The founder of the now-defunct 38 Studios – the studio behind Kingdoms of Amalur: Reckoning – Curt Schilling, may be forced to sell a bloodied sock he wore when he led the Boston Red Sox to victory in the 2004 World Series in order to repay millions of dollars in loans he guaranteed for his failed company.
In a document filed by Schilling with the Massachusetts secretary of state's office, a number of items have been listed as collateral. A lawyer at Boston firm Sherin and Lodgen told Boston.com that the filing suggests that Schilling has agreed to sell or give up the sock and other items.
Among the items include the bloodied sock Schilling wore as a pitcher of the Boston Red Sox, a baseball cap identified as being worn by Lou Gehrig in or about 1927, a collection of World War 2 memorabilia, including those presently held by the National World War 2 Museum, and proceeds from his investment in a private equity firm, StepStone Capital Partners 2 Onshore LP. Sports memorabilia specialists believe that the sock could fetch up to $25,000.
In addition to the above items, Schilling has pledged stakes in his home and private equity firm and recently put his 26 acre Medfield estate on the market for $3.45 million.
38 Studios filed for bankruptcy in June. Nearly all the company's funding came from three sources: a $75 million guaranteed loan from the state of Rhode Island, $50 million of Schillings own assets earned during his Major League Baseball career, and $5-10 million from investors. Boston.com reports that Schilling personally guaranteed some loans related to 38 Studios, including $9.6 million from Bank Rhode Island and $2.4 million from RBS Citizens.
It is unclear whether banks and lenders will be able to recoup all the money they are owed. For further coverage on 38 Studios, follow our stream.