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38 Studios Bankrupt; FBI Investigating

38 Studios has declared bankruptcy, a company spokesman tells The Providence Journal, and the paper also reports that the Rhode Island State Police inform them that state and federal authorities have launched an investigation into the videogame company founded by former major league pitcher Curt Schilling (thanks Nomaar). They don't have details on the nature of the inquiries, saying simply that Rhode Island State Police superintendent Col. Steven G. O'Donnell says that his agency, the FBI, the U.S. Attorney's office, and the Rhode Island attorney general "are working together to investigate activities that have recently come to light at 38 Studios." In 2010 38 Studios secured a now-infamous $75 million in loan guarantees from Rhode Island to relocate to the ocean state, and trouble repaying that loan preceded the layoff of their staff last month. Here's the statement from the company about its bankruptcy:

"This action comes after several weeks when the company has reviewed, considered and received the recommendations and advice with respect to potential avenues for relief that are currently available. After ongoing negotiations with the State of Rhode Island and potential investors and other interested parties, the Company has been unable to find a solution to the current stalemate."

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45. Re: 38 Studios Bankrupt; FBI Investigating Jun 8, 2012, 17:54 m00t
 
Just for full disclosure, I personally know 5 of the former employees of 38 who had been involved for over 2 years (well, 1 of them just under a year). There was more going on than just Chafee thinking this wasn't a business RI should be investing in, but that's obvious to anyone without blinders on. You don't magically miss a loan payment just because the Governor isn't thrilled with the deal.  
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