Schilling says he's 'tapped out' from 38 Studios collapse
by Steve Watts, shacknews.com, Jun 22, 2012 8:15AM PDT
Most of the dust has settled on the 38 Studios collapse. Looking back, co-founder and public face of the company Curt Schilling has shared some thoughts on what went wrong. For one thing, when the company started to go into dire straits, Schilling says he was "tapped out" and couldn't afford to put any more into it.
"I put everything in my name in this company," Schiling told a WEEI radio show, reported by Boston.com. He says he doesn't want sympathy, but stressed how much he cared about the company. "I believed in it. I believed in what we built. I never took a penny in salary. I never took a penny for anything." He says he told his family that "the money I saved and earned playing baseball was probably all gone. Life is going to be different."
He says the company was concerned from day one about raising capital. "We tried for a long time to do that, and it didn't come to fruition," he said. "The one thing we always listed as a going concern we couldn't execute on." The company did have one last chance at the end, according to Schilling. An unnamed investor was willing to write a check for $15-20 million, on the condition that Rhode Island agreed to give $6 million in tax credits. "If that happened, he would come in and save the company," said Schilling. But Rhode Island refused.
The real impact came to the studio workers, though. "The employees got blindsided," Schilling said. "They have every right to be upset. I always told everybody if something were going to happen, you're going to have a month or two of lead time, and I bombed on that one in epic fashion."