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In case you haven’t heard, Midway is bankrupt. Several months ago, an enterprising individual by the name of Mark Thomas picked up the doomed gaming developer/publisher for a measly $100,000. The catch? He also had to assume the company’s massive $70 million debt. Essentially what Thomas has done, since obtaining majority shareholder status, is shepherd the company through bankruptcy – turning his $100 grand investment into a $5 million payout. That’s because the sale of Midway’s remaining assets have been transferred over to Warner Bros. Interactive for $33 million, whilst have the majority of the debt ($40 million) held by secondary note holders wiped out. While the road to renewed solvency under the WB brand was a bumpy one filled with claims from Tigon Studios (Wheelman), Threshold Entertainment (Mortal Kombat films), and Midways other myriad creditors, a Delaware bankruptcy judge has approved the sale. The lesson to be learned here? It’s capitalism kids – go to school, take a risk, get paid!
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