Charlotte Observer (Polygon).

Breaking news

3 Comments

Sign in to post a comment.

  1. sebastien rivas

    I still believe it is not in Rhode Island best interest to just cut off 38 studios head but indeed to bring light and justice in this matter and obviously, find ways to make 38 studios profitable in mid-long term while of course get rid off whose found guilty.

    Ho my goodness seventy five millions dollars, tchiiiiiiiii, really guys at 38 studios, Amalur cost 75 mills?
    Give me 6 to 8 mills and I ll pond you a sequel that will actually sell in 4 years with a small team.
    No offense of course but come on guys where did you actually spend 75 mills? did you guys had 150 employees making 100 000 a year flat for 5 years???

    #1 6 months ago
  2. KaosGoneRogue

    Hey sorry if this is off topic but someone on GTAforums has been digging around the most recent GTA V online patch and found this: http://gtaforums.com/topic/632685-the-hunt-for-north-yankton/page-11#entry1063864142 . The guy also posted a video as proof here http://www.youtube.com/watch?v=awTuK5ka7N8 . To me it seems legit so it would be nice if VG247 could cover this, thx :)

    #2 6 months ago
  3. DSB

    The only way you could make VC and games publishing worse is by letting the government have a go at it.

    It just never should’ve happened.

    I’d be surprised if Schilling was straight up stealing, but when you’re personally invested in something, it can be hard to know where to draw the line.

    Seems pretty obvious that due diligence wasn’t observed on multiple occasions though.

    #3 6 months ago