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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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13. Re: Citizens Bank Sues Curt Schilling Jun 15, 2012, 10:27 wtf_man
 
Parallax Abstraction wrote on Jun 14, 2012, 23:41:
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.

Well... apparently he will be filing his own personal Chapter 7, if he really did personally guarantee (signed or co-signed outside the umbrella of 38 Studios as the entity acquiring the loan) the loan.
 
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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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11. Re: Citizens Bank Sues Curt Schilling Jun 15, 2012, 07:29 Beamer
 
HorrorScope wrote on Jun 14, 2012, 21:28:
LOL banks want their cake and eat it to... Even though no one knows what that means literally.

"bank says Schilling personally guaranteed this money"

Is it in writing bank mofo's? I'm sure he signed a loan like the rest, but chap 7 gives them rights banker man. LOL his word, like bank has "their word".


You have no clue what a personal guarantee is, do you?
 
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10. Re: Citizens Bank Sues Curt Schilling Jun 15, 2012, 01:23 Illumin
 
If Curt Schilling doesn't pay they say they will go after Peter Schilling.  
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9. Re: Citizens Bank Sues Curt Schilling Jun 15, 2012, 00:07 Sepharo
 
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.

Wonder what the Daily Show is going to do with this... Considering Jon just had a guest on talking about multimillionaire risk and the likelihood they end up penniless on a bet. And besides the whole story is just begging to be lampooned.
 
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8. Re: Citizens Bank Sues Curt Schilling Jun 15, 2012, 00:04 Wallshadows
 
I used to know a guy who would get totally baked, tell me how he was going to make videos games and would finance it by collecting employment insurance and cutting sea cucumber 'under the table'.

I'm not sure how that can apply to this story but it feels like it somehow fits...
 
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7. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 23:45 Slashman
 
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?
 
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6. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 23:41 Parallax Abstraction
 
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.
 
Parallax Abstraction
Geek Bravado | YouTube (Watch/Rate/Comment on my shows!)
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5. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 23:33 Asmo
 
HorrorScope wrote on Jun 14, 2012, 21:28:
LOL banks want their cake and eat it to... Even though no one knows what that means literally.

"bank says Schilling personally guaranteed this money"

Is it in writing bank mofo's? I'm sure he signed a loan like the rest, but chap 7 gives them rights banker man. LOL his word, like bank has "their word".


38 studios has filed for chap 7, not CS personally. He is still entirely liable for any personal guarantees he signed for.

And I doubt any bank worth it's salt would have loaned such a substantial amount on verbal agreement.

If all the loans had been made by Schilling on behalf of 38 using the company or it's assets as collateral, he would be protected as 38 is a limited liability company (llc). From all appearances, this load was sort personally so he bears responsibility for it.

 
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4. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 22:32 Bet
 
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?
 
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3. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 21:54 Rattlehead
 
Citizens banks licks balls. One time I had an old account I forgot to shut down with about $0.10 left in and they charge me like $100 in fees because I "did not have enough money in my account" How is charging me more money going to help me when I don't have enough money?  
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2. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 21:28 HorrorScope
 
LOL banks want their cake and eat it to... Even though no one knows what that means literally.

"bank says Schilling personally guaranteed this money"

Is it in writing bank mofo's? I'm sure he signed a loan like the rest, but chap 7 gives them rights banker man. LOL his word, like bank has "their word".

 
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1. Re: Citizens Bank Sues Curt Schilling Jun 14, 2012, 21:18 ASeven
 
What a mess.  
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