List of Bankrupt Midway's Creditors

February 13, 2009 -

Yesterday, GamePolitics and other outlets reported that financially-troubled Midway, publisher of the Mortal Kombat series, had filed for Chapter 11 bankruptcy protection.

Since that time GamePolitics has combed through federal court records for additional insights into Midway's status. We've learned, for example, that Midway claims $167,523,000 in assets versus $281,033,000 in liabilities.

Perhaps more interesting, however, is the list of Midway's top 30 creditors. Among these, Wells Fargo Bank has the most to lose. The troubled game publisher owes the bank an eye-popping $150,000,000 of unsecured loans.

Others holding sizeable Midway IOUs include the current owner of the company, its former CEO and a variety of game retailers and licensees:

  • Wells Fargo Bank - $150,000,000
  • Acquisition Holdings Subsidiary  - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
  • National Amusements, Inc. - $20,147,864
  • NBA Properties, Inc. - $17,294,849  (License/royalty settlement)
  • Tangible Media, Inc. - $8,675,954
  • Warner Bros. Interactive - $6,654,203
  • Artificial Mind & Movement - $2,000,000
  • Epic Games - $1,975,000 (License/Royalties)
  • Walmart - $1,576,035
  • Far Sight Technologies - $1,279,151
  • Best Buy - $1,114,036
  • Target - $934,156
  • Technicolor Video Services - $637,769
  • Toys R Us - $615,276
  • Ditan/Synergex Canada - $578,316
  • CBS Outernet - $314,600 
  • David Zucker - $300,000 (severance pay)
  • Multi Packaging Solutions - $287,036
  • A.A.F.E.S Headquarters - $276,314
  • Kmart - $218,497
  • Tigon Studios - $200,000(license/royalties)
  • Hollywood Entertainment - $190,982
  • TNA Entertainment - $160,000 (license/royalties)
  • Professional Films, Inc. - $150,000
  • Synergex - Latin America - $149,027
  • Pioneer.JB Marketing - $133,353
  • Eclipse Advertising - $132,687
  • GameStop - $127,250
  • Sear, Roebuck - $125,495

UPDATE: We've made Midway's Chapter 11 petition available for you. Get it here.


Comments

Re: List of Bankrupt Midway's Creditors

I really liked Midway, since I think they were one of the last companies that made pinball tables.  This story makes me want to go buy Mortal Kombat vs. DC out of pity.

Re: List of Bankrupt Midway's Creditors

Wow, highly detailed, this is why I love GP!

 


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Re: List of Bankrupt Midway's Creditors

This is sad.  Hopefully Tobias and Boon could make nice nice again and buy MK to start their own franchise...

Wall of Text Simulation- Insert coin to continue.

Wall of Text Simulation- Insert coin to continue.

Re: List of Bankrupt Midway's Creditors

For those who are wondering, I did some quick math and they've got about $220,237,850 bucks owed just in the above listings, meaning that there's -another- $60,795,150 in debt in addition to the above listings (which probably include more basic debts like rent, power bills, etc).

Yeah, big sucking chest wound of debt here.

Best keep your wits about you: The gears of life are always spinning, and ignorance eventually means you'll get caught in them.

Best keep your wits about you: The gears of life are always spinning, and ignorance eventually means you'll get caught in them.

Re: List of Bankrupt Midway's Creditors

i find it slightly sad that a single person (the former CEO) is among that list as owed money, when everything else is another business..

But that's just the usual "CEO making big bucks even if he isn't CEO anymore" situation pretty much every big company has.

Re: List of Bankrupt Midway's Creditors

Is midway going to start Midway bucks(similar to arnoldbucks see link http://www.youtube.com/watch?v=YVKMA--nt4I&eurl=http://www.reason.tv/rou...)

America has just became its own version of the Jerry Springer Show after a bizarre moment in Florida involving a carnival worker.

Re: List of Bankrupt Midway's Creditors

I wonder -- do they count the Intellectual Properties they own toward their assets? I mean, I'm sure they could sell Mortal Combat as a licence. It has a value. Is it an asset though?

Re: List of Bankrupt Midway's Creditors

As part of thier bankruptcy settlement they could try to sell it, but it's too little too late now. Those bills are HUGE, and an IP/license wont generate that much money. I doubt Mario would be worth enough to save these guys now.

Re: List of Bankrupt Midway's Creditors

Throw in Master Chief, and Lara Croft, Wolverine, and maybe Solid Snake, and you might come close :p

Re: List of Bankrupt Midway's Creditors

*rolling eyes* sounds like a line up for a future Smash Bros game.

