From Comcast SportsNetPROVIDENCE, R.I. (AP) -- Rhode Island's economic development agency on Thursday sued former Red Sox pitcher Curt Schilling and some of its former officials, saying they committed fraud and other acts that misled the state into approving a 75 million loan guarantee to his failed video game company.The suit was filed in Rhode Island Superior Court four months after 38 Studios filed for bankruptcy following a spectacular collapse that has likely left the state on the hook for as much as 100 million.Among other things, the lawsuit claims that executives at 38 Studios, as well as former Economic Development Corp. Executive Director Keith Stokes and others, knew the company would run out of money by 2012, but concealed that from the EDC board, which made the final decision on whether to back the deal.The board in 2010 lured 38 Studios to Providence from Massachusetts with the loan guarantee.The lawsuit also alleges that Schilling, 38 Studios executives and others engaged in racketeering and conspiracy. The suit does not ask for a specific dollar amount but wants Schilling and others to repay the bonds and seeks triple damages.In addition to Schilling, who founded the company, and Stokes, the suit names Michael Saul, a former top official at the EDC; two law firms that worked with the agency; a financial adviser for the state; Wells Fargo Securities and Barclays Capital, investment banks hired by the EDC to assist in issuing bonds for the deal; and an insurance company for 38 Studios.Gov. Lincoln Chafee said the EDC board, of which he is the chairman, authorized the legal action in an attempt to recoup some of the state's money."My message to Rhode Islanders is this: I know that you work hard for your paychecks, and for your tax dollars to be squandered is unacceptable," Chafee said in a video statement. "The Board's legal action was taken to rectify a grave injustice put upon the people of Rhode Island."Chafee said he would not comment further.Messages left for Schilling, Stokes and Saul weren't immediately returned.38 Studios collapsed into bankruptcy in June. Rhode Island is likely responsible for about 100 million when interest is factored in on the bonds the state issued on the company's behalf.The suit says that EDC board members were not experts in "law, lending, video gaming or economic development" and relied on information from Stokes, Saul, Schilling and others at 38 Studios. The suit says the company failed because of risks that were not disclosed to the board "but were or should have been known" by the defendants.The suit also says the EDC board was misled about whether 38 Studios would have enough money to finish the video game, codenamed Copernicus, that was critical to its success. It says the company's own financial projections showed a shortfall of about 22 million of the estimated 75 million needed. The company got only about 50 million of the 75 million in bond funds because some was kept in reserve.The suit says the defendants should have known it was "likely that 38 Studios would run out of cash and go out of business by 2012."Schilling's firm tried to raise outside capital but was unable.The suit also says that an EDC analyst who raised questions about the loan guarantee -- and suggested he could not support it -- was later excluded from doing further work on it by Saul, who oversaw the agency's financing programs at the time. As a result, the agency's customary risk analysis of the deal was never completed or submitted to the board, according to the suit.The suit accuses Saul and attorney Robert Stolzman, who served as EDC secretary, of withholding from the board "negative" opinions about the proposed deal, including from two consultants who said they wouldn't invest 75 million in 38 Studios if they were in the EDC's position.In May, the company laid off its nearly 300 employees in Providence and more at a studio in Maryland it acquired in 2009.The suit says Wells Fargo also earned 473,000 in "hidden commissions" from 38 Studios that the state didn't know about -- and which ate into the total available to run the company.Dana Crothers Obrist, a spokeswoman for Wells Fargo, said the company does not believe the lawsuit has merit, and it is prepared to defend itself vigorously.A spokesman for Barclays had no comment.One of the law firms named in the suit, Adler Pollock & Sheehan, which had served as general counsel to the EDC, and employs Stoltzman, said the suit reflects a "misappreciation" of its role and that it would "vigorously" defend itself.Thomas Moses, president of Moses Afonso, which worked on the bond sale and was named in the suit, said he had not seen the suit as of Thursday afternoon. But he called any lawsuit involving his firm "frivolous and without merit."Separately, state law enforcement authorities in Rhode Island are investigating 38 Studios' finances. A federal probe resulted in no charges.
The streak is over! The streak is over!
We now return the Boston Celtics to their regularly scheduled pursuit of success without the growing pressure that comes with a historically relevant winning streak.
The 104-98 loss at Miami on Wednesday night brought an end to what had been one of the more unlikely winning streaks we’ve seen in the NBA for quite some time.
Boston reeled off 16 straight wins, many of which were the come-from-a-double-digit-deficit variety. In the end, the Celtics’ winning streak ranks as the fourth-longest in this storied franchise’s history.
“I told you, we’re not as good as the 16-game win streak,” Stevens said following the loss. “But we do have a lot of resolve.”
That resolve will surely be challenged with the Celtics taking Thanksgiving off, only to return and play three games in the next four nights beginning with Orlando on Friday, followed by a road game at Indiana on Saturday and a home date against the Detroit Pistons on Monday.
Here are five takeaways from the Boston Celtics’ 16-game winning streak.
KYRIE FOR MVP?
When the Boston Celtics traded for Kyrie Irving during the offseason, there was a sense that his presence would be a plus in some capacity, at some point. But few envisioned Irving would not only have a relatively seamless fit with the Celtics, but deliver in such a way that would catapult them to the top of the NBA standings and in doing so, establish him as one of the early front-runners for the league’s MVP award. This season, Irving is averaging a team-best 22.5 points and 5.2 assists while shooting 47 percent from the field but most important, the Celtics (16-3) have the best record in the NBA.
