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EDC meets on 38 Studios litigation
Rhode Island looking for money
Updated: Tuesday, 23 Oct 2012, 8:35 AM EDT
Published : Monday, 22 Oct 2012, 11:47 AM EDT
PROVIDENCE, R.I. (AP) -- Rhode Island's Economic Development Corp. board has met on possible litigation related to the state's $75 million loan guarantee to former Red Sox pitcher Curt Schilling's failed video game company.
The board met in executive session for three and a half hours Monday night. EDC attorney Thomas Carlotto said afterward that the board had voted in private to keep private any votes taken in executive session.
Gov. Lincoln Chafee, the board chairman, would only say it was "a very productive working session."
The EDC hired an outside law firm in June to determine whether any third parties might be held liable for the 2010 loan guarantee.
38 Studios filed for bankruptcy in June, and the state is likely on the hook for $100 million related to the deal.
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