15th of June 2012 Author: Johnny Karp
A $2.4 million lawsuit has been filed by RBS Citizens Bank against former Boston Red Sox pitcher, Curt Schilling.
Schilling's video game company filed for bankruptcy last week and it was reported that the lawsuit was filed on June 7th. RBS submitted the claim against Schilling personally and not his company 38 Studios. The bankruptcy leaves Schilling owing over $150 million to creditors with less than $22 million in assets.
The bank claims that Schilling personally guaranteed the debt in October 2011 and has since "failed and refused" make good on it.
Schilling, 45, may lose as much as $50 million of his own cash due to his company's failure.
Since it launched, the company has taken out hefty loans including an $8.5 million loan based on film tax credits that the state had never granted and they the company also defaulted on a $1.1 million loan payment to the state requiring them to lay off almost 400 employees.
Schilling expressed his disappointment in Governor Lincoln Chafee for airing the company's dirty laundry. Schilling says that the financial trouble began with the cancellation of a $35 million deal with a video game publisher canceling. They arranged to provide financial backing for a sequal to "Kingdoms of Amalur: Reckoning."
He says that the state promised the tax credits to his company and reneged on an agreement to delay the payment deadline.
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