RI court appoints receiver for Schilling company

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Associated Press

Posted on August 9, 2012 at 5:00 PM

Updated Thursday, Aug 9 at 5:02 PM

PROVIDENCE, R.I. (AP) — A court has appointed a receiver for former Red Sox pitcher Curt Schilling's video game company now that its bankruptcy case has been moved from Delaware to Rhode Island.

Gov. Lincoln Chafee (CHAY'-fee) announced the appointment of attorney Richard Land on Thursday. An attorney representing the state, Tom Carlotto, says it's the first step in a process in which the state will attempt to recoup as much of its investment in the company as possible.

The state had sought the appointment of a receiver in Rhode Island following a federal judge's decision to move the bankruptcy case.

38 Studios was lured from Massachusetts in 2010 with a $75 million loan guarantee from the state's economic development agency.

The company laid off its employees in May and filed for bankruptcy in June.

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