38 Studios Drama Continues, SEC Now Investigating Loan
Given the situation, one had to assume that such unfortunate drama would stick around for a good long while.
The 38 Studios fallout continues: According to a new WPRI report, the U.S. Securities and Exchange Commission is now investigating the $75 million loan the state of Rhode Island gave to the Kingdoms of Amalur: Reckoning developer. The loan, backed by taxpayers, has been the subject of much controversy since Curt Schilling's company hit the skids.
The SEC and EDC have not commented further on the investigation, but EDC spokesperson Melissa Czerwein told WPRI that lawyers have been retained to deal with the SEC inquiry. Currently, they won't "discuss ongoing matters related to 38 Studios" due to a certain "level of confidentiality as requested by the SEC." Rhode Island Governor Lincoln Chafee said the State has a "moral obligation" to pay back the loan, so the taxpayers are doing just that.
As you might expect, there are a whole lot of annoyed parties involved, and this won't go away quietly or easily.
9/11/2013 9:02:32 PM John Shepard