29 key employees at bankrupt Midway Games could split a bonus payday worth $3.25 million if they sell off the company's "Mortal Kombat" franchise. That's direct from bankruptcy filings obtained by netDockets last week. But according to company spokesperson Geoffrey Mogilner, that's not what Midway actually intends to do. "It's not our goal to sell Mortal [...]
Continue reading...Thursday, February 19, 2009
Beleaguered games publisher Midway (MWY) has been delisted from the New York Stock Exchange. The New York Stock Exchange first warned Midway of a possible delisting in November 2008, when the company was given 6 months to return their stock to acceptable trading levels. With Midway's recent Chapter 11 filling, catalog of debts and the [...]
Continue reading...Wednesday, February 18, 2009
Midway Games announced it has entered a "strategic relationship" with Ubisoft to publish the upcoming Vin Diesel vehicle "Wheelman." According to a press release issued today: Ubisoft will handle sales, marketing, and distribution of the title in North America, South America, Australia, New Zealand, France, Germany, Austria, Ireland and the United Kingdom. Midway will continue to direct [...]
Continue reading...Tuesday, February 17, 2009
Good news for employees, certain creditors and President/CEO/Chairman Matt Booty: Midway has announced that pending a final hearing in bankruptcy court for the district of Delaware, the beleagured company has received authorization to maintain business operations in the United States. Though a recent scoop at Kotaku indicates that Vin Diesel's "The Wheelman" will probably not fly a [...]
Continue reading...Tuesday, January 27, 2009
Within the shuffle of the "Mortal Kombat vs DC Universe" numbers Midway blasted out yesterday afternoon was an interesting sentence from series creator Ed Boon. Normally, a single sentence isn't newsworthy; but this sentence told the world that the developer is already hard at work on the next "Mortal Kombat" title.
Continue reading...Monday, January 26, 2009
Today, Midway has announced that their latest title in the "Mortal Kombat" franchise, "Mortal Kombat vs DC Universe," has now shipped over 1.8 million copies to retailers. "'Mortal Kombat vs. DC Universe' was the result of countless hours of hard work by many people, and seeing the game surpass the million-seller plateau makes it worth [...]
Continue reading...Tuesday, January 20, 2009
To help raise some funds before things go even further downhill, Midway is taking a page from other developers and releasing older titles on Apple's iPhone and iPod Touch. Unfortunately, the truly classic Midway arcade titles are nowhere to be seen; gamers are going to have to settle for getting five "TouchMaster" games instead. There will [...]
Continue reading...Tuesday, January 20, 2009
The good news for fans of Midway? They cut a deal with the remaining half of their holders, extending the pay-back date of the $150 million they owe until Feb. 12. The bad news? "Wheelman," their only upcoming big-name title, has been delayed until Mar. 20.
Continue reading...Wednesday, January 7, 2009
When Mark Thomas bought Midway for $100,000, it seemed like a good deal -- even if he did get their $70 million in debt in his welcome basket. Soon after, though, we learned that the sale triggered provisions in Midway's bonds, which allowed shareholders to ask for their full $150 million back. A few other [...]
Continue reading...Saturday, December 6, 2008
Mark Thomas may have gotten more than he bargained for when he acquired controlling stake in Midway for the low low price of $100,000 and $70 million in debt. The sale—which Midway itself wasn’t aware of until after Sumner Redstone and Thomas agreed to the deal—could end up triggering several provisions in Midway’s bonds which [...]
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Tuesday, March 3, 2009
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