Midway's Mystery Man Steps Into the Light

March 7, 2009 -

As the Midway bankruptcy works it way through the court system, there has been more than a passing interest in Mark Thomas, the unknown who purchased the financially-troubled publisher from media mogul Sumner Redstone for a mere $100,000 last November. In addition to Midway, Thomas also acquired $70 million of Midway debt in the deal.

Since Midway declared itself bankrupt on February 12th, there have been assertions by some creditors that questionable dealings occurred in relation to the Mortal Kombat publisher's sale and subsequent bankruptcy proceedings. As GamePolitics reported last month, a court document alleged that, under certain conditions, Thomas stood to make a 30,000% return on his original investment.

And, earlier this week, GamePolitics broke the news that Sumner Redstone and his daughter Shari, who formerly served as Midway's chairperson, were subpoenaed for depositions which appear to be directed in part at probing their relationship with Thomas.

Now, Mark Thomas is fighting back.

In a court document filed yesteday, Thomas declares - under penalty of perjury - that he never met or spoke to either of the Redstones until he became aware of the opportunity to purchase Midway on November 14th, 2008. The deal closed two weeks later. Thomas also writes that he did not speak with them during the negotiations to buy Midway and hasn't spoken to them since.

Thomas declares that he was initially informed by one of Redstone's attorneys that Midway might be available. Thomas, a 52-year-old attorney, lives in Massachusetts, and writes that his personal net worth is in excess of $10 million and that he has no debt.

Thomas goes as far as to attach a resume, which lists jobs as far back as 1980. Currently he serves as Managing Director of Estabrook Partners, LLC, a private equity firm which he founded. Prior to that, his most recent position was with another private equity firm, Georgetown Partners, LLC in which Thomas held a 48% ownership position.

DOCUMENT DUMP: Get the Mark Thomas declaration here.

UPDATE: The Chicago Tribune has additional coverage on the Mark Thomas revelations.


Comments

Re: Midway's Mystery Man Steps Into the Light

I've been telling you all, it's a CANARY BIRD.

| XBOX LIVE GamerTag: Harry Miste | Steam ID: Harry Miste | PSN ID: HarryMiste |

| XBOX LIVE GamerTag: Harry Miste | Steam ID: Harry Miste | PSN ID: HarryMiste |

Re: Midway's Mystery Man Steps Into the Light

We need some more info about the guy. I mean he did get controlling power over a company for only $100k.

 

http://www.magicinkgaming.com/

Re: Midway's Mystery Man Steps Into the Light

There's no question this deal is all kinds of shady but the important thing to keep in mind that a lot of stories neglect to mention is that he didn't buy Midway for just $100K.  He bought it for $100K and almost $200M in debt.  He pay have only paid $100K in cash but that debt does factor into the equation.  Granted, since he will probably get a $30M bailout while screwing over the actual workers and not having his holding company be responsible for that debt, he still came out ahead.  But the reason Sumner Redstone dumped Midway for so cheap was to divest himself of the debt.

Parallax Abstraction
Ottawa, Ontario, Canada
blog.digital-lifeline.ca

Parallax Abstraction
Ottawa, Ontario, Canada

Re: Midway's Mystery Man Steps Into the Light

It's still really suspicious.  But man, that's a lot of work to put into creating some fake guy or something.  As bizarre and clearly fishy as this sounds, the high profile nature seems to make it seem like it has to be real and totally legitimate.  Because they couldn't be that stupid, right?  I guess it could be "legitimate," and they made a deal with this guy to split some serious profits later.

Re: Midway's Mystery Man Steps Into the Light

Oh, so the lawyers helped them set it up.

 
Forgot your password?
Username :
Password :

Poll

Will limiting Steam services to accounts that have spent at least $5 eliminate spammers?:

Shout box

You're not permitted to post shouts.
prh99It's not unusual for community guidelines to conflict with content served to said community. Of course the idea is to try and keep user from using those words as weapons against each other.04/21/2015 - 5:36pm
IronPatriotGTA to players: Do as we say, not as we do. Wait... don't do as we say, either.04/21/2015 - 4:32pm
Daniel LewisBy the big 3 i mean the three console developers,sony,microsoft and nintendo04/21/2015 - 4:30pm
InfophileThe filter also misses a lot of slang from non-American dialects of English. I'd go on to list a bunch here that I've learned since living in Scotland, but... well, let's just say "dogging" has a much different meaning over here.04/21/2015 - 4:11pm
ConsterI know about gash's meaning (I googled it prior to my comment, I just meant I can't really see myself ever using it like that). What do you mean with 'the big three', though?04/21/2015 - 3:52pm
Daniel LewisAnd Gash can be used as slang for the female genitalia04/21/2015 - 3:46pm
Daniel LewisActually all the big three are in that list,pretty common place for games to add a filter for words no matter what is used in the game04/21/2015 - 3:44pm
Consterand do people pretend to be software developers a lot or something?04/21/2015 - 3:29pm
Consterapparently 'gash' is also slang nowadays? I just know it as an injury type. Also, how come 'bisexual' is on the list but 'lesbian' (when properly spelled) isn't?04/21/2015 - 3:28pm
E. Zachary Knighthttp://kotaku.com/nintendo-and-other-banned-words-i-cant-use-in-grand-th-169924759704/21/2015 - 2:59pm
E. Zachary KnightGTA 5, a game that uses a vast array of swears, racist and sexist language in the dialog of the game, bans people from using those sames words along with a vast number of others, including 'Nintendo'. 04/21/2015 - 2:58pm
ZippyDSMleehttp://www.wired.com/2015/04/dmca-ownership-john-deere/04/21/2015 - 1:58pm
ZippyDSMleeMatthew Wilson: Classic shell ^_~04/21/2015 - 1:56pm
Matthew Wilson@zipp I dont like the star menu taking up the whole dam screen, so just getting the start menu back will be worth it.04/21/2015 - 11:19am
ZippyDSMleeI got a extra HDD I will take win 10 for a spin. see if tis worthwhile heck if I do not have to move colums over in Skyrims creation kit its a keeper!04/21/2015 - 10:53am
ZippyDSMleeMatthew Wilson: Been on win 8.1 a few months the only thing I do not like is compatibility issues with older programs. 10 won't fix that sadly...04/21/2015 - 10:51am
E. Zachary KnightThe US Supreme Court has ruled that the 4th Amendment does offer US citizens some protections. This is a change of pace from other 4th Amendment rulings. http://reason.com/blog/2015/04/21/supreme-court-says-police-violated-4th-a04/21/2015 - 10:35am
E. Zachary KnightNot sure on that specific. But It is slightly annoying, but it can help to clairfy on occasion.04/21/2015 - 10:13am
IvresseCan I just ask out of curiousity why people repeat the title in their shout when it clearly states it in the URL?04/21/2015 - 9:07am
E. Zachary KnightI would say that is true. It drives me nuts when games are patched. The closer the patch is to launch, the worse it is.04/21/2015 - 9:06am
 

Be Heard - Contact Your Politician