The Rhode Island Economic Development Corp. and the Bank Rhode Island have now both received subpoenas, with orders to testify about the lead-up to 38 Studios filing for bankruptcy.
The former handled the $75 million loan guarantee that Rhode Island gave to 38 Studios, while Bank RI gave loans to two companies controlled by Michael Corso, a Providence tax credit broker who used state tax credits he agreed to buy from 38 Studios as collateral, reports Boston.com. 38 Studios never actually received these credits.
The Boston Globe also reports that Rhode Island-based Citizens Bank filed a lawsuit against 38 Studios founder and chairman Curt Schilling last week, seeking to recover $2.4 million in loans it provided to the company. It's suing Morgan Stanley Smith Barney, too, where the bank believes Schilling has financial accounts.
This news following moves earlier this month from the Rhode Island state police, state attorney general's office, FBI, and U.S. attorney's office, who launched a joint criminal investigation into goings-on at 38 Studios prior to its collapse.