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We'll be straight with you -- the whole Midway legal debacle is far from over. We are, however, one step closer to the dissolution of Midway as it stands now, with the company's creditors and 87% shareholder Mark Thomas reaching an agreement and ending at least one lawsuit. After purchasing the st...

6 years ago 0 Comments
June 8, 2009 at 10:00PM
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Apparently, struggling publisher Midway has more than just Warner Bros. bidding on its remaining assets. After last week's announcement of WB's $33 million dollar offer to acquire the lion's share of Midway's properties, Midway released a statement today detailing the process and, in so many words...

6 years ago 0 Comments
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Sumner Redstone, his daughter Shari (a former Midway board member, mind you) and the mysterious Mark Thomas are all being sued, among others, by the various creditors that a nearly penniless Midway owes money to. Gamasutra obtained a copy of a 29-page lawsuit, detailing the alleged financial liber...

6 years ago 0 Comments
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Embattled Midway is back in court, with creditors asking for the head of majority stockholder (and mystery man) Mark Thomas. And Judge Kevin Gross seems inclined to side with the creditors, as bankruptcy proceedings go forward and he calls out former Midway owner National Amusements, Inc. (and it'...

6 years ago 0 Comments
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A US bankruptcy court document filed by Midway owner Mark Thomas (whoever that is!) reveals some dire information about the publisher that helps us understand how the mysterious Thomas was able to acquire the company for $100,000. According to GamePolitics' summary of the document, "Midway will run ...

6 years ago 0 Comments
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Yesterday, Sumner Redstone was due in a Manhattan court to speak in regards to the sale of Midway to Mark Thomas. That never happened, but Sumner and business partner Robert Steele's attornies did appear in a Bankruptcy court in Delaware on Friday in an attempt to get out of the scheduled depositi...

6 years ago 0 Comments
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Looks like the long arm of the law finally caught up to the Redstones, as Sumner and his daughter Shari have both been subpoenaed by the U.S. Bankruptcy Court, District of Massachusetts, regarding Sumner selling his stake in Midway to Mark Thomas. Both of the Redstones must appear in a New York co...

6 years ago 0 Comments
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[From the Joystiq accounting department: In an effort to conserve funds in these tough times, we've cobbled together this story about Midway losing money from fragments of other stories about Midway losing money, with a minimum of editing and the small bit of news bolded. Thank you for your patien...

6 years ago 0 Comments
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After throwing up the white flag last week, the U.S. Bankruptcy Court has granted Midway some some breathing room from creditors who are all but beating down the door for a piece of the embattled publisher. The ruling allows Midway to keep its doors open despite its ongoing financial crisis in ord...

6 years ago 0 Comments
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Midway's bankruptcy proceeding has gotten even more dramatic, as accusations of fraudulent insider deals enter the mix. The full story gets very complicated, but the main issue involves the relationship between former Midway owner Sumner Redstone and the relatively unknown Mark Thomas, whom the bi...

6 years ago 0 Comments