PROVIDENCE, R.I. (AP) — Two large corporations bought most of the $75 million in bonds backed by Rhode Island taxpayers on behalf of former Red Sox pitcher Curt Schilling's failed video game company.
Documents obtained by WPRI-TV (http://bit.ly/ZsdpkJ ) show insurer USAA bought nearly $36 million of the 38 Studios bonds and financial services firm Transamerica Corp. bought about $19 million.
Rhode Island's Economic Development Corp. board approved the loan guarantee in 2010 to lure 38 Studios to Providence from Massachusetts. The company went bankrupt last year, leaving the state on the hook for some $100 million to the bondholders.
State lawmakers are considering plans to not pay the bondholders, but Gov. Lincoln Chafee insists the state must honor its debts. Some officials note that the bondholders are insured against their losses.
NY Cop Convicted; CA Cop Charged in Negligent Discharge Deaths
New Jersey Man Slays Child | Human Events
'Can't imagine': Dana Perino and Ari Fleischer amazed by what's in these Hillary-related emails
Our Reversible Moral Coma
Flint’s Water Poisoned by Federal, State and Local Government Failures
(VIDEO) PROOF POSITIVE. Ben Carson's Dishonesty Is Bone Deep | RedState
Jake Tapper’s interview with the DNC Chair on superdelegates and the train wreck that followed