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Midway UK and France offices bought for 1 euro (combined)


In a move that leaves us scratching our heads, ex-Midway Europe managing director Martin Spiess has purchased the Midway UK and France executive offices for a combined amount of one euro. According to the SEC filing, Mr. Spiess formed Spiess Media Holding UG to purchase the companies, in what MCV UK calls a "management buyout." Additionally, Midway Germany's general manager, Uwe Fürstenberg, has purchased the German branch for an undisclosed amount.

The kicker on all of these business dealings? In buying the UK and France offices, Spiess has tied his company to "a payment of approximately One Million Seven Hundred Thousand Dollars ($1,700,000) from [Midway Games Limited] to [Midway USA]" at the "closing of transactions." Spiess has 90 days to turn around the Midway-branded stock. Good luck, Mr. Spiess! From what we've seen of Midway over the past six months, you're going to need it.

[Via MCV UK]

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