Curt Schilling's $50 Million Is Gone, Along With The Rest Of 38 Studios

The meltdown and collapse of 38 Studios not only halted the development of a potentially promising game in progress, but also hurt plenty of people.

In a recent interview with Boston-area sports radio network WEEI, studio founder Curt Schilling — formerly a major league baseball pitching star — explained how the studio collapse hit him, personally.

In addition to the now infamous $US75 million loan that 38 Studios received from the state of Rhode Island, Schilling invested approximately $US50 million of his own income and savings into the company, he told WEEI. Money which is now all gone. Schilling related the story of explaining the bankruptcy of 38 Studios to his family:

[T]he money that I had earned and saved during baseball was probably all gone. And that it was my fault. And that they might start hearing some things in school and things like that. And let's be clear: We're not talking about a terminal illness or somebody during. But it's a life-changing thing. It's not a conversation I would wish on any father, or on anybody. But I had to do it, and explain to them that part of growing up is being accountable. This was my decision to do this, and I failed. And life would probably start to change and be very different for us.

Schilling himself never drew salary from 38 Studios, and while he admitted that salaries for other employees may have been slightly excessive, he said it was the only way to draw top talent.

And why did 38 Studios fail? A lack of financial investment. But not, apparently, a lack of emotional one. "Listen, we absolutely made mistakes," Schilling said. "But everything I've ever done in my life has been from my heart."

Curt Schilling on D&C: ‘I'm not asking for sympathy' after losing $US50M in business collapse [WEEI, via ESPN]

Image: AP Photo, Steven Senne


Comments

    I just don't understand what went through this guys head when starting this project. He's not a business man, he's a baseball player. Why is it that I don't feel sorry for him? I feel sorry for the rest of his family, and the employees and their families of 38 studios and BHG, but I don't have the slightest bit of sympathy for this man.

      Because he made a poor decision of his own free will. A really dumb one too, I don't understand how they spent so much money.

        I think ambition and emotion got in the way of reason and reality. A death sentence for most businesses. $50 million is an insane amount to invest out of your own money just because you 'want to' make something and have high hopes for it.

    Just how much money did 38 Studios burn through? Atleast $125million USD is mentioned in the Article but i am sure there were other investors -- that is a hell of a lot of money to produce one game.

    Well, he chased a dream, but it didn't work out for him. I don't really have any sympathy for him, since he went into this venture with his own money and on his own free will, but I don't necessarily hate him.

    Businesses fail, and while that's sad to see, it's a fact of life.

    One bright light to take away from all of this is that thanks to Epic games Alot of people. From BHG won't lose there jobs and we might get another game in the style of kingdoms of amular that game was awesome have it on steam had some really nice combat.

    I don't see anything in the article about him seeking sympathy (linked to an article titled ‘I’M NOT ASKING FOR SYMPATHY’), It sounds like he is actually pretty well grounded for someone who just lost his life savings that he made from a job that he can't exactly go back and do again (baseball). You see plenty of business people suffering setbacks like this that make life much worse for their families by killing themselves. I think that this statement: “We’re not talking about a terminal illness or somebody during. But it’s a life-changing thing. It’s not a conversation I would wish on any father, or on anybody. But I had to do it, and explain to them that part of growing up is being accountable” Shows that he is actually pretty grounded.
    The studio put out one game but they were also working on an MMO (which likely won't see the light of day) both of these games were made to pretty high productions standards ( I enjoyed Kingdoms of Amalur) and MMO's can be expensive beasts to make. I’m sure that he and all the other people working on the project imagined the possible pot of gold waiting if the MMO was successful, he obviously believed in it enough to sink his life savings into it.
    He had ambition, things didn’t go to plan, would it better if he had just been like many other business men and just blown investors money?

    easy cum easy go

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