Currently, the RI state police, the state attorney general's office, the FBI, and the US attorney's office are jointly looking into the situation. Police are investigating the specifics of the deals in an attempt to figure out what exactly happened. The subpoenas requested records of the financial contracts and loans.
Both the RIEDC's $75M in taxpayer bonds and Bank Rhode Island's $8.5M loan are unlikely to be repaid following the studio's bankruptcy.
[Update: Massively reader Zaken tipped us off to the fact that Citizens Bank has announced it is suing 38 Studios' Curt Schilling to the tune of $2.4 million "in an attempt to recoup its money from the ex-ballplayer's personal assets."]