Providence Local News

 

EDC Hired firm to Respond to SEC on 38 Studios

 EDC Hired firm to Respond to SEC on 38 Studios


       PROVIDENCE, R.I. (AP) _ Rhode Island's economic development agency hired legal counsel to respond to an inquiry from the federal Securities and Exchange Commission about its $75 million loan guarantee to former Red Sox pitcher Curt Schilling's failed video game company.
 
       Economic Development Corp. spokeswoman Melissa Czerwein said Wednesday the agency retained a law firm to respond to the inquiry.
 
       She would not provide details about what the SEC asked for or say whether there is a formal investigation. She says the EDC is maintaining confidentiality at the SEC's request.
 
       The EDC says it paid the firm more than $100,000.
 
       WPRI-TV first reported on the inquiry.
 
       38 Studios filed for bankruptcy in June 2012, and the state is now on the hook for about $90 million related to the deal.

Photo Credit: jordan Shutterstock/Stephen B. Goodwin

 

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