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Caprio aims to block 38 Studios deal

Frank Caprio of Rhode Island Frank Caprio of Rhode Island
Associated Press / September 1, 2010

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PROVIDENCE — Democratic gubernatorial candidate Frank Caprio said yesterday he was working to halt the state’s $75 million loan guarantee to Curt Schilling’s video game development company, condemning the deal as bad for Rhode Island after weeks of offering mixed opinions about it.

Caprio, the state general treasurer, said he had brought his concerns to credit rating agencies Moody’s and Standard & Poor’s and urged them to hold off on reviewing the project until a new governor can take office.

The state Economic Development Corporation has authorized the loan guarantee for 38 Studios, a Maynard, Mass., company founded in 2006 by Schilling, the former Major League Baseball pitcher. The company has said it will bring 450 well-paying jobs to the state by the end of 2012.

Caprio joins a growing chorus of critics who say the deal puts taxpayer money at risk for a company with no established track record.

But unlike some of his opponents in the governor’s race who have decried the deal from the start, Caprio has gone back and forth on it.