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

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

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


Copyright infringement is nothing more than civil disobedience to a bad set of laws. Let's renegotiate them.

---

http://zippydsm.deviantart.com/

Re: List of Bankrupt Midway's Creditors

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

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

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

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

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

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

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

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

Re: List of Bankrupt Midway's Creditors

 "Mortal Kombat versus EVERYTHING"

/b

Re: List of Bankrupt Midway's Creditors

LOL, if it saves midway, sure!

Re: List of Bankrupt Midway's Creditors

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

Re: List of Bankrupt Midway's Creditors

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

Holy crap, no wonder they went bankrupt.

Re: List of Bankrupt Midway's Creditors

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

Re: List of Bankrupt Midway's Creditors

This is really great stuff. Corllins University

Re: List of Bankrupt Midway's Creditors

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

 

 

Re: List of Bankrupt Midway's Creditors

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.

 
Forgot your password?
Username :
Password :

Shout box

You're not permitted to post shouts.
WonderkarpAndrew Yoon Died http://www.gamerevolution.com/news/rip-andrew-yoon-3096901/31/2015 - 10:26pm
Matthew Wilson@ea so much happened this week its not funny. fcc broadband, Nintendo, sega, and sevral other big stories. was not a slow week lol01/31/2015 - 8:50pm
Andrew EisenWasn't on the list but we can certainly talk about it.01/31/2015 - 8:45pm
Matthew WilsonI know its not directly related to games, but are you going to tak about the fcc raising the definition of broadband to 25/3?01/31/2015 - 8:33pm
Wonderkarpwell we had to christen it some way01/31/2015 - 7:13pm
Andrew EisenThank goodness the Shout box now goes back 100 shouts, eh folks?01/31/2015 - 7:10pm
Wonderkarpyouve said youre stuff. I gave you a point on one thing.01/31/2015 - 7:04pm
Andrew EisenNo, they're facts. Not beliefs. Not opinions. Facts. Do I need to list them all for you again? I'm happy to oblige.01/31/2015 - 7:02pm
Andrew EisenAnd I have seen no evidence (and would find it very hard to believe) that her fans and funders, even the most radical, would be the ones perpetuating that nonsense.01/31/2015 - 7:01pm
Wonderkarpabout as right as Glenn Beck is about the gays, man. Its all your beliefs and opinions.01/31/2015 - 7:01pm
Andrew EisenI didn't say you did. And this talking head is still right about everything he's said so far.01/31/2015 - 6:58pm
Andrew EisenAlso, considering the number of non profits that merchandise, I'm going to guess you're wrong on that one too but I don't really know as it's not my area of expertise.01/31/2015 - 6:58pm
WonderkarpYou can keep saying that all you want. Its just a talking head, man. there's all the proof in the pudding. I never said she was trying to take away games, or get rid of male protagonists, or any of the BS thats perpetraited by her more radicalfans/funders01/31/2015 - 6:56pm
Andrew EisenNo, as I've spelled out throughout this discussion, you're wrong.01/31/2015 - 6:53pm
Wonderkarpok. that one I am wrong. I'll give you that one. That was one I didnt research properly. BUT I'm right on the others.01/31/2015 - 6:53pm
Andrew EisenFact: It makes no difference whether she recorded the footage or not. Fact: yes she does have a Section 107 'fair use' disclaimer at the end of every video and in the video description.01/31/2015 - 6:47pm
Wonderkarpsaying otherwise. I've presented a video with cited sources combined with opinion. Youre presenting just your opinion. 01/31/2015 - 6:43pm
Wonderkarpits still important information brought up on the original video. and by not saying anything, the casual observer thinks its her footage. there's no "section 107 Fair use" disclaimer. Its as if she's showing star wars and saying "look what I made" without01/31/2015 - 6:43pm
Andrew EisenIf that's true, maybe she's willing to lose her tax exempt status by merchandising. So? Also not a problem with her Kickstarter. And no, I don't have to be a rep of FemFreq to point out how nonsensical, irrelevant and untrue all this nonsense is.01/31/2015 - 6:43pm
Andrew EisenShe doesn't say it's not her footage and she never said she'd record all her own footage. So this isn't a problem. I doubt she's said anything like "no women or non white people are critics of mine." Regardless, nothing to do with her Kickstarter.01/31/2015 - 6:41pm
 

Be Heard - Contact Your Politician