Schilling's company gives RI bad check

Schilling's company gives RI bad check
May 18, 2012, 1:11 am
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PROVIDENCE, R.I. (AP) The troubled video game company helmed by former Red Sox pitcher Curt Schilling delivered a 1.1 million payment to Rhode Island Thursday -- but the state economic development agency returned the check after learning it would bounce.
38 Studios' failure to pay the amount when it was due May 1 has prompted worries about its solvency and the possibility the state might have to step in to pay its debts.
Gov. Lincoln Chafee had said Schilling's company -- which got a 75 million loan guarantee from the state in 2010 -- planned to make the scheduled payment Thursday. He said the payment would be a "positive step."
38 Studios hand-delivered the check Thursday evening to the state's Economic Development Corp. It was returned after the company's chief financial officer acknowledged the company had insufficient funds to cover the payment.