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.
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Posted 11/20/09 at 05:42pm
ZippyDSMlee: oh may the cute stab out your eyes, http://www.youtube.com/user/simonscat
ZippyDSMlee: oh may the cute stab out your eyes, http://www.youtube.com/user/simonscat
Posted 11/20/09 at 05:17pm
JDKJ: O.K. Suit yourself. But when you're wearing Ray-Bans, sitting on a curb with a white cane and a cup of pencils, and doing Stevie Wonder impersonations, don't say I didn't warn you.
JDKJ: O.K. Suit yourself. But when you're wearing Ray-Bans, sitting on a curb with a white cane and a cup of pencils, and doing Stevie Wonder impersonations, don't say I didn't warn you.
Posted 11/20/09 at 05:10pm
ZippyDSMlee: JD:No thank you I don;t want your cooties...or STDs...
ZippyDSMlee: JD:No thank you I don;t want your cooties...or STDs...
Posted 11/20/09 at 05:01pm
JDKJ: Me. I'm rehearsing the role just in case I do get dubbed Zippy The Soecnda.
JDKJ: Me. I'm rehearsing the role just in case I do get dubbed Zippy The Soecnda.
Posted 11/20/09 at 04:59pm
DarkSaber: Wait, is that meant to be Zippy, me or you?
DarkSaber: Wait, is that meant to be Zippy, me or you?
Posted 11/20/09 at 04:49pm
JDKJ: I cud caer lez. =^^= *wakes up in mid-afternoon after staying up until 3:00AM soldering resistors on to circuit boards, stumbles around in formerly white but now grey underwear, while simultaneously scratching groin with vigor and making coffee*
JDKJ: I cud caer lez. =^^= *wakes up in mid-afternoon after staying up until 3:00AM soldering resistors on to circuit boards, stumbles around in formerly white but now grey underwear, while simultaneously scratching groin with vigor and making coffee*
Posted 11/20/09 at 04:46pm
DarkSaber: knell? Don't you mean Neil? Anymore of tht and I'll dub thee Zippy The Soecnda
DarkSaber: knell? Don't you mean Neil? Anymore of tht and I'll dub thee Zippy The Soecnda
Posted 11/20/09 at 04:44pm
JDKJ: Now, now, Saber. Don't be salty. You weren't the first one to knell and bob and you ain't gonna be the last one, either.
JDKJ: Now, now, Saber. Don't be salty. You weren't the first one to knell and bob and you ain't gonna be the last one, either.
Posted 11/20/09 at 04:42pm
DarkSaber: JD's feeling rather desperate it seems.
DarkSaber: JD's feeling rather desperate it seems.
Posted 11/20/09 at 04:33pm
JDKJ: C'mon, Zip. You already touch yourself way too much. Spread the love. Before you go blind.
JDKJ: C'mon, Zip. You already touch yourself way too much. Spread the love. Before you go blind.
Posted 11/20/09 at 04:27pm
ZippyDSMlee: JD:No and I ain't touching any part of you or your friends!! :P
ZippyDSMlee: JD:No and I ain't touching any part of you or your friends!! :P
Posted 11/20/09 at 04:25pm
JDKJ: @Zip: You know Lik Mitaint?
JDKJ: @Zip: You know Lik Mitaint?
Posted 11/20/09 at 04:18pm
ZippyDSMlee: neill and bob,oldest giveing head joke and most lamest...
ZippyDSMlee: neill and bob,oldest giveing head joke and most lamest...
Posted 11/20/09 at 04:18pm
JDKJ: But thanks for the memory. MIB's a classic. *sings* "Here come the Men in Black. Galaxy defenders. Here come the Men in Black. They won't let you remember."
JDKJ: But thanks for the memory. MIB's a classic. *sings* "Here come the Men in Black. Galaxy defenders. Here come the Men in Black. They won't let you remember."
Posted 11/20/09 at 04:18pm
ZippyDSMlee: JD:for the record I told you you can suck your own dck.
ZippyDSMlee: JD:for the record I told you you can suck your own dck.
Posted 11/20/09 at 04:07pm
JDKJ: Naw, man. That's Mueedeegiaap and Bob. And you can stop bobbing. I got Zippy bobbing now, too.
JDKJ: Naw, man. That's Mueedeegiaap and Bob. And you can stop bobbing. I got Zippy bobbing now, too.
Posted 11/20/09 at 03:56pm
DarkSaber: OH I get it now! It's Men In Black quote! The twins that run the comm centre in HQ.
DarkSaber: OH I get it now! It's Men In Black quote! The twins that run the comm centre in HQ.
Posted 11/20/09 at 03:49pm
JDKJ: I'd like to introduce you to them. First, Neil. Then, Bob.
JDKJ: I'd like to introduce you to them. First, Neil. Then, Bob.
Posted 11/20/09 at 03:47pm
ZippyDSMlee: JD:I know they are intimate friends of yours...
ZippyDSMlee: JD:I know they are intimate friends of yours...
Posted 11/20/09 at 03:44pm
JDKJ: @Zip: You know Neil and Bob?
JDKJ: @Zip: You know Neil and Bob?
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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.
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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
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This info is very important, especially Midway's Chapter 11 petition, Thanks a lot!------- jumpmanual and Mp3 rockets