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EDC makes payments on loan guarantee for Capco Steel
PROVIDENCE – Another loan guarantee approved by the R.I. Economic Development Corporation in 2010 has turned into a financial liability for the state. more
7/23/12
Schilling-bond refunding hastened by lowest yields
The lowest municipal yields in a generation may help Rhode Island cut the cost of repaying $75 million it borrowed to lure former Boston Red Sox pitcher Curt Schilling’s now-bankrupt videogame company from Massachusetts. more
Raimondo pension lawsuit seen risking bankruptcies
Rhode Island Treasurer Gina Raimondo championed an overhaul last year of one of the nation’s worst- funded public pensions, setting out a road map for states and cities by curbing benefits and delaying retirements. more
EDC metrics needed now more than ever
One of the most important goals that former R.I. Economic Development Corporation Executive Director Keith W. Stokes set when he took the job in early 2010 was the need to measure the results that the state’s various economic-development programs were producing. The lack of any such controls was exposed by a two-part series in Providence Business News in June 2010 that documented how little the state knew about the companies it had supported through the federally funded Small Business Loan Fund and its related microloan fund. Despite federal reporting requirements, the state had no idea how many jobs the recipient companies currently had. In addition, the failure rate of the loans was double that of similar commercial loans made by banks. more
8/6/12
Land appointed 38 Studios receiver
Richard J. Land, an attorney with Chase Ruttenberg & Freedman LLP, has been appointed state receiver in the 38 Studios LLC bankruptcy case, Gov. Lincoln D. Chafee announced Thursday. more
R.I. takes control of Schilling’s 38 Studios assets
The R.I. Economic Development Corporation and Bank of New York Mellon Trust Co. won court approval to take possession of assets of 38 Studios LLC, the bankrupt video-game maker founded by former Boston Red Sox pitcher Curt Schilling. more
EDC grants $1M loan guarantee to eNow Inc.
The R.I. Economic Development Corporation has guaranteed a $1 million loan to eNow Inc., an expanding Providence company that makes solar power systems for trucks. more
EDC forms ‘litigation subcommittee’ to oversee 38 Studios lawsuits
A three-member “litigation subcommittee” was created by the R.I. Economic Development Corporation Board of Directors Monday night to oversee legal efforts to recover taxpayer funds lost from the failure of 38 Studios LLC. more
Stokes joins Mayforth Group
Former R.I. Economic Development Corporation Executive Director Keith W. Stokes has joined The Mayforth Group, the Providence-based consulting firm announced Wednesday. more
| 9/5/12
Texas won't follow R.I. lead on pension reform
Texas public pensions said moving away from traditional defined-benefit plans wouldn’t shrink their unfunded liabilities, in contrast to money-saving steps to end lifetime guarantees by states from Rhode Island to Kansas. more
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