Curt Schilling's Mystery Investor

By | Boston Daily |

As 38 Studios ran out of money, laid off all of its employees, and careened toward bankruptcy, Curt Schilling claimed that, at the last minute, he’d found a savior. Schilling has said that he lined up a wealthy, local individual willing to pump $15 million into the Providence company, provided that Rhode Island Governor Lincoln Chafee approved $5 million worth of tax credits. On the eve of the company’s bankruptcy, “We had conference calls through the night with this investor,” 38 Studios COO Bill Thomas said at a recent bankruptcy hearing, as reported by the Globe. Unfortunately for Schilling, Chafee declined to pour more taxpayer money into the company and the investor, who neither Schilling nor Thomas ever identified, disappeared. Ever since word first surfaced of the unnamed would-be savior, one of the more interesting mysteries of the 38 Studios saga has been the investor’s identity.

So who is that masked man?

When I interviewed Schilling for my story on 38 Studios, he declined to speak on the record about who the investor was. But when I followed up via text shortly after, he replied that his name was, “Rick Brady.” Schilling added, “That was the investor who was willing and able to write the check as long as the gov permitted tax credits.”

Now, so far as I can tell, there aren’t any ridiculously wealthy Rick Brady’s hanging around Providence. But there is a very wealthy Rick Bready (pronounced “Brady”) and it would be a pretty safe bet that he’s the person Schilling was referring to.

Bready is the retired chairman, president, and CEO of a company called Nortek, which manufactures an array of building products and is one of Rhode Island’s largest businesses. He’s also the chairman of the board of trustees at Roger Williams University. I reached out to Bready multiple times through the school, but he did not respond to my requests for comment. (I’m told he keeps a notoriously low profile.)

If Schilling and Thomas’s account of how things went down is accurate, Bready was poised to be a hero. But given what we now know about the chaos and dysfunction at 38 Studios, it looks like, when the last minute deal fell through, he may just have dodged a $15 million bullet.

 

Hat-tip to Boston magazine intern Amanda Newman for helping me make the Brady-Bready connection.

  • agingcynic

    I’m still chuckling over Lincoln “Caddyshack” Chafee scolding Curt for not being sufficiently hungry.

  • Michael

    Why would anyone care who the investor was and why would jason reveal it knowing curt wanted it kept off record.

    • Jason Schwartz

      Michael, To be clear, we were on the record when he texted me the name.

      • Michael

        But who cares… there has to be something more interesting to write about. Company’s go belly up everyday!

        • MJ

          Michael, you may not be interested but many more of us are. RI taxpayers had already invested $75 million. Considering the total debt of 38 studios & their burn rate, I don’t believe this investor would have put in $15 million had he seen the books, even with $5 million of tax credits. 38 studios was going down for the 3rd time…

  • Makes nonsense

    I cant understand why banks give millions on the word of Mike Corso, but Schilling is the responsible party. And Corso put himself inline in bankruptcy papers for being owed for tax credits he didn’t get. Google Corso’s name and it comes up he WROTE the tax credit law, looks like he was pulling a fast one on everybody.