Midway's Money Almost Gone
See Full ImageWell, no wonder the Mortal Kombat designers want to jump ship. The situation at Midway has apparently gone from bad to worse.
GamePolitics reports that Midway owner Mark Thomas filed "a heavily-redacted statement" with the U.S. Bankruptcy Courts, and the standout points of that document aren't encouraging. Midway has nothing in the hopper that might drag in some valuable income, they "overstated the value" of the MK franchise (which we kinda figured they did), and last year, CitiGroup couldn't find anyone interested in purchasing the struggling publisher. Perhaps worst of all is the main point we take from this: Midway will be out of cash by the end of June. We don't have any further details at this time, but right now, Midway doesn't appear to be a good investment for any would-be buyer and they really don't have anything in the future that might save them. We're not sure how this is going to end - bankruptcies aren't always the end of the world for big companies - but things aren't looking good right now. We just can't imagine a video game world without Midway, but hey, times have changed. If you want to remain alive and functioning, you had best produce a few special gems every now and then.
We'll let you know what happens; maybe they can emerge from this mess with a new start. But it's more likely that the Midway as we always knew it won't last much longer...
4/10/2009 Ben Dutka
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