Curt Schilling pitched 20 seasons in Major League Baseball, won three World Series titles, and built a reputation as one of the sport's biggest money pitchers. After retiring in 2009, he founded 38 Studios, a video game company, and personally invested an estimated $50 million of his career earnings and savings into it.
In 2010, Rhode Island offered the company a $75 million loan guarantee to relocate from Massachusetts to Providence. The studio's first major game was still years from release when the money ran out; in 2012, 38 Studios collapsed, laying off nearly 300 employees and defaulting on the state-backed loan.
The bankruptcy left the company with roughly $151 million in liabilities against $22 million in assets, and Schilling later agreed to pay $2.5 million to settle a lawsuit Rhode Island brought against him personally. He has said the collapse cost him essentially his entire baseball fortune.
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