Deloitte LLP will work with Braver PC in a forensic audit of 38 Studios LLC, the struggling video-game company owned by former Boston Red Sox pitcher Curt Schilling, Rhode Island Gov. Lincoln Chafee announced.
Braver has already confirmed that the company has spent the entire $50 million it received from the $75 million loan guaranteed by the state in 2010. The money was raised from private investors in a bond sale, with the state backing the loan through a moral obligation pledge to replenish the capital reserve fund, should it have to be used to make debt service payments.
The Rhode Island Economic Development Corp. guaranteed the loan in 2010 to entice Schilling to move his company to downtown Providence from Maynard, Mass.
Schilling laid off his staff of about 285 workers 10 days ago, after struggling to make a $1.4 million fee payment.