Schilling “tapped out,” admits employees were “blindsided”

By Stephany Nunneley

Curt Schilling has told WEEI Sports Radio he is “tapped out” moneywise.

Speaking with the show, via the Boston Globe, the embattled 38 Studios founder said he had to tell his family that life would be “different” from here on out as all the money he saved and earned playing baseball “was probably all gone.”

“The employees got blindsided,” Schilling said. “They have every right to be upset. I always told everybody if something were going to happen, you’re going to have a month or two of lead time, and I bombed on that one in epic fashion.”

Schilling said the company was about to sign a 35 million deal for a Kingdoms of Amalur: Reckoning sequel until Rhode Island governor Lincoln Chafee revealed the financial issues the studio was facing.

He also said the game didn’t provide the firm with any revenue due to paying an advance the game’s publisher, Electronic Arts, provided as terms in a publishing agreement.

“I put everything in my name in this company,” Schiling said. “I believed in it. I believed in what we built. I never took a penny in salary. I never took a penny for anything.”

38 Studios has filed for Chapter 7 bankruptcy and owes $150 million to over 1,000 debtors, and has less than $22 million in assets.

It has been estimated that the state of Rhode Island will have to spend $12 million a year until 2020 to repay bondholders.

Via Joystiq.