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View Full Version : Schilling Loses Everything


voodoochile
06-22-2012, 01:25 PM
His video game development company is in bankruptcy and his fortune is gone.

There are some potentially political ramifications of this article so obviously please don't discuss them here. Thanks.

http://www.chicagotribune.com/sports/breaking/chi-exmlb-star-schilling-says-hes-tapped-out-baseball-fortune-gone-20120622,0,3669681.story

samurai_sox
06-22-2012, 01:50 PM
Just another athlete that thought he was a businessman.

I guess just because you made a fortune playing sports that means you are capable of running a company.

HomeFish
06-22-2012, 02:14 PM
So he put in $50 million of his own money, and got $75 million from the state?

The fact that it is possible to lose $150 million in a video game company lets you know a lot about video games these days. They are basically interactive big-budget movies.

kittle42
06-22-2012, 02:15 PM
Bloody sock...priceless.

ChiSoxFann
06-22-2012, 02:26 PM
I remember when he was on Baseball Tonight with one of the co-hosts playing that video game and I couldn't believe he was seriously investing his cash into that.

Unfortunately he's not the first athlete to make bad investments in his post playing days and he won't be the last.

white sox bill
06-22-2012, 02:28 PM
As much as a jerk I think he is, I still don't wish this on him. I've been in biz since January 1983, so in 6 months it will be 30 yrs (seems like 30 days at times, other times 300 yrs) and have been close to Chapter 13 a few times and have managed to pull out of it. Its never been harder than it is today.

Still hard to feel sorry for a condescending millionaire

Risk
06-22-2012, 02:40 PM
Still hard to feel sorry for a condescending millionaire

I agree, and I'll leave it at that (don't want to get political, even if sarcastically).

Risk

seventyseven
06-22-2012, 03:16 PM
Couldn't have happened to a nicer guy.

DonnieDarko
06-22-2012, 03:24 PM
Couldn't have happened to a nicer guy.

i c wut u did thar

PatK
06-22-2012, 04:19 PM
To be honest, the game they release was actually pretty good and has gotten good reviews, it just hasn't sold well and wasn't heavily promoted.

samurai_sox
06-22-2012, 05:50 PM
As much as a jerk I think he is, I still don't wish this on him. I've been in biz since January 1983, so in 6 months it will be 30 yrs (seems like 30 days at times, other times 300 yrs) and have been close to Chapter 13 a few times and have managed to pull out of it. Its never been harder than it is today.

Still hard to feel sorry for a condescending millionaire

Congrats! Just the fact you have been in business that long is an amazing achievement.

SoxandtheCityTee
06-22-2012, 10:01 PM
My sock bleeds for the guy.

slavko
06-23-2012, 12:05 AM
Just another athlete that thought he was a businessman.

I guess just because you made a fortune playing sports that means you are capable of running a company.

It doesn't mean you're not. Unless it takes Magic (Johnson). A bad deal looked good to him. Happens to ex-athletes and businessmen alike.

RKMeibalane
06-23-2012, 12:40 AM
Wasn't Schilling supposed to be part of Selig's special PED task force, along with Frank?

thomas35forever
06-23-2012, 03:29 AM
CREcxhH9cs8

white sox bill
06-23-2012, 10:03 AM
Congrats! Just the fact you have been in business that long is an amazing achievement.

Thanks but have paid dearly for my longevity.
I have more ups and down than the Hancock's elevator, more heartbreaks than a drama queen and more sleepless nights than a meth addict. All this to the tune of 7 days a week....80 plus hrs. Totally insane.

But you'd think Curt could have invested in something a bit smarter.

BainesHOF
06-23-2012, 11:53 AM
I'm no investor, but even I know one of the rules to successful investing is diversification.

voodoochile
06-23-2012, 01:34 PM
I'm no investor, but even I know one of the rules to successful investing is diversification.

Also anyone who goes into any company with 50M total wealth and says, "I'm willing to invest it all" is a total fool. He should have set up a trust that he couldn't touch for 10 years worth $10M at least and said, "okay I got $40M to invest."

He'll be fine. He has a job with ESPN and he'll make millions the rest of his life, but this was stupidity of the highest caliber, no doubt.

white sox bill
06-23-2012, 01:54 PM
Also anyone who goes into any company with 50M total wealth and says, "I'm willing to invest it all" is a total fool. He should have set up a trust that he couldn't touch for 10 years worth $10M at least and said, "okay I got $40M to invest."

He'll be fine. He has a job with ESPN and he'll make millions the rest of his life, but this was stupidity of the highest caliber, no doubt.
Yea thats probably good advice. I was heavily invested in land, ya know the old line "cause they dont make it amymore". Then the housing market crash came, but thats a different topic....if only we all had a crystal ball.

I dont think Curt will be panhandling for his next cup of java

hawkjt
06-23-2012, 02:37 PM
Schilling has a great pension plan to tap into eventually,and I am sure he has some millions stashed, and he will make money on TV,so he will get by.
Their family income might drop to 400k annually,so they might have to cut back a bit,but still be good.

I dislike the guy,always have,so this causes me no lost sleep,altho maybe the Rhode Island taxpayers feel differently.

Frontman
06-23-2012, 09:42 PM
Couldn't have happened to a nicer guy.

Sadly, his employees probably didn't deserve it. Nor did at least one of his creative staff (R.A. Salvatore, who is a great fantasy writer.) Hopefully Salvatore, who I've met a few times at conventions, didn't lose much on it.

Now, Todd McFarlaine? He annoys me, but I still wouldn't wish him to lose money on a poor execution of a company.

voodoochile
06-24-2012, 12:43 PM
Yea thats probably good advice. I was heavily invested in land, ya know the old line "cause they dont make it amymore". Then the housing market crash came, but thats a different topic....if only we all had a crystal ball.

I dont think Curt will be panhandling for his next cup of java

That's rough. Sorry to read it, but at the same time, at least you were invested in something that historically holds value well and has one of the most consistent rate of returns through history - you just hit a bad moment in the market's history. That's a lot different than trying to break into something as unpredictable as the video game market with a start up company. Even great games have no guarantee of making money long term if you don't market them well. In addition this year in particular - especially the last 6 months - has seen several games with huge followings make major new releases and there's the ever expanding free-to-play companies. Bad time to be trying to establish a startup...

white sox bill
06-24-2012, 01:01 PM
That's rough. Sorry to read it, but at the same time, at least you were invested in something that historically holds value well and has one of the most consistent rate of returns through history - you just hit a bad moment in the market's history. That's a lot different than trying to break into something as unpredictable as the video game market with a start up company. Even great games have no guarantee of making money long term if you don't market them well. In addition this year in particular - especially the last 6 months - has seen several games with huge followings make major new releases and there's the ever expanding free-to-play companies. Bad time to be trying to establish a startup...
My financial adviser (if you call her that) recently told me my target retirement age is now 95....I didn't have the cajoles to ask her if she was kidding :)

But your point about marketing rings very true....if you market a average product very well, you will be better off than having a great product but your marketing stinks. The latter has good chance of flopping. I know from experience

Irishsox1
06-25-2012, 12:07 PM
It would be awesome if they talked about this on MLB network and Mitch Williams just sat there with a towel over his head.