Midway Insider Trade Claims a Likely Focus of Redstone Depositions

March 5, 2009 -

Last month, GamePolitics broke the news that some creditors of bankrupt Midway were alleging that the recent sale of the financially troubled Mortal Kombat publisher was a sham.

In a document filed with the U.S. Bankruptcy Court, attorneys for certain of Midway's unsecured creditors charged that insider dealing had occurred between the former owner, media mogul Sumner Redstone, and the new owner, mystery man Mark Thomas. According to those allegations, Thomas, whose shell company, Acquisitions Holding Subsidiary, purchased Midway for a mere $100,000 in November, stood to reap a 30,000% return on his investment.

As of this morning, civil subpoenas have been issued for Sumner Redstone and his daughter, Shari, who formerly served as chairperson of Midway. Both are required to appear later this month for separate depositions in New York City. The Redstones will be required to bring documents, notes and e-mails relating to the operation of Midway as well as to their dealings with Mark Thomas.

So far, court records do not indicate that Thomas has been subpoenaed.

GP: It is important to note that these subpoenas are related to a financial dispute between creditors in Midway's bankruptcy case. They are not related to any type of criminal or government regulatory investigation.

DOCUMENT DUMP: See Shari Redstone's subpoena here. For Sumner Redstone's subpoena, click here.


Comments

Re: Midway Insider Trade Claims a Likely Focus of Redstone

This'll be fun to follow over the next couple months...

Re: Midway Insider Trade Claims a Likely Focus of Redstone

I hope something come out of this.

http://www.magicinkgaming.com/

Re: Midway Insider Trade Claims a Likely Focus of Redstone

I'm starting to wonder if Thomas actually exists.

Re: Midway Insider Trade Claims a Likely Focus of Redstone

This Thomas fellow is most likely a puppet fabricated by the BoE for use as a handy scapegoat. If the company goes six feet underground, it's Thomas that does the time.

I think he exists. It's a canary bird that'll do the time, though.

| XBOX LIVE GamerTag: Harry Miste | Steam ID: Harry Miste | PSN ID: HarryMiste | Will give an e-cookie to whoever guesses the reference |

| XBOX LIVE GamerTag: Harry Miste | Steam ID: Harry Miste | PSN ID: HarryMiste |

Re: Midway Insider Trade Claims a Likely Focus of Redstone

Have we ever found out exaclty who this Thomas guy is? like...even what he looks like?

 
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