Firms Sued Over 38 Studios Still Doing Lucrative Work For Rhode Island Agency

Six years have passed since the bankruptcy of the video game company 38 Studios. But two of the firms sued by Rhode Island over 38 Studio’s demise continue to perform lucrative work for a quasi-public state agency.

A large dump truck carries dirt away from Barrington’s middle school of the future. Construction trucks move around the site, and a box-like building is emerging after months of work. Barrington Town Council President Mike Carroll said the middle school project would not happen without a state quasi-public agency known by its acronym. RIHEBC.

"RIHEBC financing was critical to making this project work," Caroll said.

RIHEBC stands for the Rhode Island Health and Educational Building Corporation. It’s one of the biggest bond issuers in the state. Since its founding in 1966, RIHEBC has issued $8.7 billion in bonds to finance building projects at schools, colleges, and hospitals. And bonds issued by the agency enabled Barrington to borrow more than $63 million to replace the town’s badly outdated middle school.

Read more: http://ripr.org/post/firms-sued-over-38-studios-still-doing-lucrative-work-ri-agency