Thursday, October 4, 2012

Schilling may sell famed bloody sock to pay off loans

Former Boston Red Sox pitcher Curt Schilling might have to sell the famed blood-stained sock he wore in Game 6 of the 2004 American League Championship Series against the New York Yankees to help cover the millions of dollars in loans he guaranteed to his failed company.

Schilling wore the white sock when he beat the Yankees with an injured ankle and used the now-famous bloodied version as collateral when he took out loans to finance his Providence, R.I. — based video game company, 38 Studios.

The company filed for bankruptcy in June, listing the sock as collateral to Bank Rhode Island in a September filing with the Massachusetts Secretary of State's office.

The sock become a symbol of the Red Sox improbable win over the Yankees in the 2004 ALCS and Schilling wore it in the second game of the World Series— which Boston won for the first time in 86 years.  It is a sentimental icon in Red Sox history.

It is is currently on display at the National baseball Hall of Fame and Museum in Cooperstown, N.Y..

The financially "tapped out" Schilling also listed a baseball hat believed to have been worn by New York Yankees great Lou Gehrig and a collection of World War II memorabilia, including items being held at the National World War II Museum as assets.

Richie Russek, owner of Grey Flannel Auctions estimated the sock could fetch between $50,000 and $100,000, but admitted there was nothing comparable that has ever been auctioned off.  The cap could be worth at least $150,000, he said.

The Boston Globe reported the filing Thursday.  It said Schilling personally guaranteed as much as $9.6 million in loans from Bank Rhode Island and $2.4 million from Citizens Bank related to 38 studios.

The company owes $150 million and has assets of $21.7 million, according to the court filing.

Schilling has conceded that he was "absolutely" part of the reason the firm failed.

 The former fastball-hurler — who won three World Series and also pitched for Baltimore, Houston, Philadelphia and Arizona over a stellar career — claims he lost everything he earned a a ballplayer and also put up his 20-room Massachusetts house up for sale to get out of debt.

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