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Trump says Schilling may run for Congress, as RI keeps paying 38 Studios debt

Politics
In op-ed, Curt Schilling blames Lincoln Chafee for 38 Studios

PROVIDENCE, R.I. (WPRI) — President Trump tweeted Tuesday that former Red Sox star and 38 Studios founder Curt Schilling may run for Congress in Arizona.

Schilling previously flirted with a run for U.S. Senate in Massachusetts. He was let go by ESPN in 2016 for posting anti-transgender content on social media.

Schilling is a controversial figure in Rhode Island thanks to the state’s ill-fated $75 million bet on 38 Studios, the pitcher’s video game company, which went belly up in 2012.

Rhode Island is still paying off the debt left behind when 38 Studios filed for bankruptcy, though $49.3 million of the total was covered by settlements from a lawsuit the state brought against the architects of the deal.

In addition, the Securities and Exchange Commission recently secured about $1 million more to pay off the bondholders from penalties related to its 2016 suit alleging misconduct by the Rhode Island Commerce Corp. and Wells Fargo, which marketed the 38 Studios bonds.

The State Budget Office estimated earlier this year that taxpayers would need to spend $1.5 million in the current 2019-20 state budget and $12.3 million in the 2020-21 budget to finish paying off the 38 Studios bonds.

The last payment is scheduled to be made in November 2020.

Ted Nesi (tnesi@wpri.com) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook

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