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

Comments

Re: Midway Sings Swan Song

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

"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

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

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

Re: Midway Sings Swan Song

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

Re: Midway Sings Swan Song

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

I wonder who might pick up Mortal Kombat.

Re: Midway Sings Swan Song

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

Re: Midway Sings Swan Song

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

Re: Midway Sings Swan Song

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

 
Forgot your password?
Username :
Password :

Shout box

You're not permitted to post shouts.
Andrew EisenHow many people do you think will return their copy for a censored version of the game? My money is on zero.01/27/2015 - 12:47am
Goth_Skunk@Cheater: If I were an Australian consumer, there's no way I'd be returning it.01/26/2015 - 10:43pm
Cheater87Ooops http://stevivor.com/2015/01/ps4-copies-saints-row-iv-re-elected-undergoing-product-recall-australia/01/26/2015 - 10:13pm
Andrew EisenOkay, well I've passed the request along.01/26/2015 - 9:03pm
ZippyDSMleeI loath itunes..........01/26/2015 - 9:02pm
Goth_SkunkUNLESS you haven't downloaded the most 3 recent episodes. Then it cancels your subscription automatically.01/26/2015 - 8:56pm
Goth_Skunk@AE: No. iTunes instead just downloads it automatically, provided you've set it up to do so in your preferences.01/26/2015 - 8:56pm
Andrew EisenAnyone know if iTunes sends email notifications when there's a new episode of a podcast you're subscribed to?01/26/2015 - 8:30pm
ZippyDSMleeAck!! Sorry lack of spell checker means I more incoherent than ever :P, Sign up for email notification thing for the pod cast. Probly more trouble than its worth, I guess I will have to check the site more often ><01/26/2015 - 8:22pm
Andrew EisenWhat is a "sign u email thing"? We provide a direct download link to the show every week. The video version is on my YouTube channel. You can use our RSS feed to add it to a news reader. You can also subscribe to the show on iTunes.01/26/2015 - 6:48pm
ZippyDSMleeMmm you guys ever thought about doing a sign u email thing for the pod cast? If I can click a direct link to downlaod it to toss in all daily podcast listening I might listen to it more than randomly forgtting its on here 0-o01/26/2015 - 6:37pm
prh99Too much time listening to Faux News and Bill Mahr.01/26/2015 - 5:12pm
james_fudgeit's bad pr for the bus company01/26/2015 - 5:10pm
Andrew EisenI'm sure the ones who purchased the ads are a bit peeved but I find my sympathies lacking. I have to wonder why the bus line would buy such ads in the first place. Hard to imagine it doesn't have policies against that stuff.01/26/2015 - 5:07pm
Wonderkarpthats cute. I Like Ms Marvel(hate her powerset). Whomever is doing this? Good Job01/26/2015 - 4:49pm
E. Zachary KnightHahahahahahaha! http://toybox.io9.com/islamaphobic-bus-ads-in-san-francisco-are-being-defaced-1681857271/+charliejane01/26/2015 - 4:24pm
WonderkarpI saw that. Celebrity wing.01/26/2015 - 3:00pm
BearDogg-XArnold Schwarzenegger is being inducted into WWE Hall of Fame, reports TMZ.01/26/2015 - 11:56am
Wonderkarpyou're weird01/25/2015 - 11:23pm
ConsterWell, I guess it makes sense for your iPad to be capitalist scum.01/25/2015 - 7:10pm
 

Be Heard - Contact Your Politician