Midway Creditors Reach Settlement With Mystery Owner

June 8, 2009 -

It appears as if Mark Thomas's brief and controversial reign as owner of Midway Games has come to an end

Bloomberg reports that Thomas reached a settlement with the bankrupt publisher's main creditors late last week. As GamePolitics reported last month, a committee of creditors alleged fraud and breach of fiduciary duty against Thomas, former owner Sumner Redstone, and several current and former Midway board members. The just-announced settlement, however, applies only to Thomas; litigation against the other defendants continues.

Thomas, an otherwise obscure investor, picked up Midway for a song last November, paying just $100,000 for the debt-ridden company. Under terms of the settlement he will walk away with up to $5 million and will be paid prior to other creditors whose claims aren't backed by collateral.

Attormey Linda Dakin-Grimm, who represents the creditors committee, told Bloomberg:

The committee is satisfied with the [Thomas] settlement. We believe the result is an important first step in the ongoing effort to recover damages.

Midway will hold an auction for its remaining assets on June 29th. Leading bidder Warner Bros. has already offered $33 million for Midway.


Comments

Re: Midway Creditors Reach Settlement With Mystery Owner

From my understanding, all he wanted was the bankrupcy writeoff. The $5 million in cash was nothing to what he gets to claim in losses for tax reasons. I wonder if he will still be able to make the writeoffs under the new agreement.

Re: Midway Creditors Reach Settlement With Mystery Owner

guess it's better than what he would have gotten (wasn't it like 30 million?)

 

I still find this complete BS and probably composed of many illegal or dirty tactics.

By the way...i have yet to even see what this man looks like? has a picture of him ever been released?

 
Forgot your password?
Username :
Password :

Poll

Will limiting Steam services to accounts that have spent at least $5 eliminate spammers?:

Shout box

You're not permitted to post shouts.
MattsworknameOff topic, but, who heres playing Bloodborne, and if so, is it mercillesly murdering you every chance it gets?04/25/2015 - 7:35am
Matthew WilsonI think its a good article, and devs can take some lessons from life is strange.04/24/2015 - 10:24pm
Andrew EisenI tinyURL'd it. The world is safe!04/24/2015 - 10:23pm
Matthew Wilson@AE my bad there is nothing I can do about that.04/24/2015 - 10:21pm
Andrew EisenLooks like the spoiler is right there in the URL.04/24/2015 - 10:20pm
Matthew Wilsonhttp://tinyurl.com/ok9pf6b a interesting opinion piece on the life is strange episode 2, and a dark event that happens in it. full warning major spoilers.04/24/2015 - 10:11pm
Matthew Wilson@mech no just she, nor her co workers have not. she never said it is not real.04/24/2015 - 8:58pm
MechaCrashWas she saying "I haven't experienced it," or "I haven't experienced it therefore it does not exist"?04/24/2015 - 8:31pm
ZippyDSMleeoy the skyrim paid mod thing is going over well. My 2 lints, I would not mind if Skyrim had a full SDK and not a crappy lil editor....04/24/2015 - 6:46pm
Andrew EisenWell, that is indeed crappy and nonsensical.04/24/2015 - 3:45pm
Matthew Wilsonshe got attacked for saying that she personaly has not experienced the harassment some other female devs have, and she got acused of defending GG and ignoring harassment. she ended up getting dog piled because of it.04/24/2015 - 3:43pm
Andrew EisenFine but do you recall ANY details at all?04/24/2015 - 3:38pm
Matthew Wilsonit was several weeks ago now, and I will admit to not saving it.04/24/2015 - 3:36pm
Andrew EisenAttacked HOW and by WHOM for not writing off WHO as evil? Do you have a link or anything?04/24/2015 - 3:31pm
Matthew Wilsonthat is the whole point she was not attacked for saying anything. she was attacked for being willing to debate in the first place, and not just write them off as evil.04/24/2015 - 3:28pm
Andrew EisenI know there's not a lot of room in the Shout box but goodness you're being vague.04/24/2015 - 3:26pm
Andrew EisenGreat, but that STILL doesn't tell me what she said, why she was attacked (or what the attack was) or what "standard line" she's following. Details, man. Details!04/24/2015 - 3:25pm
Andrew EisenOr what the heck Nina White (someone else I've never heard of) is actually referring to.04/24/2015 - 3:24pm
Matthew Wilson@AE she is a game dev. she used to do stuff with hormanix and now works with https://outact.net/#!/?page_id=2 she will often engage and debate both side.04/24/2015 - 3:23pm
Andrew Eisen...following.04/24/2015 - 3:23pm
 

Be Heard - Contact Your Politician