Saddled with debt, American video game maker Midway has filed for Chapter 11 bankruptcy.
Creator of the long-running Mortal Kombat said it is seeking protection from creditors after a change in ownership last year pushed forward the deadline for Midway to pay off its debts.
The company said Chapter 11 protection will let the …
Eat my shorts ......said the spider to the fly guy
#
Another Ponzi bites the dust?
"The company said Chapter 11 protection will let the company conduct its business as usual (of losing money annually for nearly a decade)." .... Seems like the best of reasons to have the boss detained and transferred to a place of residential security for a period of training evaluation and reprogramming.
Although if he were to use the Idiot Defence .......Fools and their money are easily parted and deserve to be so relieved [aka the Bankers Ignorance Defence] .... he'll still be munching caviar rather than sipping gruel. And it is terribly in vogue this season and proving to be very attactive/a big unexpected hit.
IT's a Funny Old World whenever you get right down to ITs Base IQs ....... and a Bit of a Swamp with all kinds of strange and weird beings lurking in the shadows and murky depths.
If you go titsup, then all the companies that you owe $ to cannot cary that loss forward year on year.
Very interesting imagine evading tax on $20billion as a 'writedown' whilst also charging 'interest' on the capital amount lent that may realise in 2025.
after they made Epic release UT3 a year before it was anywhere near finished i'm not surprised and nor do I have any sympathy for them. Money grabbing publishers like this deserve to go under for forcing releases of unfinished games.
They owe nearly $300 million, 150 million to Wells Fargo Bank alone. Hilariously, they can't even give the ex-CEO his 300k severance pay.
The whole company is corrupt, the only reason they maintain the illusion of business is because the execs are trying to work out how much they can take from the carcass.
Take some money and shuffle it around to create a big pile of "on paper" money. To win the game run off with the real money and stiff some one else with the worthless paper.
Register
Mortal Kombat maker Midway goes titsup
Saddled with debt, American video game maker Midway has filed for Chapter 11 bankruptcy. Creator of the long-running Mortal Kombat said it is seeking protection from creditors after a change in ownership last year pushed forward the deadline for Midway to pay off its debts. The company said Chapter 11 protection will let the …
This topic is closed for new posts.
Posted Saturday 14th February 2009 00:33 GMT
Anonymous Coward
let me be the first to say #
Flawless victory, Fatality.
I know I know, I'm going now.
Posted Saturday 14th February 2009 00:53 GMT
Steven Raith
FINISH HIM #
Sorry :-(
Shame really, as Midway used to knock out some pretty kick arse arcade boxes.
Ah well...
Steven R
Posted Saturday 14th February 2009 00:57 GMT
Dr Jeep
Or more likely to... #
...be heard at the backcrupcy hearings
"Finish Him!"
Posted Saturday 14th February 2009 04:26 GMT
Iamfanboy
bet they were wishing... #
Bet they were wishing that Redstone had decided to use a Friendship. Too bad Midway made them too fucking hard to do!
I would say that my friends and I wasted many afternoons playing MK, but we were Street Fighter fans. Sorry Midway.
Posted Sunday 15th February 2009 18:33 GMT
Anonymous Coward
(untitled) #
"Midway stressed bankruptcy would affect only its US operations." - modulo ripping off the creditors, that is
Posted Sunday 15th February 2009 18:33 GMT
Filippo
After MKvsDCU... #
...I'm not too surprised.
Posted Sunday 15th February 2009 18:40 GMT
hikaricore
Fatality! #
lol
Posted Sunday 15th February 2009 18:40 GMT
Anonymous Coward
Sonya Blade #
Did anyone else notice that Sonya Blade's boobs got progressively bigger as the game was released on newer platforms?
Posted Sunday 15th February 2009 18:40 GMT
amanfromMars
Eat my shorts ......said the spider to the fly guy #
Another Ponzi bites the dust?
"The company said Chapter 11 protection will let the company conduct its business as usual (of losing money annually for nearly a decade)." .... Seems like the best of reasons to have the boss detained and transferred to a place of residential security for a period of training evaluation and reprogramming.
Although if he were to use the Idiot Defence .......Fools and their money are easily parted and deserve to be so relieved [aka the Bankers Ignorance Defence] .... he'll still be munching caviar rather than sipping gruel. And it is terribly in vogue this season and proving to be very attactive/a big unexpected hit.
IT's a Funny Old World whenever you get right down to ITs Base IQs ....... and a Bit of a Swamp with all kinds of strange and weird beings lurking in the shadows and murky depths.
Posted Sunday 15th February 2009 18:40 GMT
Yorkshirepudding
TOASTIEEEE! #
That is all
Posted Sunday 15th February 2009 18:40 GMT
Lord of Dogtown
So thats how the credit crunch will get worse #
If you go titsup, then all the companies that you owe $ to cannot cary that loss forward year on year.
Very interesting imagine evading tax on $20billion as a 'writedown' whilst also charging 'interest' on the capital amount lent that may realise in 2025.
They are all as guilty as each other.
Posted Sunday 15th February 2009 18:40 GMT
Neil
Insert Coin to Continue #
"HUMILIATION"
Posted Sunday 15th February 2009 18:40 GMT
Jack B
Well... #
after they made Epic release UT3 a year before it was anywhere near finished i'm not surprised and nor do I have any sympathy for them. Money grabbing publishers like this deserve to go under for forcing releases of unfinished games.
Posted Sunday 15th February 2009 19:13 GMT
Anonymous Coward
Grabs joystick #
Punch, roundhouse, roundhouse, punch, kick... Awe sh@t didn't work on those pesky creditors
Posted Monday 16th February 2009 09:52 GMT
Lord Zedd
Armageddon #
I guess this means no MK8 on the PS3/xBox360.
Posted Monday 16th February 2009 09:52 GMT
Joe K
Check this out #
http://www.gamepolitics.com/2009/02/13/list-bankrupt-midway039s-creditors
They owe nearly $300 million, 150 million to Wells Fargo Bank alone. Hilariously, they can't even give the ex-CEO his 300k severance pay.
The whole company is corrupt, the only reason they maintain the illusion of business is because the execs are trying to work out how much they can take from the carcass.
Oh and, of course:
http://www.gamepolitics.com/2009/02/15/creditors-allege-shady-insider-dealing-midway-bankruptcy
Posted Monday 16th February 2009 10:20 GMT
Mike Crawshaw
GET OVER HEEERE!!! #
Shame, they made some decent film & TV tie-ins.
Oh, hang on, no, I'm thinking of something else...
Posted Monday 16th February 2009 14:54 GMT
brimful
Back back forward forward punch #
Oh the memories!
Posted Monday 16th February 2009 14:54 GMT
Law
GET OVER HEEERE!!! #
" Shame, they made some decent film & TV tie-ins.
Oh, hang on, no, I'm thinking of something else..."
Street Fighter perhaps??? Erm..... maybe not
Mines the one with a pirated copy of The Legend of Chun Li in the pocket.... Lana Lang playing Chun Li... who'd have thunk it
Posted Monday 16th February 2009 14:54 GMT
Robert Grant
At least they'll all have lots of time... #
...to play the awesome-looking Street Fighter 4. That's how it's done, lads.
Posted Monday 16th February 2009 16:19 GMT
Tom
The new game. #
Take some money and shuffle it around to create a big pile of "on paper" money. To win the game run off with the real money and stiff some one else with the worthless paper.
This topic is closed for new posts.