Lawmaker to hold hearings on 38 Studios deal - ABC6 - Providence, RI and New Bedford, MA News, Weather

Lawmaker to hold hearings on 38 Studios deal

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Dee DeQuattro

The Chairman of the House Oversight Committee, Michael Marcello, says he plans to hold hearings regarding the state's Economic Development Corporation, and the $75 million loan guarantee that was grant to Curt Schilling's video game company in 2010.

Marcello hopes that the hearings will assess whether the EDC had properly vetted the loan deal with the now bankrupt 38 Studios.

As a result of the failed loan deal the Economic Development Corporation has filed a lawsuit against some of it's former members and several others involved in the loan deal. The lawsuit claims that the Economic Development Corporation was misled by the crafters of the deal when they agreed to grant Schilling the loan.

The hearings have not yet been scheduled.

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