Updated to reflect added media reports of federal, state inquiries
NEW YORK ( TheStreet) -- After hanging up the cleats, former Boston Red Sox pitcher Curt Schilling is throwing in the towel on 38 Studios, the video game developer he founded and received millions in government aid to grow.
Schilling's company, a maker of role-playing video games like Kingdoms of Amalur, filed for bankruptcy on Thursday in a quick demise that's likely to cost Rhode Island taxpayers millions of dollars in losses.
As part of the filing, the company entered a Chapter 7 liquidation in a Delaware bankruptcy court, listing debts in excess of $100 million but assets of just between $10 million and $50 million. Much of that debt is likely owed to taxpayers after 38 Studios took $75 million in government financing to move from Massachusetts to Rhode Island, as part of what was to be a job-creating investment in the struggling state.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV