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Owe no: Schilling may not be so much on the hook

Is Curt Schilling going to be forced to auction off the bloody sock?

The retired big-league pitcher has said he could lose $50 million personally in the mess that is his 38 Studios video game company, which has filed for bankruptcy and previously laid off all of its employees, including those at Timonium’s Big Huge Games.

However, a report in the Boston Herald says Schilling isn’t in danger of losing anywhere near that much.

“Mr. Schilling’s wealth is irrelevant to whether or not he’s responsible for the company’s debts,” Massachusetts bankruptcy lawyer Francis Morrissey told the Herald. “Shareholders have liability limited to what they invested in the company.”

And according to bankruptcy documents, that liability extends to $3.5 million that Schilling pledged to guarantee one of his company’s loans.

“Officials say Schilling didn’t offer any additional assets as collateral for the $75 million bond sale [by the state of Rhode Island]. Experts say that means the state can’t go after the former Red Sox ace’s personal fortune unless it proves he committed fraud,” the Herald reported.

Which brings us to yesterday’s word out of the U.S. attorney’s office in Rhode Island that it, the FBI and state police were investigating 38 Studios. It’s not clear what for.

Boston bankruptcy lawyer David Reier told the Herald that Schilling’s big talk about his company to investors wasn’t criminal; authorities would have to prove that he was willfully lying.

(Incidentally, as long as Schilling is involved in this mishegoss, you think it’s best we keep referring to him as a former Red Sox pitcher and forget he ever played for the Orioles?)