WANTED: BENCH SCORER
If you are a fan of good defenders, you probably love the Boston Celtics’ second unit. Terry Rozier and Marcus Smart are both ball-hawking defenders who can make some miserable times for opponents when they are on top of their game. Daniel Theis provides great energy on the glass and defensively. But the second unit needs a jolt offensively. Because as good as they can defend collectively, the Celtics have to have at least one starter on the floor most of the time because the bench doesn’t have an adequate collector of buckets that they can rely on consistently. Marcus Morris looks like an ideal choice for that role, but the left knee soreness that kept him out for eight games seems to be flaring up from time to time. Whether they address this with a trade or possibly with a player bought out, the lack of a second-unit scorer is very much an issue for this team.
BROWN EMERGES AS TWO-WAY TALENT
The plan was for Jaylen Brown to be an elite, shut-down defender this season. He has shown himself to be a good defender this season, but what has really made him stand out is the growth in his game offensively. The second-year wing has scored 20-plus points in three of Boston’s last four games. Doing that along with continuing to play good defense has him looking like one of the NBA’s promising young two-way talents.
TATUM’S GROWTH A SILVER LINING IN HAYWARD INJURY
You never want to see the Boston Celtics or any team for that matter, lose a player for the season let alone one who meant as much as Gordon Hayward to the Celtics. But if there is a silver lining in his ankle injury which is expected to keep him out all season, it is the opportunity it created for Jayson Tatum. The 19-year-old has been arguably the best player from last June’s draft class, playing major minutes with a major role for the team with the best record in the NBA. The opportunity to play around 30 minutes a game would not have been there for Tatum if Hayward didn’t get hurt. The challenge for Tatum going forward is to stay consistent, because now that teams have seen him for almost a quarter of the season, you can expect they will make some adjustments in how they defend him as well as try to attack him when he’s defending.
WE TALKIN’ ABOUT PRACTICE
During Boston’s 16 game winning streak, the Celtics played the last eight games in 16 nights. That’s a game every other night for more than two weeks. In that time, there’s little to no time for practice which has been a factor in Boston not being quite as sharp in the last few games, as they were at the start of the streak. After Thanksgiving, Boston plays three games in four nights with a pair of days off to follow before they return to action. There’s a very good chance that the Celtics will use one of those two days to practice, something this team desperately needs to clean up some of the minor mistakes that were big problems in their loss to the Heat on Wednesday.
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KANSAS CITY -- The Kansas City Chiefs needed help in their leaky defensive backfield.
Darrelle Revis was ready to provide it.
So the AFC West leaders signed the seven-time Pro Bowl cornerback on Wednesday, a surprising midseason move involving a big-name player. Revis played for the New York Jets last season, but his massive salary cap number combined with a decline in performance led to his release in late February.
"He's ready to go now," Chiefs coach Andy Reid said in a conference call with reporters. "He was coming off the wrist (injury) and that he had last year, you know - this is when he was ready to go. We felt the same way. So it was a nice, mutual agreement that took place and here we are."
Reid did not rule out Revis playing Sunday against Buffalo, either.
Four days is typically a quick turnaround for a player to get acclimated to a team, especially one that hasn't played a snap since the end of last season. But Revis has a few things going for him: He has a vast amount of experience from which to draw, he is already familiar with defensive coordinator Bob Sutton's system having played for him with the Jets, and the Chiefs really have nothing to lose.
They enter the game with the 28th-ranked pass defense in the league, hemorrhaging more than 250 yards per game. That includes a 417-yard performance by Oakland's Derek Carr a few weeks ago.
"We've had some young guys trying their hearts out and doing a nice job for us, too," Reid said. "It's a win-win. You get a veteran guy and you have some young guys that will continue to grow."
Perhaps coincidentally, the Chiefs visit the Meadowlands to face the Jets on Dec. 3.
Revis at one point was considered the best cornerback in the league, picking off 29 passes over 10 seasons with the Jets, Buccaneers and Patriots. He won a Super Bowl ring with New England.
He parlayed that into a five-year, $39 million contract to return to the Jets, but a wrist injury slowed him down a couple of years ago. Revis struggled most of last season, looking as if the 32-year-old had lost a step for the first time, and the Jets made the decision to let him go.
He's spent the past summer and fall keeping in shape.
"He's been around awhile. He looks great physically," Reid said, "but time does that, time will take a step away from you. But he's a smart guy, knows how to play the game and that becomes important at this point in his career. I'm not telling you he can't still run, he can run."
Good enough to help the Chiefs (6-4), who had dropped four of their past five?
"Darrelle is a proven player in this league and we are excited to add him," first-year Chiefs general manager Brett Veach said in a statement. "He's had a Hall of Fame career and his leadership and playing experience will be valuable to our defense."
That may be where he is most beneficial: His experience. The Chiefs have little veteran presence in their secondary after safety Eric Berry was lost to a season-ending injury.
"You're talking about one of the all-time great players at that position," Reid said. "It's just a matter of getting him back in the swing of things and seeing where he's at. He's excited to be here. We are excited to have him. I would think his role would be to step in and be a starter."