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10. Re: etc. Jul 27, 2012, 14:52 m0deth
 
Cutter wrote on Jul 26, 2012, 12:13:
“I never had that confidence and I was always reluctant to get in any deeper.”

Chafee’s comments are made easier to swallow by a report from earlier in the week in which Schilling admitted Copernicus wasn’t up to scratch. In the same interview, Schilling admitted to bit spending; a Harvard Business School report estimated the company spent well beyond its start-up means; $705,000 on “travel and entertainment” for two years, for example.

“38 Studios was hemorrhaging cash – our cash,” former Rhode Island Economic Development Corporation boss Saul Kaplan said.

“The thing that is most amazing to me is their burn rate was about $5 million a month all through 2011, heading into 2012, and it didn’t slow down even when they knew they were running out of cash.”

No wonder they're being investigated. Sounds like the mucky mucks at 38 rather enjoyed living like rockstars whilst the rank and file couldn't even get their basic costs covered. Disgusting.

It's worse in some cases for some of those people that worked there. My sister in law told me that not long ago, she felt bad and ended up buying groceries for one of those families(this was before it all hit the fan)after walking my niece over there to play with their daughter. I guess they lived a block or so down the road.

The employee of 38 had not been paid his salary in two months, and their family of five had moved from out of state, no family here, no support, and no pay. Now they are totally screwed.
 
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