Ted Nesi, WPRI, on Curt Schilling's 38 Studios
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Tami Luhby, CNN MoneyTami Luhby, CNN Money
out there. All my family is out and Antarctica there in -- hockey players all these Bruins players that you love -- -- where you think they're from either from you figure from Massachusetts. What -- -- the American players on the crossed amber is here now so why. Why did you leave. My dad a transfer okay Kampman you'd still be their -- guys that are not facts you'd go back tomorrow -- if you. The problem is I'm not a good enough occupier he it to be. Saskatchewan. Produces more hockey players per capita than any other place in the world to -- a -- paid attention the past couple weeks. But supposedly the number one hockey player in the world it turns out. He's not that Iraqi player you know he is that it is just that the other Canadian playing against -- is a better player. -- birdie is a better player than Sidney Crosby . When he doing and you look at the game of hockey -- get ready looks at the offensive side of hockey chemicals that yet now it's a two -- game you gotta be of the play defense Sidney Crosby can't play defense he sucks and the defense he's he's he's a wimp. And he doesn't play. That's an uncle Chris Chelios . Give me a belt made him but he running each. Is. Like rich rich this is embarrassing to to stop that knowing that Jack and Roenick now. Wage on the island -- got your -- -- these. Players I sound yet I've actually her -- The hall of famers I mean it the best like Bobby or he's from Canada and -- now he's from Saskatchewan. Wayne Gretzky he's from -- In isolating it like that's your national sport that you didn't see any baseball players made it in the -
Casey Ross, Boston Globe, on PriceWaterHouseCooper's
Casey Ross, Boston Globe, on PriceWaterHouseCooper's
right now are taking a look at the waterfront -- the new real estate option. Then moving to a different officers bank put you know they want to establish -- -- exciting new abandoned building and so. The seaports and interest and opportunity that drawing a lot of companies trying to. Why I think I like the financial district to that what's the big attraction of the seaport area you name it may be a mess it's. Poll. It's cheap and it's that's the main thing is that you know right up there looking around at look at okay -- and I moved to and another office building downtown and I stay put. You know that the currently rate or should I mean he moved to the seaport there's a -
Shawn Kravetz, Esplanade Capital
Shawn Kravetz, Esplanade Capital
been and then. We'd like to buy the whole company and then negotiated transaction . Do you own any shares in the company now. We do we heard the second largest outside shareholder. The family owns roughly 90%. Of this company. DE Shaw. Very very large hedge fund in New York City is the largest outside shareholder and we are number two. Why panel why they're why they hesitating to solitude they must feel that the shares are worth Maurizio I think I can conclude. Well. I don't wanna speak for them but I suspect you're right on the money. They had no idea that and they know there's a lot of value there. And I guess they're confident that someday they will get that we would like to help shareholders get that values sooner rather than later. Because. We thought the assets -- well. You made the statement that you feel the -
What's Up On Wall Street - Andy Cinko, Bloomberg News
What's Up On Wall Street - Andy Cinko, Bloomberg News
we asked a question of the day which had to do with Social Security And collect your Social Security for retirement age or are you going to collect literally. 73%. Of Americans collect their Social Security early in the vast majority of cases I think that's a mistake but people do it for any reasons. When I came up with June and I think is a good idea for us to talk about is you know we're sitting here and and and acting all high and mighty. As it relates to this discussion about Social Security in the back the matter is we have access to tremendous resources on this topic whether the courts are now ski. Who worked for the departments of security for 37 years or whether it's Chris Farrell was a reporter for Bloomberg we have access to a lot of data. What I would like to do is make this information on Social Security Tips to maximizing -- worst Social Security benefits I'd like to make it available to our listening. I think it's they I think it's important. You know people refer to it I think some 97 -- as areas of securities of Ponzi scheme this. I disagree with you respectfully -- disagree with you but you know -- more importantly. Please educate yourself on Social Security Call this phone number it's 508591. 5444. Asked for the guide about Social Security tell the I would pay -- wanna learn more about Social Security Barry seems to know a lot you know why I read a -- I studied this stuff every day it's what I do for a living. 5085915444. Is the number you should call. Call them. Tell -- you're listening to the financial exchange and you want to learn more about how he can maximize your benefits. Out of Social Security I think you'll be glad you made the call I know I was glad when I read the report on Social Security Maybe a more informed consumer. 5085915444. Up next Sean Kravitz he's the president of a hedge fund. That has been trying for
Automatically Generated Transcript (may not be 100% accurate)
Well. And I've got some stats for you to. -- you know. For you to ponder handicap -- there in trades that okay and right now they have. Barack Obama with 58 point 7% chance of being reelected. And Romney with the 37 point 5% chance of being elected so you still think Romney's the got a shot yeah I do early next barrier. It isn't I think that. He's bear this guy but the rest of the country anyway we know what we know him as the governor that we had I think the rest of the country they're looking at him like. Is this little strange. Kind of a throwback. Antiquated looking man from the fifties a little bit stiff -- feel a Mormon he's gotten a lot better than his campaign I've got to think he's much better and you see him on the trail now yes the -- that the battles he went through it Gingrich and all of the Republican voice. It was good for yet -- made him more real and that's exactly I'm trying to say is that he's in he's got time left he's got another what five or six months he's he's becoming more. Trust double and likable by the rest of the country I'm hopeful. And I'm not willing to -- -- that -- too long I'll go with the favorite I gotta vote -- all the favorite. They asked me get a gold with a favorite we're joined now by Ted and easy from WP RI. VW PRI dot com and -- Rhode Island Ted Harriet -- -- great story I want to compliment you on your researching your story on