Rhode Island Gov. Gina Raimondo intends to petition the state Superior Court the week of Feb. 13 to release 38 Studios grand jury investigation documents.
Raimondo spoke Friday shortly after Superior Court Judge Michael Silverstein approved the final settlement in the fiasco involving former baseball pitcher Curt Schilling's video-game company when went out of business after securing a state-backed $75 million loan.
Silverstein signed off on Rhode Island Commerce Corp.'s $16 million settlement with Hilltop Securities Inc., formerly First Southwest Co.
In all, said Raimondo, the state obtained settlements totaling about $61 million.
"Rhode Islanders were hurt by 38 Studios," the governor said in a statement. "I've fought hard to recover as much taxpayer money as possible and am pleased that Judge Silverstein has approved our last settlement."
The company's demise left Rhode Island taxpayers with a $75 million tab for moral-obligation debt issued to lure the firm to Rhode Island. First Southwest was the advisor to the Rhode Island Economic Development Corp. – the predecessor agency to RI Commerce – for the deal in 2010.
Hilltop completed its merger with First Southwest in January 2016.
The EDC sold $75 million in bonds in 2010 to entice 38 Studios founder Schilling to relocate his company to downtown Providence from Maynard, Mass. The company was to repay the loan with revenues generated from a multi-player video game project code-named Project Copernicus.
The company folded two years later, sticking Rhode Island with the bond debt and prompting Raimondo's gubernatorial predecessor, Lincoln Chafee, to file the lawsuit.
The Rhode Island State Police and Attorney General Peter Kilmartin recently declared the criminal case closed.
State Police Col. Ann Assumpico, however, has directed her agency to review and release the non-grand jury documents in the agency's possession. It will release the documents when a review is complete.
"I agree with Gov. Raimondo's efforts to support full transparency in the 38 Studios case," Assumpico said in a statement.
