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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Mattsworknameanother07/28/2015 - 9:16pm
Mattsworknameyou HAVE TO click on it. So they get the click revenue weather you like what it says or not. as such, the targeting of advertisers most likely seemed like a good course of action to those who wanted to hold those media groups accountable for one reason07/28/2015 - 9:16pm
MattsworknameBut, when you look at online media, it's completely different, with far more options, but far few ways to address issues that the consumers may have. In tv, you don't like what they show, you don't watch. But in order to see if you like something online07/28/2015 - 9:12pm
MattsworknameIn tv, and radio, ratings are how it works. your ratings determine how well you do and how much money you an charge.07/28/2015 - 9:02pm
Mattsworknameexpect to do so without someone wanting to hold you to task for it07/28/2015 - 9:00pm
MattsworknameMecha: I don't think anyone was asking for Editoral changes, what they wanted was to show those media groups that if they were gonna bash there own audiance, the audiance was not gonna take it sitting down. you can write what you want, but you can't07/28/2015 - 8:56pm
MattsworknameAndrew, Im asking as a practical question, Have gamers, as a group, ever asked for a game, or other item, to be banned. Im trying to see if theres any cases anyone else remembers cause I cant find or remember any.07/28/2015 - 8:55pm
Andrew EisenAs mentioned, Gamasutra isn't a gaming site, it's a game industry site. I don't feel it's changed its focus at all. Also, I don't get the sense that the majority of the people who took issue with that one opinion piece were regular readers anyway.07/28/2015 - 8:43pm
MattsworknameDitto kotaku, Gawker, VOX, Polygon, ETC07/28/2015 - 8:41pm
MechaTama31So, between pulling a game from one chain of stores, and forcing editorial changes to a media source, only one of them strikes you as being on the edge of censorship, and it's the game one?07/28/2015 - 8:41pm
Andrew EisenHave gamers ever tried to ban a product? Can you be more specific? I'm not clear what you're getting at.07/28/2015 - 8:41pm
Mattsworknamethey should have expected some kind of blow back. But I didn't participate in that specific action07/28/2015 - 8:41pm
MattsworknameAndrew Youd have to ask others about that, I actualyl didn't have much beef with them till last year, so I can't speak to there history. I simply feel that gamesutra chose politics over gaming and chose to make enimies of it's prime audiance. For that,07/28/2015 - 8:40pm
Andrew EisenI'm still not clear on how Gamasutra was lacking in accountability or what it was lacking in accountability for.07/28/2015 - 8:38pm
MattsworknameAndrew: You and I agree on most of that. I don't diagree that there should ahve been other actions taken. Now, I do want to point something out, casue Im not sure if it's happened. Have gamers ever tried to have a product banned?07/28/2015 - 8:37pm
Mattsworknameimproperly. Neither is good, but one is on the edge of censorship to me, while the other is demanding some level of accountability from public media provider. but thats just my view point07/28/2015 - 8:36pm
MattsworknameEZK: You can treat it as bullying or what not, As I've pointed out, I didn't like either practice, I made that clear. But I do hold some different between trying to pull a product from the shelves, and calling out a media outlet that you feel has acted07/28/2015 - 8:35pm
E. Zachary KnightMatt, So you feel confident enough to make the call that petitioning target to remove GTAV is "bullying and threatening" but not confident enough to make the call on Intel/Gamasutra. Finding it hard to take your gripes seriously.07/28/2015 - 8:27pm
Andrew EisenAs for gamers holding media sites accountable? If you mean, how to respond to opinion pieces you disagree with, yes, there are tons of more appropriate means.07/28/2015 - 8:27pm
Andrew EisenAgain, no one likes being lumped in with the bad apples. Gamers or feminists so lets all strive not to do that, yes? Could the petitioners gone about it a better way? Yes, it could have been more factual in its petition, for starters.07/28/2015 - 8:25pm
 

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