Archive: 17 posts

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http://kotaku.com/5152300/midway-files-for-bankruptcy Also top 30 creditors: * Wells Fargo Bank - $150,000,000 * 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) * Tangible Media, Inc. - $8,675,954 * Warner Bros. Interactive - $6,654,203 * Artificial Mind & Movement - $2,000,000 * Epic Games - $1,975,000 (License/Royalties) * Walmart - $1,576,035 * 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) * 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) * Professional Films, Inc. - $150,000 * Synergex - Latin America - $149,027 * Pioneer.JB Marketing - $133,353 * Eclipse Advertising - $132,687 * GameStop - $127,250 * Sear, Roebuck - $125,495 http://www.gamepolitics.com/2009/02/13/list-bankrupt-midway039s-creditors

2009-02-14 10:33:00 Author: Rabid-Coot Posts: 6728

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Sad to see that the game industry has taken a few big hits in the last few months.

2009-02-14 18:45:00 Author: Killian Posts: 2575

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Sooo... No Rampage 4???

2009-02-14 18:57:00 Author: Madafaku Posts: 738

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Watch out because you'll see every single badly managed corporation fall during the 2009 or whenever the economic crisis lasts. .

2009-02-14 20:55:00 Author: RangerZero Posts: 3901

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Sooo... No Rampage 4??? It's all unknown at this point, they're still trying to sort themselves out but it's not looking good for them. If they have to liquidate their assets to pay for their debts any IP they own will be sold off to other companies that could potentially produce a new game in the series or cash in on the existing editions.

2009-02-14 21:20:00 Author: Rabid-Coot Posts: 6728

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It's all unknown at this point, they're still trying to sort themselves out but it's not looking good for them. If they have to liquidate their assets to pay for their debts any IP they own will be sold off to other companies that could potentially produce a new game in the series or cash in on the existing editions. oo ok kool... so there may be. I "seal" what your saying.

2009-02-14 21:31:00 Author: Madafaku Posts: 738

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FATALITY! FINISH THEM! :o

2009-02-14 21:57:00 Author: Astrosimi Posts: 2046

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Too many "fat" wallets.

2009-02-14 22:32:00 Author: Thee-Flash Posts: 3154

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Was never a midway fan, but it's sad to see them have to go bankrupt

2009-02-15 20:48:00 Author: Pinkcars Posts: 380

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http://kotaku.com/5153979/searching-for-midways-mystery-investor The plot thickens.

2009-02-15 22:27:00 Author: Rabid-Coot Posts: 6728

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http://kotaku.com/5153979/searching-for-midways-mystery-investor The plot thickens. Read about that earlier today. Shady as hell =E.

2009-02-16 00:05:00 Author: UCHU Posts: 73

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http://kotaku.com/5153979/searching-for-midways-mystery-investor The plot thickens. This guy seems legit.

2009-02-16 00:22:00 Author: Pinkcars Posts: 380

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http://kotaku.com/5155962/ubisoft-confirms-wheelman-deal-sets-march-release Ubisoft will help with the publishing of wheelman http://kotaku.com/5156317/midway-delisted-from-new-york-stock-exchange And midways been delisted from the stock exchange.

2009-02-19 13:54:00 Author: Rabid-Coot Posts: 6728

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Was never a midway fan, but it's sad to see them have to go bankrupt ya i was never a huge midway fan (maybe why their going bankrupt?) but ya its pretty sad to see it effecting the gaming community..

2009-02-20 23:15:00 Author: Hamsalad Posts: 2551

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Midway, publishers of the Mortal Kombat franchise, are in trouble. And how are they looking at getting out of trouble? By giving Midway executives bonuses! Oh, and by selling off Mortal Kombat. Court documents surrounding the company's fight for survival have shown that Midway executives have set aside $3,755,000 in bonuses, which is to be divided amongst the company's upper management tier if they're able to meet certain goals. One of those goals was in offloading Wheelman, which Ubisoft just picked up. So that's $497,500 in the pocket. Another objective (so important it's actually listed twice) is being able to secure the "execution of an asset purchase agreement for the sale of Midway's Mortal Kombat franchise assets". On the one hand, selling off the Mortal Kombat rights might net them enough cash to keep their heads above water. On the other, however, Mortal Kombat is the only thing Midway have left. Oh, and if you're wondering where a company can find $3,755,000 while in the midst of filing for bankruptcy, that's easy! They can take it by holding out on paying sacked employees the remainder of their PTO (paid/personal time off), something Midway originally promised they'd do. Below is an original letter, dated February 9, promising the payment of PTO. Below that, a letter dated February 20, outlining Midway's plan to suspend those promised payments. http://kotaku.com/5162447/midway-offloading-mortal-kombat-and-screwing-former-employees http://www.trmk.org/news/12493/truths_about_midway_offloading_mortal_kombat.html

2009-03-02 12:16:00 Author: Rabid-Coot Posts: 6728

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How much is MK going for, I'll give them 20 bucks right now, cash money!

2009-03-04 07:59:00 Author: Pinkcars Posts: 380

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The publisher of one of the world?s most famous fighting game series is hoping to hold on to ?Mortal Kombat,? despite what people inferred from a recent Chapter 11 filing. *** Yesterday, MTV Multiplayer readers voted for Capcom to buy the rights for ?Mortal Kombat? from financially embattled publisher Midway. They did this in reaction to recently released documents that identified the sale of the ?MK? as a possible goal of the company?s Chapter 11 bankruptcy. But a Midway spokesperson has told MTV Multiplayer that the company would prefer to hang on to the series. ?It's not our goal to sell ?Mortal Kombat,?? Midway spokesperson Geoff Mogilner told me. ?It is something that, in the world of scenarios, it is something that could happen here. But it's not something that we as a company are going for.? The incentive plan ? detailed as Exhibit A attached to the 63rd document listed here ? includes clauses indicating financial rewards tied to the sale of the ?Mortal Kombat? franchise or the continuation of Midway as a ?going concern.? No other franchises are discussed in this language, indicating that selling ?MK? is seen as a particularly viable option as opposed to selling, say, ?Joust.? So what kind of publisher interest is there? Mogilner said that there are always ?people who are interested in the ?Mortal Kombat? franchise,? which he pegs at having done $1.5 billion in its history. Pressed on whether there have been conversations with other publishers since Midway?s Chapter 11 filing, he said: ?There are conversations for certain. I can?t say whether this is something that would have happened otherwise. There?s definitely interest in ?Mortal Kombat?. I?m not going to lie about that.? He declined to elaborate on the nature of current interest from other publishers. Regardless of whatever is happening with a possible sale of the franchise, Midway is at work on another installment of the game. ?The MK team is hard at work designing a new engine,? Mogilner said. ?We keep working.? http://multiplayerblog.mtv.com/2009/03/03/midway-we-would-prefer-not-to-sell-off-mortal-kombat/

2009-03-04 15:19:00 Author: Rabid-Coot Posts: 6728

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