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Majority of Midway games purchased for $100,000 photo

It’s no secret that Midway has been in some trouble. Recently, the stock plummeted to such a low that the NYSE threatened delisting – an action that would bury the publisher regardless of how awesome Mortal Kombat vs. DC Universe is. Thankfully, some of Midway Games’ woes have been answered. According to a Reuters report, 87 percent of Midway has been purchased. The price of the purchase was only 100,000 dollars.

The lucky buyer is an investor named Mark Thomas. He paid a massive $.00012 a share for his new property, and acquired 70 million dollars of Midway’s unsecured debt in the process. The old owner, Sumner Redstone, sold his stake to ease this debt.

This situation is like buying a wicked awesome Egg McMuffin that is guaranteed to get jammed in a heart valve. It’s great going down, but the future ramifications of the meal are unknown. Thomas didn’t say that he would try to revive Midway Games, but we’re sure he would like to make some of that 70 million back.

[via Game Politics]








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15 comments | showing # 1 to 15
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PhazonYoshi's Avatar - Comment posted on 12/01/2008 10:05
PhazonYoshi
$100,000? Bloody hell, if midway get back on their feet he'll make a killing.
SephirothX's Avatar - Comment posted on 12/01/2008 10:09
SephirothX
Kinda sad really...

I just rented MK vs DC and... im suprisingly... enjoying it..?
ran24's Avatar - Comment posted on 12/01/2008 10:10
ran24
How the hell did their stock fall so low?
Xhumation's Avatar - Comment posted on 12/01/2008 10:16
Xhumation
risky business indeed.

But I don't know. I think someone with the right know-how could turn this around
pendelton21's Avatar - Comment posted on 12/01/2008 10:26
pendelton21
Damn, this guy stands to make either a whole lot of money or an ass out of himself.
king3vbo's Avatar - Comment posted on 12/01/2008 10:37
king3vbo
.00012 a share? Christ
BulletTrain's Avatar - Comment posted on 12/01/2008 10:47
BulletTrain
So that guy basically bought his own bankruptcy for 100K?

Why? So he can tell all his friends at the poor house that he used to own midway?
psycho terror2's Avatar - Comment posted on 12/01/2008 10:55
psycho terror2
that's incredible.

i understand there is risk involved, but this guy could really make some money. he will no doubt leave the company in tatters regardless of wether it pays off or not.
Rosseh's Avatar - Comment posted on 12/01/2008 11:40
Rosseh
There is no such thing as a wicked awesome Egg McMuffin. Anyone who says otherwise is working for THE MAN!
moshakirby's Avatar - Comment posted on 12/01/2008 11:59
moshakirby
He didn't really sell it for 100k.

The guy cleared his 70mill debts aswell. So it's more like $70,100,000 :)
mix's Avatar - Comment posted on 12/01/2008 12:48
mix
Well Miday has been sucking hardcore lately so it's to be expected.
Sharpless's Avatar - Comment posted on 12/01/2008 12:48
Sharpless
Shouldn't "games" in the title be capitalized? Otherwise it's a little confusing and misleading.

Okay, you know what, I'm just trying to help, so shut up. :P
TrailerParkJesus's Avatar - Comment posted on 12/01/2008 13:01
TrailerParkJesus
I missed this Black Friday deal
WarZombie's Avatar - Comment posted on 12/01/2008 14:04
WarZombie
Even 70 Million bones is a steal (if you can call it that) for a company that has been around as long as Midway. I didn't know things were that bad. I mean, even Rare sold for more than that (don't recall the exact amount, but it was WAY more than this).

Kind of sucks if you're Midway. C'mon, they own the fucking Mortal Kombat franchise, they shouldn't be in this situation (even if they lost some of their glory).
GrayFox's Avatar - Comment posted on 12/01/2008 17:52
GrayFox
I had no idea that Sumner Redstone owned Midway... cool!
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