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38 Studios' RI Loan Approved

The Providence Journal has word that the proposed $75 million loan guarantees have been approved in an effort to lure developer 38 Studios into moving to Rhode Island from Massachusetts. The article calls the loan guarantees for the developer founded by former major league pitcher Curt Schilling "controversial," but the lone dissenting loan vote was from a vibrator manufacturer: "The guarantee passed on an 8-to-1 vote, with Karl Wadensten, president of Vibco, a manufacturer of industrial vibrators, the lone opposition vote. Three members of the board were absent." The article makes it sound like a move by 38 Studios is now a sure thing, saying Schilling spoke at a news conference following the board meeting, saying hes been negotiating exclusively with Rhode Island for the last four months, and stating: "This is a partnership."
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5. Re: 38 Studios' RI Loan Approved Jul 27, 2010, 13:42 Caveman
 
It's not dildos, it's construction equipment.

Anyways, I hope they do move to Providence. I mean MA already has 2K, and RI has well....Hasbro. RI needs all the jobs it can take, it's in such a sad state of affairs now.

 
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4. Re: 38 Studios' RI Loan Approved Jul 27, 2010, 12:04 Bill Borre
 
Sleepy beat me to it.

industrial vibrator

Do I really want to know? Probably one of those internet things that I'd be better off living the rest of my life not knowing about.
 
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3. Re: 38 Studios' RI Loan Approved Jul 27, 2010, 11:53 Sleeeeepy
 
...industrial...vibrators...  
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2. Re: 38 Studios' RI Loan Approved Jul 27, 2010, 11:15 Dades
 
I've only read the background a bit but it seems really silly. Where is the downside for 38 Studios in this? Often times what happens with these things is that the company shuts down and only pays back a small portion of the loans so the taxpayers end up shafted.  
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1. Re: 38 Studios' RI Loan Approved Jul 27, 2010, 10:47 fujiJuice
 
While it seems Curt Schilling is passionate about games, and I hope he succeeds with his company, from what I read this deal seems unfair to other small business owners of Rhode Island.  
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