Re: List of Bankrupt Midway's Creditors

 "Mortal Kombat versus EVERYTHING"

/b

Re: List of Bankrupt Midway's Creditors

LOL, if it saves midway, sure!

Re: List of Bankrupt Midway's Creditors

Wow...just wow.... and some folks wonder why the banks are falling apart....

Re: List of Bankrupt Midway's Creditors

no kidding. 150M to thier biggest creditor (unless i missed one)

The creditors should have pulled the plug a while ago.

Re: List of Bankrupt Midway's Creditors

Holy crap, no wonder they went bankrupt.

Re: List of Bankrupt Midway's Creditors

Honestly, the exact words popped into my head. I think this is a fantastic article and thanks to GP for getting the info compiled. I wanted everyone to back Midway as best as possible, but wow, that looks hopeless. Obviously these guys made bad decision after bad decision. Sadly, RIP Midway.

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Re: List of Bankrupt Midway's Creditors

This is really great stuff. Corllins University

Re: List of Bankrupt Midway's Creditors

What's with all the stores? Undelivered games? Shelf space charges?

 

 

Re: List of Bankrupt Midway's Creditors

No, probably buy backs and cost adjustments. When you've bought 20,000 copies of something, and the publisher drops the price, sometimes a sales contract will offer price protection.

How the bills got this high though... i dunno.

 
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Matthew Wilson@AE I know I was just stating where I stand on issues like that in general04/27/2015 - 8:12pm
Andrew EisenWho, Colin Cowherd? No one's suggesting he should be forced out. Or that he should commentate on video games.04/27/2015 - 8:10pm
Matthew Wilson@AE I do not think he should be forced ou though. he has his right to his opinion and shouldnt be forced out because people disagree with it.04/27/2015 - 8:07pm
ZippyDSMleeJim suggjested a pay what you want setup like humble bundel.04/27/2015 - 7:49pm
MontePerhaps they should just add a donation system for creators like the monthly pateron model. Only those who regularly make quality content can get compensated while those who would abuse the system are ignored04/27/2015 - 7:46pm
MontePaid mods is not a bad idea; i mean its only fair that makers be compensated and even better if they can do it full time. UNfortunatly there is too much that can go wrong and room for abuse04/27/2015 - 7:44pm
Andrew EisenYeah, working on that story now. Or rather, I'm working on finding time to write up that story.04/27/2015 - 7:40pm
Matthew Wilsonhttps://www.youtube.com/watch?v=Dll8eMJnTEE this crap is why sports fans and gamers dont get along. for love of god did I get sent back to 1995.04/27/2015 - 7:37pm
Matthew WilsonI do not think it will be the last time we see this. btw I am ok with paid mods.04/27/2015 - 7:10pm
ZippyDSMleehttp://www.pcgamer.com/valve-has-removed-paid-mods-functionality-from-steam-workshop/ 0_o04/27/2015 - 6:37pm
ZippyDSMleeMatthew Wilson:Humor and sarcasm sir.04/27/2015 - 6:36pm
Matthew Wilson@zippy there is no way they are going to merge with capcom becouse both companies are not in good shape. sony, Nintendo, and square are the only companies with enough money to pull it off in japan.04/27/2015 - 4:27pm
ZippyDSMleeCutesy name for motherboard. My 300$ mobo fried itself one night...04/27/2015 - 4:23pm
Andrew EisenNo problem. No idea what a mobo is but it's easy to overlook stuff in the Shout box.04/27/2015 - 4:18pm
ZippyDSMleeAndrew Eisen:Ah sorry, last 2-4 days I been dealing with a dead mobo then my new laptop came in trying to get it up to date and stuff transferred over....blag04/27/2015 - 4:16pm
Andrew EisenAlready linked about 10 shouts ago.04/27/2015 - 4:00pm
ZippyDSMleehttp://www.polygon.com/2015/4/27/8503893/konami-delists-itself-from-new-york-stock-exchange This just in Konami and Capcom merge so they can ignore more IP's.04/27/2015 - 3:50pm
E. Zachary KnightNot really. I think people are overly critical of other game projects. Delays should be expected and shouldn't be considered a major failing and worthy of the crap they get.04/27/2015 - 3:09pm
Matthew WilsonI agree that Double Fine gets off way too easy compared to others.04/27/2015 - 2:40pm
PHX Corphttps://twitter.com/Nibellion/status/592762131264733185/photo/1 a Transcript reguarding the Situation at Konami has been found(CEO Went Nuts over mobile and wanted kojima removed from the company)04/27/2015 - 2:25pm
 

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