Curt Schilling May Lose Baseball Treasures
The founder of 38 Studios may be forced to sell his baseball memorabilia and other valuable items to pay down his debt.
A lot of anger has been directed toward Curt Schilling over the ugly collapse of 38 Studios, but there's no question that he's in deep himself. He faces multi-million-dollar lawsuits over its failure and has previously stated that the hefty fortune he earned playing baseball has been swallowed up [http://www.escapistmagazine.com/news/view/118053-38-Studios-Founder-is-All-Tapped-Out] by the venture. And now it looks like things might get even worse, at least on a personal level.
A document filed with the Massachusetts Secretary of State's office (PDF format [http://cache.boston.com/stuff/2012/10/03/schilling.pdf]) indicates that Schilling has agreed to either sell or surrender valuable collector's items, according to an attorney with Boston law firm Sherin and Lodgen, including a baseball cap worn by Lou Gehrig in 1927, a collection of Second World War-era memorabilia including some currently housed at the National WWII Museum, and probably most devastating of all, the "bloody sock" he wore during the second game of the 2004 World Series.
(For those not familiar with the story, Schilling's sock became soaked with blood when he pitched on an injured ankle, not once but twice, producing two strong outings, winning both games and ultimately the World Series. He threw the first sock away but kept the second, which is now on display at the Baseball Hall of Fame.)
Experts in the field say the sock could draw $25,000 while Gehrig's cap could bring over $200,000. The value of his Second World War collection isn't known, nor is the value of his investment in a private equity fund that he also pledged against the loan. Whatever the figure may be, it probably won't be enough to put much of a dent in his debt; Schilling personally guaranteed at least two loans to 38 Studios, one from Bank Rhode Island for $9.6 million and another worth $2.4 million from RBS Citizens. Bank Rhode Island has reportedly already sold off 1600 gold coins worth an estimated $2.6 million that Schilling had pledged as collateral.
Potentially having to sell the sock and other items is part of "having to pay for your mistakes," Schilling told Boston radio station WEEI. "I put myself out there," he said. "I'm obligated to try and make amends and, unfortunately, this is one of the byproducts of that."
Source: Boston.com [http://www.boston.com/business/news/2012/10/03/former-red-sox-star-curt-schilling-may-sell-bloody-sock-settle-debt-over-studios/ipmkgQHGPZyKfaMRSqyIyK/story.html]
(photo [http://www.flickr.com/photos/ardyiii/749109048/])
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The founder of 38 Studios may be forced to sell his baseball memorabilia and other valuable items to pay down his debt.
A lot of anger has been directed toward Curt Schilling over the ugly collapse of 38 Studios, but there's no question that he's in deep himself. He faces multi-million-dollar lawsuits over its failure and has previously stated that the hefty fortune he earned playing baseball has been swallowed up [http://www.escapistmagazine.com/news/view/118053-38-Studios-Founder-is-All-Tapped-Out] by the venture. And now it looks like things might get even worse, at least on a personal level.
A document filed with the Massachusetts Secretary of State's office (PDF format [http://cache.boston.com/stuff/2012/10/03/schilling.pdf]) indicates that Schilling has agreed to either sell or surrender valuable collector's items, according to an attorney with Boston law firm Sherin and Lodgen, including a baseball cap worn by Lou Gehrig in 1927, a collection of Second World War-era memorabilia including some currently housed at the National WWII Museum, and probably most devastating of all, the "bloody sock" he wore during the second game of the 2004 World Series.
(For those not familiar with the story, Schilling's sock became soaked with blood when he pitched on an injured ankle, not once but twice, producing two strong outings, winning both games and ultimately the World Series. He threw the first sock away but kept the second, which is now on display at the Baseball Hall of Fame.)
Experts in the field say the sock could draw $25,000 while Gehrig's cap could bring over $200,000. The value of his Second World War collection isn't known, nor is the value of his investment in a private equity fund that he also pledged against the loan. Whatever the figure may be, it probably won't be enough to put much of a dent in his debt; Schilling personally guaranteed at least two loans to 38 Studios, one from Bank Rhode Island for $9.6 million and another worth $2.4 million from RBS Citizens. Bank Rhode Island has reportedly already sold off 1600 gold coins worth an estimated $2.6 million that Schilling had pledged as collateral.
Potentially having to sell the sock and other items is part of "having to pay for your mistakes," Schilling told Boston radio station WEEI. "I put myself out there," he said. "I'm obligated to try and make amends and, unfortunately, this is one of the byproducts of that."
Source: Boston.com [http://www.boston.com/business/news/2012/10/03/former-red-sox-star-curt-schilling-may-sell-bloody-sock-settle-debt-over-studios/ipmkgQHGPZyKfaMRSqyIyK/story.html]
(photo [http://www.flickr.com/photos/ardyiii/749109048/])
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