NEW: Citizens Suing Schilling for $2.4 Million

NEW: Citizens Suing Schilling for $2.4 Million

Citizens Bank is suing Curt Schilling for $2.4 million after the former Red Sox could not pay back funds loaned to him by the bank.

Schilling's video game company, 38 Studios, filed for bankruptcy last Thursday just over a month after the company defaulted on a $1.125 million payment due to the Economic Development Corporation (EDC)

38 Studios received a $75 million loan guarantee from the EDC.

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The company estimates its assets are worth just $22 million and the company owes creditors more than $150 million.

The U.S. Attorney's office and the State Police are currently investigating and the Providence Journal reported this week that subpoenas have gone out to BankRI and the EDC.
 

Dan McGowan can be reached at [email protected].