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Friday, May 18, 2012
What’s the point of giving a check that can’t be cashed?
On Thursday, 38 Studios hand-delivered a check for $1.1 million to state officials. But the state returned the check to the company after learning that “there were insufficient funds to cover the payment,” according to a spokesman for Rhode Island Governor Lincoln Chafee. The company also advised the state that it would be unable to pay employees this week.
Previously, Schilling has said he invested roughly $30 million in 38 Studios, a significant portion of his personal fortune. Separately, the company told investors it used the state-backed funds to help pay off a $2.5 million credit line that the company had taken out and Schilling had personally guaranteed.
for his generous support.
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