Thursday, February 11, 2016

Ex-Phillie Schilling: R.I. Gov wants $75M back

Curt Schilling's bond blow-up: Rhode Island, unlike Pa, goes after bankers and lawyers, too

Ex-Phillie Schilling: R.I. Gov wants $75M back

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Curt Schilling has said he personally lost almost $50 million when 38 Studios, his video game company, filed for bankruptcy. (Steven Senne/AP Photo)
Curt Schilling has said he personally lost almost $50 million when 38 Studios, his video game company, filed for bankruptcy. (Steven Senne/AP Photo)

Rhode Island Gov. Lincoln Chaffee is suing former Phillie Curt Schilling and his partners in defunct video-games company 38 Studios, "along with a raft of former state officials, banks and law firms involved in the deal, and a criminal investigation is under way," reports the NY Times here.

We wrote about Schilling's blow up here. We're a little surprised, though, that Rhode Island is going after, not just the borrowers who made the people's money disappear, but also their bankers and lawyers and friends in public office who helped the money disappear and helped themselves along the way.

That's just not how we do things in Pennsylvania. We bail out opportunist investors in failed projects, even when we don't legally have to. Our elected officials study, they talk about prosecuting, they hire consultants to issue clear strongly-worded reports. But those are words. We don't demand the return of the people's cash once it's been blown on obviously bone-headed projects. That's not the modern Pennsylvania Way.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

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