Midway Sings Swan Song

May 25, 2010 -

It looks like the company known as Midway is sun setting, soon to fade away forever. On May 21, U.S. Bankruptcy Court Judge Kevin Gross approved a liquidation plan that will see Midway pay back less than 16.5 percent of debt owed to "unsecured noteholders" and 25 percent of what is owed to "unsecured credit holders."

Midway filed for bankruptcy protection in Feb. of 2009, and managed to generate some $33 million in cash from the sale of assets like Mortal Kombat to Warner Bros. (a Time Warner company). In May of 2009, Midway's creditors sued former Midway majority stakeholder Sumner Redstone and his daughter - former Midway chair Shari Redstone, and Midway board members over the 2008 sale of the company to investor Mark Thomas. Thomas settled with creditors quickly, but Redstone and associates did not. That lawsuit continued until Feb. of this year, when the same bankruptcy judge dismissed the Redstone portion of it.

A lawyer for Midway told Bloomberg that Redstone's National Amusements agreed to pay approximately $1 million USD into a "liquidation trust" in return for the dismissal of the lawsuit.

Unsecured creditors walk away with about $9.2 million (owed about $36.7 million collectively) and unsecured noteholders (owed about $155 million) will be paid $25.5 million.

Source: Bloomberg via Gamasutra

Posted in

Midway

Comments

Re: Midway Sings Swan Song

Submitted by sharpshooterbabe on Wed, 05/26/2010 - 07:33.

I remember playing their racing games on my N64: RUSH!

"It's better to be hated for who you are, then be loved for who you are not." - Montgomery Gentry

Re: Midway Sings Swan Song

Submitted by Rodrigo Ybáñez ... on Tue, 05/25/2010 - 16:11.

mortal_kombat1fatality.jpg fatality image by Kainthebeast

FATALITY!

Too bad, really. But somehow, there were a point when they stopped to being relevant on any level. Sadly, DC Universe Vs. Mortal Kombat kinda was their last chance but didn´t make it well at all.

------------------------------------------------------------ My DeviantArt Page (aka DeviantCensorship): http://www.darkknightstrikes.deviantart.com

Re: Midway Sings Swan Song

Submitted by Kajex on Tue, 05/25/2010 - 17:33.

There are so many things wrong with that picture that I don't even know where to begin.

Re: Midway Sings Swan Song

Submitted by lordlundar on Tue, 05/25/2010 - 18:14.

Why not start with the most bltantly obvious in having a fatality that was done with little health lost.

Re: Midway Sings Swan Song

Submitted by Rodrigo Ybáñez ... on Wed, 05/26/2010 - 09:32.

Maybe is an old picture of a beta version. Now I remember there were a similar question about this on a game magazine in the 90´s.

------------------------------------------------------------ My DeviantArt Page (aka DeviantCensorship): http://www.darkknightstrikes.deviantart.com

Re: Midway Sings Swan Song

Submitted by hellfire7885 on Tue, 05/25/2010 - 15:59.

I wonder who might pick up Mortal Kombat.

Re: Midway Sings Swan Song

Submitted by Dejiko on Tue, 05/25/2010 - 16:58.

Did you even read the article? MK was sold to Warner Brothers back in 2009

Re: Midway Sings Swan Song

Submitted by hellfire7885 on Tue, 05/25/2010 - 17:16.

Ah, ok, my bad. Heh, makes me think MK vs DC was the last we'll see.

Re: Midway Sings Swan Song

Submitted by GoliathWon on Tue, 05/25/2010 - 15:32.

Apparently they own the rights to Klax (It is the nineties!) I'd buy the rights for it for a dollar.

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Monte: Papa: Not the first time we've had a journalism scandals before, but the harassment never got close to this level; the difference with this scandal is that feminists are involved. Without the feminist angle, their would be A LOT less harrassment10/18/2014 - 9:15pm

Papa Midnight: Monte: That's honestly rather short-sighted. As has been proven with other persons who have been targeted, if it wasn't Quinn, it would be someone else.10/18/2014 - 6:26pm

Avalongod: I think that's part of what gives an esoteric news story like this real life...it taps into a larger narrative about misogyny in society outside of games.10/18/2014 - 3:29pm

Avalongod: @Monte, well the trolls made death threats that came to police (and media attention). I think this is tapping into a larger issue outside of games about how women are treated in society (like all the "real rape" stuff during the last election)10/18/2014 - 3:28pm

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Monte: Seirously, If Quinn was not involved and GG was instead about something like the Mordor Marketing contracts, the trolling would have never grown so vile and disgusting. There have been plenty of movements in the past that never sufferred from behavior..10/18/2014 - 1:57pm

Monte: We have seen scandel's before but the trolling has never been as vile as what we see with GG. Trolls usually have such a tiny voice you can barely notice them, but its like moths to a flame whenever femistist are involved.10/18/2014 - 1:53pm

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MechaTama31: So, only speak out on a scandal that hasn't attracted trolls? I wouldn't hold my breath...10/18/2014 - 10:49am

Monte: I feel like GG just needs to die. The movement is FAR to tainted by hatred and BS for it to be useful for any conversation. Let GG die, and then rally behind the NEXT gaming journalism scandal, and start the conversation fresh.10/18/2014 - 10:33am

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