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38 Studios founder Curt Schilling sued for $2.4 million

38 Studios founder Curt Schilling sued for $2.4 million

June 15, 2012 | By Mike Rose

Citizens Bank, from whom the ill-fated 38 Studios borrowed money, is suing 38 founder Curt Schilling personally, after he allegedly promised to pay back the borrowed loan.

The Kingdoms of Amalur publisher declared bankruptcy earlier this month, after failing to secure financing from the state of Rhode Island or outside investors to continue its operations.

According to WPRI, Citizens Bank's lawsuit was filed on the same day that 38 Studios filed for bankruptcy, and alleges that Schilling personally guaranteed he would pay off a $2 million letter of credit and a $350,000 corporate credit card with the bank.

The bank is attempting to leverage retail brokerage company Morgan Stanley Smith Barney to pull the funds out of Schilling's personal bank accounts.

"Schilling is liable to the bank in the total amount of $2,394,240.40, plus thereafter accruing interest and late fees, costs and costs of collecting, including, without limitation, attorneys' fees and expenses," states the complaint.

It continues, "Schilling has failed and refused, and continues to fail and refuse, to satisfy the outstanding indebtedness," adding it is "likely to suffer irreparable injury" if it cannot recover any money in bankruptcy court.

The news comes as state and federal law enforcement agencies sent subpoenas to the various parties involved this week.

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