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Thread: Curt Schilling's defunct company leaving Rhode Island finances in trouble

  1. #1
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    Curt Schilling's defunct company leaving Rhode Island finances in trouble

    "But...but...don't you remember my bloody sock!"


    World Series hero's wild pitch could bleed Rhode Island finances


    Curt Schilling was the toast of New England when he led the Boston Red Sox to World Series glory in 2007, but these days he's a goat after his ill-fated video game company went belly-up and left Rhode Island holding a near-$100 million loan guarantee that now threatens the Ocean State's bond rating.

    Moody's Investor Services downgraded the state-backed "moral obligation" bonds Schilling's 38 Studios had already defaulted on after learning state lawmakers were considering a second default. The bond rating agency also said it could downgrade the state's overall rating if it doesn't honor the debt, which started as a $75 million loan and has ballooned with interest. Schilling's company, which once employed 450 people, folded in 2012, with the onetime superstar — who earned more than $100 million in salary during his career — saying he lost his own fortune.

    Not honoring the debt would save the state $89.2 million, but could make it more expensive for the state to borrow money over the next decade, according to a report by the Rhode Island Public Expenditure Council.

    “Broadly, default on the payment for the 38 Studios loan guaranty will have an impact on the state in many ways, both seen and unseen,” the report stated. “However, there are no current precedents for the consequences of state default. In fact, no state has defaulted on a bond since the Depression, when Arkansas defaulted on a 1933 payment.”

    Moody's said it acted after learning some lawmakers favor defaulting.

    “The potential for a decision by the legislature to withhold funds to replenish the debt service reserve signals potential unwillingness to honor its obligations to bondholders,” Moody’s said in a statement. “Selectivity regarding which obligations to honor leads us to question our confidence in the full faith and credit of the state and its willingness to honor its other debt obligations compared to otherwise similarly-rated states.”

    Gov. Lincoln Chafee wants the state to pay the debt and an $8.2 billion House budget proposal includes outstanding payments for the Schilling debt. Christine Hunsinger, a spokeswoman for Chafee, said the Democratic governor is “cautiously optimistic” that the new proposal will ultimately pass.

    “While the governor has said all along that it wouldn’t be in the state’s best interest to not pay the moral obligation debt, the statement from Moody’s makes that clearer,” Hunsinger told FoxNews.com. “So the governor is cautiously optimistic since the House budget does contain the payment that the full House and Senate will approve the moral obligation payment.”

    Schilling, 46, retired in 2009 after 20 seasons. He won 216 games and three World Series rings and is perhaps best remembered for pitching in the 2004 American League Championship for the Boston Red Sox with a blood-stained sock due to an injured ankle. He has reportedly earned more than $114 million in salary throughout his career but said during an interview last summer that his failed venture has cost him his entire fortune.

    “I’m tapped out,” he told WEEI-FM in Boston.

    (continued)
    http://www.foxnews.com/us/2013/06/19...ental-impacts/

  2. #2
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    It's a shame, because Kingdoms of Amalur was actually a decent game.
    GFY, Shilling

  3. #3
    This deek publicly bragged how awesome RI was after Mass wouldn't help him out. Thank god someone is Mass had a clear head.

  4. #4
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    Quote Originally Posted by Fishooked View Post
    It's a shame, because Kingdoms of Amalur was actually a decent game.
    GFY, Shilling
    Word. Up yours Shilling


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    love how big that picture is too derail the whole thread with that huge sob

  6. #6
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    I invented Atari, but I only needed to borrow $134 from the Commonwealth of Flushing Queens which I promptly paid back outside the RKO Keith's after a slice of Gloria's pizza.

    .

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    Is Rhode Island even a real state? It's more like an appendage of an even bigger, suckier state. Let it fail.

  8. #8
    Quote Originally Posted by shakin318 View Post
    Is Rhode Island even a real state? It's more like an appendage of an even bigger, suckier state. Let it fail.
    Oh now that is totally uncalled for.

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    Quote Originally Posted by shakin318 View Post
    Is Rhode Island even a real state? It's more like an appendage of an even bigger, suckier state. Let it fail.
    +113

    I use it as a mile marker to let me know when to p*ss on the way to Cape Cod.


    Sometimes I dont even need to p*ss, but I get out and do it...just to p*ss on....Rhode Island.

    -

  10. #10
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    In all fairness, $89.2 million could pay for the entire RI state police force for the next 30 years.

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    Buddy Cianci approves!

  12. #12
    So much for the Patriot Way.

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    Actually RI is this tiny buffer with Newport, Block Island and beaches that protects Connecticut, New York and points South and West from the stench produced by the Patriot Way in Massachusetts

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    Isn't RI where police have searched a strip club as part of the Hernandez investigation?

    Is this a murder conspiracy between the Pats and Redsawks?

    And whose blood was it really on that sock, Curt?

  15. #15
    Quote Originally Posted by sg3 View Post
    Actually RI is this tiny buffer with Newport, Block Island and beaches that protects Connecticut, New York and points South and West from the stench produced by the Patriot Way in Massachusetts
    RI protects CT from Mass?

    crack open a US Atlas dummy.

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    Anything that keeps the stench of the Patriot open sewer of crime and corruption from the rest of America is a plus.

    Go get your morning three dozen dunuts, chubs and relax

  17. #17
    Quote Originally Posted by sg3 View Post
    Anything that keeps the stench of the Patriot open sewer of crime and corruption from the rest of America is a plus.

    Go get your morning three dozen dunuts, chubs and relax
    Look at a map. RI is not between CT and Mass. You must have gone to public school.

  18. #18
    Curt Schilling proving his own argument that big government doesn't work!

  19. #19
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    Quote Originally Posted by shakin318 View Post
    Is Rhode Island even a real state? It's more like an appendage of an even bigger, suckier state. Let it fail.
    I resemble that remark.

  20. #20
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    Quote Originally Posted by FF2® View Post
    Look at a map. RI is not between CT and Mass. You must have gone to public school.
    Really? If you travel on the coast, as he referred to, what's south of MA and north of CT? What states would it be between according to your map?

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