Curt Schilling loses 50 million on game firm

Post Reply
User avatar
Parrotpaul
Posts: 33550
Joined: Sun Oct 15, 2006 2:14 pm

Curt Schilling loses 50 million on game firm

Post by Parrotpaul » Mon Jun 25, 2012 12:13 pm

and Rhode Island lost 75 million...two losers.

Curt Schilling Says He Lost $50 Million on Video Game Company

ABC News

Curt Schilling, the former Boston Red Sox pitcher, said in an interview today with WEEI-FM that he lost more than $50 million on his video game company 38 Studios.

"I'm tapped out," he told the Boston radio station. "The money that I had earned and saved in baseball was all gone. ... I put everything in my name in this company. I believed in it. ... But I'm not asking for sympathy. That was my choice."

Schilling, who said he never took a salary from 38 Studios, explained to ABC News his business philosophy prior to the release of the company's first game in February.


<SNIP
"I think I may say that of all the men we meet with, nine parts of ten are what they are, good or evil, useful or not, by their education." John Locke

User avatar
18echo
Oversight Committee
Posts: 4246
Joined: Sat Oct 11, 2008 5:29 am

Re: Curt Schilling loses 50 million on game firm

Post by 18echo » Mon Jun 25, 2012 12:26 pm

When the smarter athletes lose "everything" in a business venture, sometimes I wonder if the intent of that business venture was to move cash to the Caymans.
"Hoc spatium adsuesco assuesco pro profunda rhetoricam."

MDDad
Posts: 12123
Joined: Sun Jul 27, 2008 1:24 pm
Been thanked: 1 time

Re: Curt Schilling loses 50 million on game firm

Post by MDDad » Mon Jun 25, 2012 12:30 pm

Maybe Curt should have taken 0.1% of that $50 million and hired a savvy investment adviser. It never ceases to amaze me how celebrities who made a lot of money automatically assume they also have some business smarts.

User avatar
Parrotpaul
Posts: 33550
Joined: Sun Oct 15, 2006 2:14 pm

Re: Curt Schilling loses 50 million on game firm

Post by Parrotpaul » Mon Jun 25, 2012 12:43 pm

...or that everyone will look after the athlete's best interests.
"I think I may say that of all the men we meet with, nine parts of ten are what they are, good or evil, useful or not, by their education." John Locke

User avatar
18echo
Oversight Committee
Posts: 4246
Joined: Sat Oct 11, 2008 5:29 am

Re: Curt Schilling loses 50 million on game firm

Post by 18echo » Mon Jun 25, 2012 12:59 pm

Parrotpaul wrote:...or that everyone will look after the athlete's best interests.
Maybe that savvy investor advised the athlete to "invest" in a "business venture" to divert funds to a numbered account, file for bankruptcy and claim stupidity.

In Schilling's case, I heard an interview with him last year, he made it sound like he was very involved in the day-to-day operations of this company, all the better to claim the jock defense, maybe.

People I know that incorporated then chaptered never lost all of their own money, I always assumed that was the point of incorporating, so you don't end up in a cardboard box if the business fails.
"Hoc spatium adsuesco assuesco pro profunda rhetoricam."

MDDad
Posts: 12123
Joined: Sun Jul 27, 2008 1:24 pm
Been thanked: 1 time

Re: Curt Schilling loses 50 million on game firm

Post by MDDad » Mon Jun 25, 2012 1:20 pm

18echo wrote:People I know that incorporated then chaptered never lost all of their own money, I always assumed that was the point of incorporating, so you don't end up in a cardboard box if the business fails.
Yes, protection from the loss of personal assets is absolutely one of the reasons for incorporating. However, if I have $50 million and I face the risk of losing ANY of it in a start-up video game company, I don't make the move. When is enough money enough money? Did Curt really think the video game industry is so new and immature that it didn't already have a bunch of very savvy video game minds who knew more about the business than he did? Hubris and greed are almost always a combination for disaster.

Post Reply