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United Kingdom 06/02

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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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