Judge Dismisses Midway Suit

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Sir_Brizz

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U.S. Bankruptcy Judge, Kevin Gross, has ruled to toss out legal action by Midway creditors against the former board of the company. The suit alleged that the board had taken on debts they knew they could not repay and had arranged a sale that screwed over their shareholders.

"The decision is not an endorsement of any of the defendants' actions," Gross wrote in his Jan. 29 ruling. "The defendants oversaw the ruin of a once highly successful company, only to hide behind the protective skirt of Delaware law, which the court is bound to apply."

The case sought to nullify the sale of the company to investor Mark Thomas, as well as require a payment of $90 million.

You can read all the legal mumbo-jumbo over on Bloomberg.