Schilling gets sued by bank

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KitDig

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#1  Edited By KitDig

More bad news for Schilling. I think it's pretty interesting that he would sign a personal guarantee.

http://msn.foxsports.com/mlb/story/bank-sues-former-boston-red-sox-star-curt-schilling-061412

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DoctorDanger99

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#2  Edited By DoctorDanger99

good. i never trusted him. everything about him just seemed hinky from jump street. i actually kind liked KOA. heres hoping we get another one.

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ShadowConqueror

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#3  Edited By ShadowConqueror

I think you need to add more than a few sentences and a link for discussion purposes, or this will be considered spam and locked.

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KitDig

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#4  Edited By KitDig

@ShadowConqueror: Really? It was a piece of news that I didn't see posted on any of the other gaming sites, so I thought I would take the time to post up here so people could read it. How is it spam? It shows that Schilling actually is going to lose some money from this deal and that he was exposed financially.

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Ravenlight

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#5  Edited By Ravenlight

@KitDig said:

How is it spam?

You've seemed to scoop Scoops on this one, but you should maybe write more than one sentence and a link.

From the forum rules:

NO spamming or commercial advertising: Posting advertisements of personal sites for personal gain, making comments which have no discussion value such as "first" or "bump", quote pyramids or empty quoting, quest spam, YouTube spam, and creating any threads with little to no text where off-site content is linked or embedded.

In the spirit of getting some discussion out of this news, I think it's insane that Schilling personally guaranteed that the loan would be repaid (or perhaps this means something else in legalese). This just smacks of hubris.

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majid

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#6  Edited By majid

I'm not sure how it is with video game companies, but any private start-up usually has limited liability (ie the owner and the company are separate entities, one debts cannot be chased up with the other) which means a bank would be slow to lend money without a personal guarantee. Again, I'm not sure about videogame companies but this is certainly the norm for most other private companies.

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SomeDeliCook

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#7  Edited By SomeDeliCook

@KitDig said:

@ShadowConqueror: Really? It was a piece of news that I didn't see posted on any of the other gaming sites, so I thought I would take the time to post up here so people could read it. How is it spam? It shows that Schilling actually is going to lose some money from this deal and that he was exposed financially.

You forgot to make a really snarky comment that at least the first 15 posts will be talking crap about before anyone finally starts to comment about the actual news link. Thats how you stop it from being spam and have a discussion.

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Jimbo

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#8  Edited By Jimbo
@Ravenlight said:

@KitDig said:

How is it spam?

You've seemed to scoop Scoops on this one, but you should maybe write more than one sentence and a link.

From the forum rules:

NO spamming or commercial advertising: Posting advertisements of personal sites for personal gain, making comments which have no discussion value such as "first" or "bump", quote pyramids or empty quoting, quest spam, YouTube spam, and creating any threads with little to no text where off-site content is linked or embedded.

In the spirit of getting some discussion out of this news, I think it's insane that Schilling personally guaranteed that the loan would be repaid (or perhaps this means something else in legalese). This just smacks of hubris.

It means they wouldn't give the company the loan unless Schilling acted as guarantor.  Not the greatest move on his part in hindsight, but not necessarily hubristic.
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Ravenlight

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#9  Edited By Ravenlight

@Jimbo said:

It means they wouldn't give the company the loan unless Schilling acted as guarantor. Not the greatest move on his part in hindsight, but not necessarily hubristic.

Thanks for the clarification. Right after I posted, I thought, 'Y'know, that probably means something different than it seems like it means." But then it was lunch time.

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Dagbiker

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#10  Edited By Dagbiker

So 75 million wasn't enough, they got that, and thought "another 2.5 million will do it."

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Turambar

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#11  Edited By Turambar

The article itself read like the loan was a personal one made to Curt, and not one made to the company.

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mechakirby

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#12  Edited By mechakirby

Looks Schilling really wanted to make this game. No one can say he wasn't trying his hardest. Very sad for everyone involved and kind of a dick move by the bank? Eh banks don't give a fuck

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mandude

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#13  Edited By mandude

I hate banks far too much to side against Curt Schilling on this one, so fuck you, banks!

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sickVisionz

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#14  Edited By sickVisionz

@MechaKirby said:

...kind of a dick move by the bank? Eh banks don't give a fuck

@mandude said:

I hate banks far too much to side against Curt Schilling on this one, so fuck you, banks!

What did the bank do wrong? They only thought the loan was worth giving if Curt himself, not his company, promised to pay it back. Curt basically signed on as a guarantee to the bank that even if the company flopped, he'd pay the money back. It's like that the back wasn't going to give the money to the company due to risk, but Curt's promise overcame that. Curt's promise could very well be the only reason they agreed to do this loan.

Time passes, the loan goes unpaid and now the banks are bad guys because they tell Curt, "hey you know how you promised us that you'd pay back that loan even if the company flopped? Time to not be a liar." Banks do shady things sometimes. Expecting people to be men and women of their word isn't one of them.

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willin

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#15  Edited By willin

This is getting weird. Hey everyone!Let's watch a man's hopes and dreams slowly die a horrible death.

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tescovee

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#16  Edited By tescovee

After reading THIS, I'm feeling that all my good will towards my bleeding foot friend is almost gone.

