The Providence Journal sat neatly presented on the counter at the Dunkin Donuts across the street from 38 Studios in Rhode Island, its headline clear as day: “Loan-guarantee fallout costs EDC chief his job.” Further down the right column of the page was the other harbinger headline: “Too little cash to cover the check.”
This was last Friday, May 18, the day after the head of the Rhode Island Economic Development Corporation, the quasi-government group responsible for co-signing the $75 million loan to 38 Studios, was fired. It was also the day after the state couldn’t deposit a $1.12 million check the studio delivered as a payment because the company’s chief financial officer called to say there were insufficient funds.
A man walked up to the counter for his morning caffeine fix. I guessed he worked at 38 Studios because he had ‘the look.’ The lady working the counter confirmed my egregious profiling by asking, “How are things going over there?”
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Editorial: 38 Studios and the Dunkin delusions originally appeared on Joystiq on Fri, 25 May 2012 10:30:00 EST. Please see our terms for use of feeds.
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