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To settle the outstanding claims against former owner Sumner Redstone, Bloomberg is reporting that the creditors' committee of the defunct publisher Midway Games has agreed to a $1 million cash lump sum payout. It was previously reported that prior to the lump sum agreement, unsecured creditors ...

5 years ago 0 Comments
May 30, 2010 at 9:30PM
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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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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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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
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The week begins with more bad news for financially-hobbled Midway. Just days after finding itself on the business end of a delisting notice from the New York Stock Exchange, the company's majority stockholder, Sumner Redstone, is now preparing to row away from the sinking ship entirely. According ...

6 years ago 0 Comments
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Following yesterday's public resignation of Midway CEO David Zucker (no, not that David Zucker), Variety crunched the video game publisher's numbers after media titan Sumner Redstone's acquisition of the company in 2004. At that time, Redstone said, "Midway is clearly a second-tier producer, but i...

7 years ago 0 Comments
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Daddy's little girl might not know Scorpion from Sub-Zero, but she's now Midway's Chair of the Board, succeeding Kenneth Cron who recently resigned. Daddy, of course, is none other than Sumner Redstone, the majority owner of Midway Games ... oh, and Viacom and CBS. Daughter Shari Redstone had been v...

7 years ago 0 Comments