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buft

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#17  Edited By buft

@mandude said:

I hate banks far too much to side against Curt Schilling on this one, so fuck you, banks!

exactly, FUCK banks

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penguindust

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#18  Edited By penguindust

You should check out the letter written by a former 38 Studios employee's wife regarding how the mismanagement of the company affected their lives over on Gamasutra. It's really horrible how the company reneged on all their promises to their employees and just discarded them with new debts directly related to their employment at the studio.

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DoctorDanger99

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#19  Edited By DoctorDanger99

@TentPole: and how exactly am i fucked up? oh i get it, your just a random idiot who stumbles onto a thread,spouts some random stupidity and then stumbles out,searching for his butt hole to suck on.my bad.

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Kungfu_Teddybear

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#20  Edited By Kungfu_Teddybear

What's the point? The guy doesn't have a

*sunglasses*

Shilling.

OK that was awful.

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TheHumanDove

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#21  Edited By TheHumanDove

Jesus, someone should have been a friend and told him not to be a rockstar

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s10129107

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#22  Edited By s10129107

I feel bad for him. I hope he didnt blow all his baseball money on this. He took a big risk and put out a good product in a competitive market. Just didn't pay off.

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The_tato

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#23  Edited By The_tato

@SomeDeliCook said:

@KitDig said:

@ShadowConqueror: Really? It was a piece of news that I didn't see posted on any of the other gaming sites, so I thought I would take the time to post up here so people could read it. How is it spam? It shows that Schilling actually is going to lose some money from this deal and that he was exposed financially.

You forgot to make a really snarky comment that at least the first 15 posts will be talking crap about before anyone finally starts to comment about the actual news link. Thats how you stop it from being spam and have a discussion.

LOL Absolutely true.

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mandude

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#24  Edited By mandude

@sickVisionz said:

@MechaKirby said:

...kind of a dick move by the bank? Eh banks don't give a fuck

@mandude said:

I hate banks far too much to side against Curt Schilling on this one, so fuck you, banks!

What did the bank do wrong? They only thought the loan was worth giving if Curt himself, not his company, promised to pay it back. Curt basically signed on as a guarantee to the bank that even if the company flopped, he'd pay the money back. It's like that the back wasn't going to give the money to the company due to risk, but Curt's promise overcame that. Curt's promise could very well be the only reason they agreed to do this loan.

Time passes, the loan goes unpaid and now the banks are bad guys because they tell Curt, "hey you know how you promised us that you'd pay back that loan even if the company flopped? Time to not be a liar." Banks do shady things sometimes. Expecting people to be men and women of their word isn't one of them.

I never said the banks were wrong in this particular scenario. I said fuck banks, because seriously. Fuck banks.

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DoctorDanger99

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#25  Edited By DoctorDanger99

@TentPole: so im not allowed to form an opinion that doesnt agree with yours? i didnt like the guy. he seemed fake. it's also appearing that he took advantage of alot of people and stole alot of money. im glad he's getting whats coming to him. try harder idiot. im here all day.

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DoctorDanger99

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#26  Edited By DoctorDanger99

@TentPole: i never said it was his entire intention to swindle people out of money. i said that i thought he seemed fake and he really didnt give two shits about video games in general and that from alot of the info ive read he's screwed alot people out of money due to his poor decsions. if he did them on purpose or not doesnt matter. he fucked up and now he's paying for it.

in regards to you,you sad,little man. i was not being angry or hostile. just voicing my opinion.your the one who started the name calling and trash talk. ive got better things to do than piss away an afternoon arguing with you. an intelligent person would have simply ignored my post or come up with a more clever rebuttle aside from name calling. yet people of low intelligence (you) usually resort to this kind of hostility. have fun with that.

asshole.

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Kidavenger

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#27  Edited By Kidavenger

Curt Shilling is a hardcore MMO player, he co-hosted the Instance podcast for a long time, it's idiotic to attack his motivations and it's really stupid to put a large company's failure completely on him.

A lot of things had to go badly for 38 Studios to fall apart the way it did and now he is the one left holding the bag which is how it should be, he took the risk and it didn't pan out, but there is no sense in dog-piling on him and celebrating his failure; people need to be encouraged to take risks like these, that's how we get new original games.

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ProfessorEss

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#28  Edited By ProfessorEss

@Jimbo said:

@Ravenlight said:

@KitDig said:

How is it spam?

You've seemed to scoop Scoops on this one, but you should maybe write more than one sentence and a link.

From the forum rules:

NO spamming or commercial advertising: Posting advertisements of personal sites for personal gain, making comments which have no discussion value such as "first" or "bump", quote pyramids or empty quoting, quest spam, YouTube spam, and creating any threads with little to no text where off-site content is linked or embedded.

In the spirit of getting some discussion out of this news, I think it's insane that Schilling personally guaranteed that the loan would be repaid (or perhaps this means something else in legalese). This just smacks of hubris.

It means they wouldn't give the company the loan unless Schilling acted as guarantor. Not the greatest move on his part in hindsight, but not necessarily hubristic.

Hubris? Or passion?

In the beginning I took him as a scumbag looking for a cash-in but after all I've heard and read I'm having a hard time figuring out if he was a scumbag or actually genuine.

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KitDig

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#29  Edited By KitDig

@MAJID: Actually, the limited liability of companies does not shield them from loans. These days, due diligence requires lenders to have a member/owner of an LLC sign a personal guarantee.