Schilling put up $5M as loan collateral

PROVIDENCE, R.I. (AP) - Former Red Sox pitcher Curt Schilling put up more than 3,000 gold coins, worth about $5 million at current prices, as collateral for a loan the day after his now troubled video gaming company released its first game in February.

• Nesi's Notes: Full coverage of 38 Studios
• PDF: EDC fact sheet on 38 Studios
• Timeline: How the 38 Studios deal unfolded

The Boston Globe reports that Schilling posted 3,200 gold coins as collateral for a Bank Rhode Island loan, according to financing statements filed in Massachusetts.

The documents don't say how much the loan was for or what it was to be used for. Schilling is listed as the debtor.

Schilling wrote a message on LinkedIn Friday morning saying:

" To whom it may concern. Obviously there is a massive amount of misinformation regarding 38 Studios in the public arena. When we are able to clarify and clear up we most certainly will. In the meantime I have received many MANY requests for recommendations from 38 team members. I am working hard to address and offer them up as quickly as possible but to any potential employer looking at a former member of the team here please know that whomever that person is, and whatever that person does, they do it as well as anyone in the world. This was a world changing team of talent and character."

Schilling's 38 Studios laid off its entire staff last week and has been trying to stay afloat.

The company moved from Massachusetts to Providence in 2010 after Rhode Island's Economic Development Commission approved a $75 million loan guarantee.

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Information from: The Boston Globe, http://www.boston.com