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Date Posted: 11:48:47 05/28/12 Mon
Author: Popeye
Subject: 38 Studios: Broke Rhode Island now owns a video game company

http://money.cnn.com/2012/05/28/technology/38-studios/index.htm

But on Thursday, 38 Studios laid off its entire staff of roughly 400 employees with no pay. It also cancelled their health insurance.

For a lack of a better description, 38 Studios went out of business. Now Rhode Island is stuck with the tab of roughly $112 million in loan principle, interest and fees. There's little chance taxpayers will make up even a quarter of their potential losses, according to industry experts.

Sad really when you think about their families. The legislators get off the hook. A fitting memorial day.

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