Former Boston Red Sox pitcher Curt Schilling may have to sell of his famous “bloody sock” and other baseball memorabilia to get the debt collectors off his back.
Schilling personally guaranteed various loans extended to his defunct video game company 38 Studios, and he is reportedly on the hook for millions.
The Boston Globe explains:
“The sock, worn by Schilling in the 2004 World Series, was among the collateral Schilling recently pledged to lenders, according to a document filed with the Massachusetts secretary of state’s office.”
Schilling’s company 38 Studios filed for Chapter 7 bankruptcy(i.e., a full liquidation) in June, owing about $100 million to creditors. All of the employees were laid off in the previous month. He reportedly sunk about $50 million of his own fortune into the company, which received a controversial $75 million loan guarantee from the state of Rhode Island as an inducement to leave Massachusetts. Schilling may also have to sell other items from his memorabilia collection including a hat worn by New York Yankee legend Lou Gehrig. The sock alone could fetch about $25,000 if put up for auction according to some experts.
The sock is currently on loan to the Baseball Hall of Fame in Cooperstown, New York.
Separately, the U.S. Attorney’s office in Providence indicated that it will not pursue any criminal charges in the 38 Studios matter. No feds determined that no federal law were violated, according to ESPN. A state investigation is ongoing, however. ESPN notes that 38 Studios’ “failure left the state likely on the hook for more than $100 million, including the $75 million in bonds it floated as part of the deal, plus interest.”