Midway Sings Swan Song

May 25, 2010 -

It looks like the company known as Midway is sun setting, soon to fade away forever. On May 21, U.S. Bankruptcy Court Judge Kevin Gross approved a liquidation plan that will see Midway pay back less than 16.5 percent of debt owed to "unsecured noteholders" and 25 percent of what is owed to "unsecured credit holders."

Midway filed for bankruptcy protection in Feb. of 2009, and managed to generate some $33 million in cash from the sale of assets like Mortal Kombat to Warner Bros. (a Time Warner company). In May of 2009, Midway's creditors sued former Midway majority stakeholder Sumner Redstone and his daughter - former Midway chair Shari Redstone, and Midway board members over the 2008 sale of the company to investor Mark Thomas. Thomas settled with creditors quickly, but Redstone and associates did not. That lawsuit continued until Feb. of this year, when the same bankruptcy judge dismissed the Redstone portion of it.

A lawyer for Midway told Bloomberg that Redstone's National Amusements agreed to pay approximately $1 million USD into a "liquidation trust" in return for the dismissal of the lawsuit.

Unsecured creditors walk away with about $9.2 million (owed about $36.7 million collectively) and unsecured noteholders (owed about $155 million) will be paid $25.5 million.

Source: Bloomberg via Gamasutra

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Comments

Re: Midway Sings Swan Song

I remember playing their racing games on my N64: RUSH!

 

 

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Re: Midway Sings Swan Song

mortal_kombat1fatality.jpg fatality image by Kainthebeast

FATALITY!

Too bad, really. But somehow, there were a point when they stopped to being relevant on any level. Sadly, DC Universe Vs. Mortal Kombat kinda was their last chance but didn´t make it well at all.

 

------------------------------------------------------------ My DeviantArt Page (aka DeviantCensorship): http://www.darkknightstrikes.deviantart.com

Re: Midway Sings Swan Song

There are so many things wrong with that picture that I don't even know where to begin.

Re: Midway Sings Swan Song

Why not start with the most bltantly obvious in having a fatality that was done with little health lost.

Re: Midway Sings Swan Song

Maybe is an old picture of a beta version. Now I remember there were a similar question about this on a game magazine in the 90´s.

------------------------------------------------------------ My DeviantArt Page (aka DeviantCensorship): http://www.darkknightstrikes.deviantart.com

Re: Midway Sings Swan Song

I wonder who might pick up Mortal Kombat.

Re: Midway Sings Swan Song

Did you even read the article? MK was sold to Warner Brothers back in 2009

Re: Midway Sings Swan Song

Ah, ok, my bad. Heh, makes me think MK vs DC was the last we'll see.

Re: Midway Sings Swan Song

Apparently they own the rights to Klax (It is the nineties!) I'd buy the rights for it for a dollar.

 
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Andrew EisenMP - I love that games but damn my squadmates are bozos.09/21/2014 - 10:05pm
MaskedPixelanteSWAT teams should be banned until they; 1. Learn not to walk into enemy fire, 2. Learn to throw the flashbang INTO the doorway, not the frame and 3. Stop complaining that I'm in their way.09/21/2014 - 9:53pm
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MechaTama31quik: But even if it did break, at worst it is only as bad as the powder. Even that is assuming that it is dangerous through skin contact, which is not a given if its delivery vehicle is a syringe.09/21/2014 - 4:30pm
MaskedPixelantehttp://www.forbes.com/sites/insertcoin/2014/09/20/isis-uses-gta-5-in-new-teen-recruitment-video/09/21/2014 - 4:25pm
quiknkoldSyringes can break. And in a transcontinental delivery, the glass could've broken when crushed. I work in a mail center. Shit like this is super serious09/21/2014 - 3:25pm
E. Zachary KnightIt doesn't matter what is inside the needle. As long as it requires him to take the step of purposefully injecting himself, the threat of the substance is as close to zero as you can get.09/21/2014 - 1:27pm
quiknkoldEzach: I'm not talking about the needle. I'm talking about what's inside. Geeze. Depending on what it is, the sender could be guilty of bioterrorism.09/21/2014 - 12:51pm
E. Zachary Knightquiknkold, No. That syringe is not worse than white powder or a bomb. The syringe requires the recipient to actually inject themselves. Not true for other mail threats.09/21/2014 - 12:49pm
Andrew EisenThe closest to a threat I ever received was a handwritten note slipped under my door that read "I KNOW it was you." Still no idea what that was about. I think the author must have got the wrong apartment.09/21/2014 - 12:28pm
InfophileThat's what they call it? I always called it hydroxic acid...09/21/2014 - 11:57am
MaskedPixelanteProbably dihydrogen monoxide, the most dangerous substance in the universe.09/21/2014 - 10:14am
james_fudgewell I hope he called the police so they can let us all know.09/21/2014 - 9:07am
quiknkoldIt's pretty gnarly. Depending on what it is, it could be worse than white powder or a fake bomb.09/21/2014 - 9:06am
james_fudgeI just looked it up on UPS.com09/21/2014 - 8:56am
james_fudgeand expensive for an American to ship to London.09/21/2014 - 8:55am
E. Zachary KnightThat is pretty scary. Would have been worse if it were a fake bomb or white powder.09/21/2014 - 8:49am
 

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