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Majority of Midway games purchased for $100,000

2008-12-01 10:02:19  ยท  Brad Nicholson
0

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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Brad Nicholson // Profile & Disclosures
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I'm Brad Nicholson. I've been around, but Destructoid is where my dawgs at. You can see my work here, at MTV, at Giant Bomb or other great places around the Internet. I also run a podcast called ... more


 



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