Subpoenas issued over 38 Studios deal, Citizens Bank sues Schilling [Updated]

Justin Olivetti
J. Olivetti|06.14.12

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Subpoenas issued over 38 Studios deal, Citizens Bank sues Schilling [Updated]
Law enforcement issues subpoenas over 38 Studios deal
While the fallout from 38 Studios' collapse carries with it a human toll, it also has triggered a legal one as well. State and federal law enforcement agencies have issued subpoenas to both Bank Rhode Island and the Rhode Island Economic Development Corporation over the loans that enticed the game studio to the state.

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."]
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