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

Submitted by Seanovan on Sat, 02/14/2009 - 15:35.

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

Submitted by ZippyDSMlee on Fri, 02/13/2009 - 18:11.

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

 

Gore,Violence,Sexauilty,Fear,Emotion these are but modes of transportation of story and thought, to take them from society you create a society of children and nannys, since adults are not required.

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Re: List of Bankrupt Midway's Creditors

Submitted by sheppy on Fri, 02/13/2009 - 15:11.

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

Submitted by Xveers on Fri, 02/13/2009 - 13:57.

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

Submitted by Cerabret100 on Fri, 02/13/2009 - 12:40.

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

Submitted by PHX Corp on Fri, 02/13/2009 - 12:39.

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

Submitted by kagirinai on Fri, 02/13/2009 - 12:18.

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

Submitted by SeanB on Fri, 02/13/2009 - 12:32.

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

Submitted by GTCv Deimos on Fri, 02/13/2009 - 13:32.

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

Submitted by HarmlessBunny on Fri, 02/13/2009 - 13:43.

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

Re: List of Bankrupt Midway's Creditors

Submitted by beemoh on Fri, 02/13/2009 - 13:46.

 "Mortal Kombat versus EVERYTHING"

/b

Re: List of Bankrupt Midway's Creditors

Submitted by SeanB on Fri, 02/13/2009 - 14:00.

LOL, if it saves midway, sure!

Re: List of Bankrupt Midway's Creditors

Submitted by HarmlessBunny on Fri, 02/13/2009 - 12:10.

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

Re: List of Bankrupt Midway's Creditors

Submitted by SeanB on Fri, 02/13/2009 - 12:33.

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

Submitted by Hitodama on Fri, 02/13/2009 - 11:45.

Holy crap, no wonder they went bankrupt.

Re: List of Bankrupt Midway's Creditors

Submitted by shamrock on Fri, 02/13/2009 - 15:47.

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

Submitted by acotas548 on Thu, 06/04/2009 - 01:32.
This is really great stuff. Corllins University

Re: List of Bankrupt Midway's Creditors

Submitted by sqlrob on Fri, 02/13/2009 - 11:14.

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

 

 

Re: List of Bankrupt Midway's Creditors

Submitted by SeanB on Fri, 02/13/2009 - 12:29.

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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