List of Bankrupt Midway's Creditors
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.
A PUBLICATION OF THE ECA
SUBSCRIBE
LOGINGamePolitics ShoutBox
Posted 02/09/10 at 03:51pm
DarkSaber: I think he just goes round the internet copy+pasting the same bollocks to get attention.
DarkSaber: I think he just goes round the internet copy+pasting the same bollocks to get attention.
Posted 02/09/10 at 03:41pm
Valdearg: @DS: I have to admit, I chuckled when I saw the 4 Feb 2010 on that post.. >.<
Valdearg: @DS: I have to admit, I chuckled when I saw the 4 Feb 2010 on that post.. >.<
Posted 02/09/10 at 03:31pm
DarkSaber: Hm, Bioshock. Not that Zippy likes to beat the dead horse by ranting about it for TWO $&%£ING YEARS!
DarkSaber: Hm, Bioshock. Not that Zippy likes to beat the dead horse by ranting about it for TWO $&%£ING YEARS!
Posted 02/09/10 at 03:30pm
DarkSaber: http://www.escapistmagazine.com/forums/read/9.173063-Bioshock-yet-another-zippy-rant
DarkSaber: http://www.escapistmagazine.com/forums/read/9.173063-Bioshock-yet-another-zippy-rant
Posted 02/09/10 at 03:20pm
DarkSaber: Although, unsurprisingly, he's just being called an idiot alot and criticised for being as illegible as always.
DarkSaber: Although, unsurprisingly, he's just being called an idiot alot and criticised for being as illegible as always.
Posted 02/09/10 at 03:18pm
DarkSaber: Oh good lord, I just found Zippy on The Escapist.
DarkSaber: Oh good lord, I just found Zippy on The Escapist.
Posted 02/09/10 at 03:14pm
Valdearg: IE: Male body/Female Mind or Female Body/Male Mind.
Valdearg: IE: Male body/Female Mind or Female Body/Male Mind.
Posted 02/09/10 at 03:13pm
Valdearg: @Zip: TG == Transgendered/Transsexual.
Valdearg: @Zip: TG == Transgendered/Transsexual.
Posted 02/09/10 at 03:09pm
DarkSaber: Forget it Zippy, it's an abbreviation of a big word and so would be wasted on you
DarkSaber: Forget it Zippy, it's an abbreviation of a big word and so would be wasted on you
Posted 02/09/10 at 03:07pm
ZippyDSMlee: Vlag:....TG?
ZippyDSMlee: Vlag:....TG?
Posted 02/09/10 at 03:02pm
Valdearg: @DS: Im sure that's what they'd do if it wasn't legal to just tell Gays/TG's to "Screw off," just because they're who they are.
Valdearg: @DS: Im sure that's what they'd do if it wasn't legal to just tell Gays/TG's to "Screw off," just because they're who they are.
Posted 02/09/10 at 02:50pm
DarkSaber: Whoever told him/her/it that is dumb. They should have done like most companies and made-up some bullshit, yet legal, reason for it not getting the job.
DarkSaber: Whoever told him/her/it that is dumb. They should have done like most companies and made-up some bullshit, yet legal, reason for it not getting the job.
Posted 02/09/10 at 01:16pm
Andrew Eisen: Shouldn't be. Spirit of anti-discrimination laws would seem to include sexual orientation (and eye color). Plus there's always equal protection and such. Never know until you try.
Andrew Eisen: Shouldn't be. Spirit of anti-discrimination laws would seem to include sexual orientation (and eye color). Plus there's always equal protection and such. Never know until you try.
Posted 02/09/10 at 01:10pm
Andrew Eisen: Should have sued (unless that wasn't an option given her financial situation or something). Might have won.
Andrew Eisen: Should have sued (unless that wasn't an option given her financial situation or something). Might have won.
Posted 02/09/10 at 01:00pm
Valdearg: Story about a Male to Female TG who was expressly told she wouldn't be given a job because she was TG. Its not the main point of the story, but explicit, perfectly legal discrimination like this exists.
Valdearg: Story about a Male to Female TG who was expressly told she wouldn't be given a job because she was TG. Its not the main point of the story, but explicit, perfectly legal discrimination like this exists.
Posted 02/09/10 at 12:53pm
Valdearg: Lol, I don't know. It may very well be legal to do so. Though that might able to fall under the "race" restriction, depending on how that point is argued.
Valdearg: Lol, I don't know. It may very well be legal to do so. Though that might able to fall under the "race" restriction, depending on how that point is argued.
Posted 02/09/10 at 12:51pm
Valdearg: I don't think they do have any legal recourse. I'll have to dig around, but I seriously believe that if the law doesn't specifically mention Sexual Orientation or Gender Identity, they can still be discriminated against in those 29 states.
Valdearg: I don't think they do have any legal recourse. I'll have to dig around, but I seriously believe that if the law doesn't specifically mention Sexual Orientation or Gender Identity, they can still be discriminated against in those 29 states.
Copyright © 2007 ECA. All rights reserved.
Game Politics and Game Politics logo are trademarks of the ECA.
Game Politics and Game Politics logo are trademarks of the ECA.
Comments
What's with all the stores? Undelivered games? Shelf space charges?
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.
Holy crap, no wonder they went bankrupt.
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.
I'm new!
My sites Dora The Explorer & Buy Tel Domain & Dot Tel Domain
Wow...just wow.... and some folks wonder why the banks are falling apart....
no kidding. 150M to thier biggest creditor (unless i missed one)
The creditors should have pulled the plug a while ago.
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?
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.
Throw in Master Chief, and Lara Croft, Wolverine, and maybe Solid Snake, and you might come close :p
*rolling eyes* sounds like a line up for a future Smash Bros game.
"Mortal Kombat versus EVERYTHING"
/b
LOL, if it saves midway, sure!
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...)
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.
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.
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.
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.
http://zippydsmlee.wordpress.com
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.
This post makes no sense to me
sohbet - sohbet siteleri - özlü sözler - sevgi sözleri - madencilik - sikiş
This info is very important, especially Midway's Chapter 11 petition, Thanks a lot!------- jumpmanual and Mp3 rockets