Move along Paulo's boss. Nothing to see here.
https://www.reeelapse.com/
That's the motivation behind all corporate fraud. It just becomes to large to keep going, but during that time, the person running the illegitimate books believes that it will somehow turn itself around through their acumen. Look at Peregrine/MF Global. Then everyone involved has their arms up like "we don't know what happened to all the money."Pisscubes wrote:It's really amazing how all he kept thinking was "It'll work out somehow" and just continued.Wang Mandu wrote:http://www.bostonmagazine.com/articles/ ... -end-game/
Great article about the whole situation. Schilling really is a moron.
Well not fraud in the deliberate sense, but fraud in the misleading sense. If he gave RI a rosier picture of his studio through balance sheets and unaudited financials, it could be "fraud," even if he had no fucking clue what he was doing. Luckily, his ass might be saved by the fact he didn't get many, if any, outside investors, so any fraud isn't complete. He won't be in much real trouble since it was a public company and any investor putting money in a company like that ought to know better, assuming of course they didn't use fraudulent materials.Pisscubes wrote:So do you think this was fraud? I'm wondering what will come out in the audits.Zap Rowsdower wrote:That's the motivation behind all corporate fraud. It just becomes to large to keep going, but during that time, the person running the illegitimate books believes that it will somehow turn itself around through their acumen. Look at Peregrine/MF Global. Then everyone involved has their arms up like "we don't know what happened to all the money."Pisscubes wrote:It's really amazing how all he kept thinking was "It'll work out somehow" and just continued.Wang Mandu wrote:http://www.bostonmagazine.com/articles/ ... -end-game/
Great article about the whole situation. Schilling really is a moron.
Haha god, I'd love to see that financing statement:Curt Schilling sock could be for sale
PROVIDENCE, R.I. -- Former Boston Red Sox pitcher Curt Schilling might have to sell the famed blood-stained sock he wore during the 2004 World Series to cover millions of dollars in loans he guaranteed to his failed video game company.
There's a good chance Curt Schilling's bloody sock is one of the biggest money-raising items he owns, and he may need to sell it to get out of debt, writes Darren Rovell. Blog
Schilling, whose Providence-based 38 Studios filed for bankruptcy in June, listed the sock as collateral to a bank in a September filing with the Massachusetts Secretary of State.
Schilling also listed a baseball hat said to have been worn by New York Yankees great Lou Gehrig and his collection of World War II memorabilia.
The Boston Globe first reported the filing Thursday.
38 Studios was lured to Rhode Island from Massachusetts with a $75 million loan guarantee. The state is now likely responsible for some $100 million related to the deal, including interest.
He bought it from Drew Bledsoe in '04.Pisscubes wrote:And it begins...
http://www.boston.com/business/news/201 ... story.html
The suit says the video game company failed because of risks that were not disclosed to the board ‘‘but were or should have been known’’ by all of the defendants.
The suit also says the EDC board was misled about whether 38 Studios would have enough money to finish the video game that was critical to its success.
...‘‘My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable,’’ Chafee said in a video statement. ‘‘The Board’s legal action was taken to rectify a grave injustice put upon the people of Rhode Island.’’
So it was failed due diligence on the part of the state agency? Rhode Island fucked the pooch on this and it's reminiscent of Schilling how they're blaming everything and everyone else but themselves.The suit says the video game company failed because of risks that were not disclosed to the board ‘‘but were or should have been known’’ by all of the defendants.
yeah, for me that was probably the weirdest part of the article, how he basically pitched the idea at a party and because he was a celebrity they bought into it.Pisscubes wrote:It also shows how much being a super-star athlete can get you. Had this been some chubby typical video game dude, I doubt they would have looked twice.
(which he's yet to be paid for, of course). i'm curious how that compares with writers of games with... actually good writing. it's easy to forget about the game itself, but i thought KofA was generic in most ways, and the same applies to the writing. probably could have workshopped it with a bunch of grad students for free and come up with something as compelling. so many bad decisions!I found a buyerZap Rowsdower wrote:Apparently no one wants to pick up what's been done for "Copernicus" on the cheap
SPOILERSPOILER_SHOWCRANSTON, R.I. (AP) -- The flagship video game that had been under development by Curt Schilling's company when it went under is now just ''a lot of junk,'' Rhode Island Gov. Lincoln Chafee said Thursday, and he wasn't surprised that it failed to sell at auction.
The former Red Sox pitcher's company, 38 Studios, was developing the game code-named ''Copernicus'' with the help of a $75 million state loan guarantee when it went bankrupt last year, leaving taxpayers on the hook to pay back tens of millions of dollars. A court-appointed receiver has been trying to sell the company's assets to help pay off its debts, but an auction last week produced no acceptable offers for the game.
Chafee, speaking on a public affairs show on WJAR-TV, said he wished the auction had been successful. Rhode Island is 38 Studios' biggest creditor, and the auction was an attempt to get back some of that money.
Chafee was a vocal critic of the deal when it was struck in 2010 as a way to lure Schilling's company to Rhode Island. Then-Gov. Don Carcieri, lawmakers and the state's quasi-public Economic Development Corp. all played a role in making it happen.
The governor on Thursday described the state's investment as ''insane,'' calling it a ''historically bad'' decision that he blamed on panic over the state's economy collapsing.
''People just panicked and gave a retired baseball player a huge amount of taxpayer money with no experience in this industry or any other businesses,'' Chafee said. ''There was this whole groupthink across the business communities.''
''Copernicus'' was being developed as a ''massively multiplayer'' online game but was never completed. Industry analysts had expressed doubts before the auction that the unfinished game would sell for much, saying it could take as much as $100 million to complete it.
When asked if enough was being done to investigate how the deal came together and how the decision was made, Chafee said he was focused on trying to recoup the money. The Economic Development Corp. has sued Schilling, some of its own ex-employees and others in an attempt to recover some of the money. The lawsuit is pending.
Schilling, who now works as a baseball analyst for ESPN, responded to the governor's comments on his Twitter account.
''Any decision that loses is 'bad' in hindsight. Bet RI would like a 'redo' on Gov election too,'' he wrote, noting Chafee's poor job approval rating. ''He has no clue what he's talking about. never did.''
He added that he told state officials at the time there was no possible chance for them to recoup the money if 38 Studios went under. He did not directly address Chafee's comments that the game is ''junk.'
