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Citizens Bank Sues Curt Schilling

RBS Citizens, aka Citizens Bank, is suing Curt Schilling for $2.4 million in loans it made to Schilling's 38 Studios, which recently closed its doors, reports the Boston Globe. The developer filed for Chapter 7 Bankruptcy protection as part of its closure, but the bank says Schilling personally guaranteed this money, which the lawsuit says he "has failed and refused" to pay, calling it "a straightforward matter of liability." Schilling could not be reached for comment. The report outlines other portions of the company's debt that may also turn out to be the former major league pitcher's personal responsibility. Thanks Shacknews.

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12. Re: Citizens Bank Sues Curt Schilling Jun 15, 2012, 08:11 J
 
Slashman wrote on Jun 14, 2012, 23:45:
Parallax Abstraction wrote on Jun 14, 2012, 23:41:
Bet wrote on Jun 14, 2012, 22:32:
Court documents indicate Schilling also personally guaranteed a $1.5 million line of credit from Middlesex Savings Bank of Natick. He also used his personal gold coin collection to help obtain a loan from Bank Rhode Island, a unit of Brookline Bancorp. in Brookline, for an unspecified amount, according to records.

In all, Schilling told the Providence Journal last month, he guaranteed $12 million in loans for the company, in addition to investing $38 million directly.


How much did he get paid as pitcher, again?

An article I recently read said he earned like $110M over his pitching career and had about $50M left. Apparently between what he initially invested and other credit facilities he extended the company, he's actually almost broke now. That hasn't been confirmed but he apparently banked almost everything he had in the bank on 38 Studios.

*SIGH* There is the is thing. I forget what it's called...

Oh yeah!! Foresight! Why don't people ever use it anymore?

Captain Hindsight is never wrong! Excelsior!!
 
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