Skipping payments on debt that financed former Red Sox pitcher Curt Schilling’s failed video- game company would cost Rhode Island its investment-grade rank, according to a report commissioned by the state.
The New York Times published an excellent account on Sunday of how Curt Schilling bilked the taxpayers of Rhode Island out of millions of dollars to subsidize his now-defunct company, 38 Studios LLC. Unfortunately, there was something missing from the story: Schilling himself, who declined to speak to the reporter.
Rhode Island stands on the brink of becoming the first state since Reconstruction to renege on its debts, if it doesn’t cover $75 million in bonds that backed ex- Boston Red Sox pitcher Curt Schilling’s failed 38 Studios LLC.
Rhode Island may have its credit grade cut by Moody’s Investors Service after lawmakers debated defaulting on $75 million in debt that brought a company started by former Boston Red Sox pitcher Curt Schilling to Providence.
Curt Schilling, pitching ace on the 2004 Boston team that won baseball’s World Series, may leave Rhode Island on the hook for $75 million of bonds sold to help lure his video game company to the state.