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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Contest:
10:02 AM on 12.01.2008
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I just rented MK vs DC and... im suprisingly... enjoying it..?
But I don't know. I think someone with the right know-how could turn this around
Why? So he can tell all his friends at the poor house that he used to own midway?
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.
The guy cleared his 70mill debts aswell. So it's more like $70,100,000 :)
Okay, you know what, I'm just trying to help, so shut up. :P
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).