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Curt Schilling on 38 Studios' Demise

Former baseball star Curt Schilling was interviewed this morning on the Dennis & Callahan sports radio show on WEEI in Boston in the first such appearance since the demise of 38 Studios, the developer he founded. quotes some of the conversation where Schilling spoke of investing all of his personal assets into the company while never a penny back out. He also says his former employees "have every right to be upset" as they were "blindsided" by the studio's closure after he promised a month or two of advance warning, admitting he "bombed on that one in epic fashion." He also describes the last ditch effort to save the company that failed because Rhode Island refused to go along with the plan, and addresses accusations that his acceptance of tax credits and loan guarantees from the state were hypocritical in light of his outspoken conservative viewpoints: "I don't know how that correlates to this. I don’t have any problem with government helping entrepreneurs and businesses." Thanks JJ.

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37. Re: Curt Schilling on 38 Studios' Demise Jun 22, 2012, 20:47 RollinThundr
Sepharo wrote on Jun 22, 2012, 19:53:
RollinThundr wrote on Jun 22, 2012, 14:35:
Obama didn't need to bail GM out with tax payer money, they could and SHOULD have filed for bankruptcy and refinanced/restructured themselves. GM still owes the taxpayers millions, and guess what we'll never see it. The only entity that won out in that deal was the auto workers union, surprise surprise. Same thing with Crysler, the kicker there? Crysler is now owned by a European car maker.

You don't really know what you're talking about.

Global auto industry crisis 2008-2010
U.S. in 2008-2010 auto industry crisis

Bush put $17.4 billion into the bailout using executive powers to redirect TARP money after the Senate rejected the bill (a rare thank you to Mr. Bush!). Both Chrysler and GM filed for bankruptcy. Obama later put $21.6 billion into the bailout and fired GM's CEO. Chrysler has since "repaid its loans" years ahead of schedule, unfortunately GM owes much more still but it's still paying it off and has since become the #1 auto maker in the world again.

All that said, the numbers are all over the place and the bailout wasn't any one loan or event. It was over years and for various different reasons and funding sources... PolitiFact has more.

So yeah billions still to be paid off but I think saving a national industry and an entire metro region of about 5 million people was worth it especially considering what a huge success it was. Meanwhile Mitt "Let Detroit Go Bankrupt" Romney writes a fucking article in the top paper of his "home" state shitting on the people there and then after the successful bailout changes his name to Mitt "I’ll take a lot of credit" Romney. What a piece of shit.

No no they haven't. They paid back some of it. Plain and simple the Government should have given them jack shit. It's humorous to me, that you liberals cry about corporate welfare but if a dem is at all involved. Hey it's ok!

The problem is spending, regardless of who the president is, we spend far far more than what we take in. Here you have a president who added 5 trillion to our debt in less than one term. You're fine with that. Yet cried like little girls about Bush's spending. If you're going to bitch at least be consistent with it.

Hell you have a president who hasn't passed a budget in nearly 4 years. Yet that's quite alright, let's just spend some more money it'll automagically fix the economy and hey let's blame corporations! Oh except Apple, because we liberals like our Iphones. Oh and the Rich people who pay the most taxes in this country, well they should pay more so those people too lazy to get a fucking job living on welfare can have some more welfare, because really, they're entitled to it.

The shit you folks ramble on about doesn't even make logical sense.
I'm from Mass, I don't like Mittens, but you know what? I'd take him over Deval "using welfare EBT cards for booze and smokes is ok" Patrick any day of the week and twice on Sunday.

Do a search for politifact gm bail out. tinyurl is being wonky for me.

• the amount taxpayers loaned to Chrysler before it filed for bankruptcy protection in 2009 — the entity now dubbed "Old Carco" — was chalked up as a loss by the federal government. That’s a $1.3 billion loan that will never be repaid. (The old company is still grinding through liquidation, but the government doesn’t expect to collect any more.)

• The new company received $6.7 billion in secured loans. In April 2010, GM repaid them with interest — and touted it had "repaid our government loan, in full, with interest, five years ahead of the original schedule." But billions of dollars more had been converted to a 61 percent stake in the new company, said James Cain, financial news manager for GM. That stake is now down to 32 percent of the company’s common stock. The question is how much that stock will earn taxpayers to offset $27 billion not yet recouped from old and new GM. A third of GM’s entire stock value as of March 19, 2012, was just $13 billion. (Check its current market capitalization.)

• The former GMAC still has substantial government ownership – more than 70 percent of its common stock is held by taxpayers, according to the Treasury Department — but no loans. According to ProPublica, there’s more than $11 billion left on the GMAC ledger. So it’s not yet clear how taxpayers will fare.

This comment was edited on Jun 22, 2012, 20:59.
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