Jul -- Gaming: Midway files for Ch.11 bankruptcy

— Anya —

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Posted on 02-13-09 12:15:58 PM


This was long overdue. I still feel bad for them, but, meh. ____________________

Hiryuu

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Posted on 02-13-09 12:38:01 PM

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Another sign that arcades are a thing of the past.

Their stock was under a dollar a share on Wall Street not too long ago...that's enough to get you pulled from the stock market if it's consistent over six months. At that point, they should've killed themselves...but they apparently had something that kept them going.

Not like they've done anything of note since the mid-90s.

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Pandaren
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Posted on 02-13-09 03:40:06 PM

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Would this be the best spot to look for cheap arcade machines?

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Hiryuu

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Posted on 02-13-09 04:08:02 PM

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Yea I should really pick up a Galaga or Killer Instinct cab.

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— Colin —
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Posted on 02-14-09 06:20:24 AM

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Kotaku (via GamePolitics) came up with Midway's debts/creditors... it's not pretty reading. (comments in bold)

Bottom line is that they're royally screwed and I await the bidding for the MK franchise rights with great interest since it's the only thing they have that's worth anything right now.

* Wells Fargo Bank - $150,000,000 (DEAR GOD. And you WONDER why we're in a financial crisis?!?)
* Acquisition Holdings Subsidiary - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
* National Amusements, Inc. - $20,147,864
* NBA Properties, Inc. - $17,294,849 (License/royalty settlement) (Wait... HOW many years ago did NBA Jam come out?!?)
* Tangible Media, Inc. - $8,675,954
* Warner Bros. Interactive - $6,654,203 (Gee, MK vs. DC Universe not doing as well as expected?)
* Artificial Mind & Movement - $2,000,000
* Epic Games - $1,975,000 (License/Royalties)
* Walmart - $1,576,035 (You'd think they could write this off...)
* Far Sight Technologies - $1,279,151
* Best Buy - $1,114,036
* Target - $934,156
* Technicolor Video Services - $637,769
* Toys R Us - $615,276
* Ditan/Synergex Canada - $578,316
* CBS Outernet - $314,600
* David Zucker - $300,000 (severance pay) (They can't even pay the guy his SEVERANCE?!?)
* Multi Packaging Solutions - $287,036
* A.A.F.E.S Headquarters - $276,314
* Kmart - $218,497
* Tigon Studios - $200,000(license/royalties)
* Hollywood Entertainment - $190,982
* TNA Entertainment - $160,000 (license/royalties) (The license for TNA Impact must have been a steal. Shame the game apparently sucks.)
* Professional Films, Inc. - $150,000
* Synergex - Latin America - $149,027
* Pioneer.JB Marketing - $133,353
* Eclipse Advertising - $132,687
* GameStop - $127,250 (Only? Guess they treated them well...)
* Sears Roebuck - $125,495

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Colin's Babble... er, blog.

Hiryuu

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Posted on 02-14-09 10:28:40 AM

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Originally posted by Colin
...* Wells Fargo Bank - $150,000,000 (DEAR GOD. And you WONDER why we're in a financial crisis?!?)...

I see the Wells Fargo wagon its-a...comin' down.

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Posted on 02-14-09 10:47:58 AM

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Originally posted by Nao
Originally posted by Colin
...* Wells Fargo Bank - $150,000,000 (DEAR GOD. And you WONDER why we're in a financial crisis?!?)...

I see the Wells Fargo wagon its-a...comin' down.

...

Bad Musicman reference is bad.

Aside from that, Midway had it coming. Not much they could do after MK v DC flopped. :/

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Hiryuu

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Posted on 02-14-09 10:57:33 AM

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Originally posted by Fajita-chan
...

Bad Musicman reference is bad...

Oh shut up, you laughed.

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Posted on 02-14-09 11:00:24 AM

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Originally posted by Nao
Originally posted by Fajita-chan
...

Bad Musicman reference is bad...

Oh shut up, you laughed.

I smirked.

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Dwedit
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Posted on 02-15-09 05:08:30 AM

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Is it wrong that the only thing I know about Far Sight Technologies is that they made Action 52 for the Genesis?

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