The lawsuits keep piling up for the defunct head of 38 Studios, as Curt Schilling is now being sued for $2.4 million by Citizen's Bank. The suit was filed last Thursday by Citizen's Rhode Island branch, according to WPRI, claiming Schilling "personally guarneteed" a $2 million letter of credit plus expenses via an corporate credit card.
Considering how 38 Studios didn't pay their staff for nearly a month, it shouldn't surprise anyone familiar with the case that Schilling and Co refused to pay back any fees on the credit card. WPRI reveals just went into getting that letter of credit:
"The court documents obtained by WPRI.com in the Citizens suit shed new light on how 38 Studios capitalized on its $75 million taxpayer-guaranteed loan from the EDC and what happened behind the scenes as the company fell apart last month.
In the days before and after the EDC sold the 38 Studios bonds on Nov. 1, 2010, Citizens provided 38 Studios with a $2 million letter of credit to benefit Empire LaSalle LLC, a subsidiary of Boston-based Berkeley Investments."
