38 Studios founder Curt Schilling is being sued by Citizen Banks for $2.35 million. Schilling originally promised to pay back the loan that was given from the bank that the studio had borrowed. He had written a letter of credit for $2 million and a $350,000 credit card the bank gave to 38 studios. The letter of credit is equivalent to a security deposit.
"Schilling is liable to the bank in the total amount of $2,394,240.40, plus thereafter accruing interest and late fees, costs and costs of collecting, including, without limitation, attorneys' fees and expenses," said Citizens Bank. "Schilling has failed and refused, and continues to fail and refuse, to satisfy the outstanding indebtedness."