Shortly after failing to make that payment, 38 Studios missed its May 15 payroll, and senior executives started to depart.
Most of the funding for Studio 38, launched in 2006, came from Schilling, an avid gamer, and from a $75 million loan from the Rhode Island Economic Development Corp in 2010 - funds made available to lure the company to Providence from Maynard, Massachusetts.
Last year Schilling said he had invested $30 million to $35 million into the venture.
Schilling told WEEI that raising money from outside investors had proved difficult from the start.
"One of the going concerns from Day One - and it was always something that we were cognizant of - is we needed to raise capital," he said.
But he said 38 Studios was close to signing a deal with a major videogame publisher when the company's finances started to erode in May and Rhode Island opted not to provide any additional funding.
38 Studios released its first game, "Kingdoms of Amalur: Reckoning," in February. The launch date of its planned online multiplayer game, code-named "Project Copernicus" was pushed back to 2013 as the company unraveled.
Schilling made about $114 million in salary during his baseball career. The 45-year-old won three World Series championships with the Red Sox and Arizona Diamondbacks.
"The money I saved and earned playing baseball was probably all gone," Schilling said on Friday. "Life is going to be different."
Studio 38's bankruptcy case is re: 38 Studios LLC, U.S. Bankruptcy Court, District of Delaware, No. 12-11743.
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