Memo Shows 38 Studios Was A Risky Bet

June 14, 2012 12:00 AM
Memo Shows 38 Studios Was A Risky Bet
" BOSTON (CBS) – A confidential 37-page memo from Curt Schilling’s 38 Studios to officials in Rhode Island painted a very risky and speculative investment opportunity.

The 2009 memo was released by the Providence news site GoLocalProv .

WBZ NewsRadio 1030′s Anthony Silva With Stephen Beale

Download: pod-silva-confidential-memo-uncovered.mp3 //

Reporter Stephen Beale found the memo which was submitted to the state. He tells me 38 Studios officials didn’t try to minimize the risk, and included the warning that investors should only sink money into the venture if they could afford to lose it all. The memo goes on to call the video game industry unpredictable, because you never know if a game is going to catch on.

The memo raises serious questions over whether the State of Rhode Island should have invested in 38 Studios, which is now in bankruptcy "

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