Kirk shillings 38 studios. Object you'd give us an update with what is the financial picture and I'm hearing rumors based on what I read in your website. That the financial picture at 38 studios is not so -- I'd just -- it's still on a little murky about exactly what the situation is right now clearly something that there are Italy's. Has gone wrong I don't know if there's been some sort of people there's complicated stream of payments going in different directions based on this -- state guaranteed on behalf of the company. By -- read an apple want that the governor and his staff has gotten involved and the governor opposite it is about keeping 38 -- you Altman but. Nobody talking you know the governor David -- you short statement but we painted the economic development quote -- publicly he would tell us 32 -- is responding to questions but. It's obvious that a lot of alarm on state officials expect a lot of money riding on the company. -- Richard how much money did Rhode Island because he. Are shelling came to Massachusetts and he wanted loan guarantees here in Massachusetts turned him down he then went to Rhode Island how much did you guys give them. You know we -- went out we didn't give him any big week guarantee a loan from private investors but we guaranteed 75 million dollars that was taken out from private investors. October November 20 tents and at all. Backstop with the guarantee that the tax payers will make them whole. So what was the attraction like why why did why did Rhode Island. Take the deal when Massachusetts it turned it down. You know -- I think it was a combination of factors that we. You know there's a little desperation here to be honest opinion -- know you're unemployment rate down about the -- and art is still at 11%. Just under there so they've been pretty. But he desperate to find them and job growth here -- came down keep them he gave governor in the state lawmakers guy you know sort of back. A really -- -- about you know we're gonna bring this company it's going to be huge to be the next big thing in. You know you'll start sort of video game cluster in Providence and you'll have all these companies coming up but made it to -- they bought the they thought it sounded great they thought it was worth making a big bet that was sort of the pitch it was they said you know pun intended to swing for the fences yeah but now it's looking like. You know that that might not pay off which. To be honest a lot of people concerned about that at the time our governor went to -- the who was running at the time was strongly oppose this and he wasn't alone but not the people with power at the time word Paper didn't want her. Well let me ask you has priced water her house last June and this is -- -- a very prestigious accounting firm consulting company. They issued last June a going concern opinion that expressed substantial doubt about whether the company would be able to even state solvent. So it is is that where we are now are weak or are we looking in at this thing 1011 months later and are they looking at insolvency. That's the 75 million dollar question right out you know yeah how much money do they have available they you know part of this thing. Here is the they have to -- on the first game just came out and now with the regular you know played on a PlayStation game. He gives an animal yet similar reckoning. And pop it on the old you know and again we don't know the structure of their deal with their distributor electronic -- we don't know much of that gets back -- headquarters but that crystal ball right. Then they wanna put based on -- -- call -- -- between multiplayer online game what you referenced World of Warcraft as an example that. Those are enormously. Ambitious undertakings and that's what 75 million dollars guaranteed by around tax -- is meant to fund the production development of that. But that is just stayed under wraps it was originally pleaded to come out this September there's still been no talk of an official named Dave pulled out of a -- an official. Big evening industry conference that spoke to be happening LA next month. So there are a lot of questions about where that stands and whether they have enough money to get through the end of putting it together industry. Right now how many employees just 38 studios have been Rhode Island but it does say these are people whose jobs are potentially up day in and at risk. Yet they had on they have about nearly 400 in Rhode Island and Maryland which is where there -- other company was. Either the studio -- about a few years ago they have 288 full timers Ireland nine now they say and that and then -- Fifteen or so contractors at least he got about 300 people that. So if they go bust if they don't pay back these long since Rhode Island guaranteed them that's like being the co signer on somebody's Carlo -- they don't make the payment. You Rhode -- gonna have to pay those -- Pretty much I mean you know the period. It's it gets a little technical but they were called moral obligation bond hosted general obligation bonds that means the full faith and credit of the the state is in behind it but it it coupled with a wink and a nod -- -- -- were not completely putting our. -- pull it incredible we're gonna pay you back you're gonna be made whole though the idea that we would default ground tax -- -- you want it seems hard to believe that and you know I've seen a lot of things happening -- would've expected we defaulted on a pension obligations last -- -- right -- they. And welcome back when this was all being done weren't the vast majority of Rhode islanders. Opposed to get. Station down here in September 2010. And which was docked shortly after the long went through and we had 54% of voters opposing the loan guarantee it only 28% favored repeal. Directing they weren't sure so would never hugely popular undertaking and I imagine it. It's good if the place to become acute success and at the employer will turn around but people certainly have their doubts from the start about that. And not you -- -- -- things where that discussion -- statehouses very different from what you heard just out on the street you know on -- happening possibly you know you have any -- million dollars work argued trouble in the the video game -- Not -- they thought hey we gotta we gotta do something dramatic in the today. Now need to it sounds like he could blow up on him. I'm sure he'll be following the story and -- have you back would suit Linux once we get some resolution to it. Great -- -- -- -- and EC WP RI dot com joining us today -- -- that's a scary thought isn't I mean RI. Is is not paying their retirees. Their their pension obligations that the gave curt Schilling's company 75 million dollars. That's -- that's I think I need to get a lower if there any other states out there doing that.
