Schilling Put Up $5M In Gold Coins As Collateral For 38 Studios Loan
PROVIDENCE, R.I. (AP) — Former Red Sox pitcher Curt Schilling put up more than 3,000 gold coins worth about $5 million at current prices as collateral for a loan the day after his now troubled video gaming company released its first game in February.
The Boston Globe reports that Schilling posted 3,200 gold coins as collateral for a Bank Rhode Island loan, according to financing statements filed in Massachusetts.
The documents don't say how much the loan was for or what it was to be used for. He is listed as the debtor.
Schilling's 38 Studios laid off its entire staff last week and has been trying to stay afloat.
The company moved from Massachusetts to Providence in 2010 after Rhode Island's economic development agency approved a $75 million loan guarantee.
Copyright 2012 The Associated Press.
