Just Who Did Midway Owe Money?

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Dark Pulse

Dark Pulse

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GamePolitics has dug up some pretty surprising numbers on who Midway owes money to, and it turns out a very large chunk of their $240 Million USD debt is owed to a single entity... Wells Fargo Bank. A large chunk of what's left - $40 Million - is to a holdings firm, and they even owe Epic Games $1,975,000 in licenses and royalties.

We've learned, for example, that Midway claims $167,523,000 in assets versus $281,033,000 in liabilities. Perhaps more interesting, however, is the list of Midway's top 30 creditors. Among these, Wells Fargo Bank has the most to lose. The troubled game publisher owes the bank an eye-popping $150,000,000 of unsecured loans. Others holding sizeable Midway IOUs include the current owner of the company, its former CEO and a variety of game retailers and licensees:



  • Wells Fargo Bank - $150,000,000
  • Acquisition Holdings Subsidiary - $40,000,000 unsecured loan
  • National Amusements, Inc. - $20,147,864
  • NBA Properties, Inc. - $17,294,849 (License/royalty settlement)
  • Tangible Media, Inc. - $8,675,954
  • Warner Bros. Interactive - $6,654,203
  • Artificial Mind & Movement - $2,000,000
  • Epic Games - $1,975,000 (License/Royalties)
  • Walmart - $1,576,035
  • Far Sight Technologies - $1,279,151
  • Best Buy - $1,114,036
Click to expand...
 
Poker

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That is interesting. Does this mean they can finally up and put UT on board with a solvent publisher?
 
Mozi

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Just curious was the 'pile of money on my head guy' working at Midway...

ballin.gif


Look at them tossing around all that money they owe!
 
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{Ogre}Spin

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Another interesting aspect is "where the money went in the credit crunch fiasco"..another example of banks loaning stupid sums of money on fairytale beliefs in return on investment...$150m blown on midway trying to fulfill ideas above their station is another $150m blown by a dumbass bank throwing what ended up being OUR money down the pan on a pipedream business model.

If nothing else as an epic fanboy, at least THEIR business model is both successful and sustainable.
 
shoptroll

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Mozi said:
Just curious was the 'pile of money on my head guy' working at Midway...

ballin.gif


Look at them tossing around all that money they owe!
Click to expand...

We need pictures of CliffyB, Mark Rein and Tim Sweeney superimposed into that animation :)

P.S. - I'm sure Wells Fargo would really like to see that money returned ASAP as well right now.
 
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Mozi said:
Just curious was the 'pile of money on my head guy' working at Midway...

ballin.gif


Look at them tossing around all that money they owe!
Click to expand...

Yes, apparently lots of him were. :lol:

shoptroll said:
We need pictures of CliffyB, Mark Rein and Tim Sweeney superimposed into that animation :)

P.S. - I'm sure Wells Fargo would really like to see that money returned ASAP as well right now.
Click to expand...

Totally LOLing! It's sad how only the top 1% make a good living in any and all industries.

<mini rant>
Banks however are the WORST culprits. They don't really need the money "back" because they never put up a nickel to begin with. They put up credit, which is insured by the gov't, backed by bonds and balances already created based on other credit the bank created for itself based on their current holdings of other people's money,.. etc etc.. it's all big fake snowball of bs and lies (called credit and economics) and it's all doomed to utter failure,.. eventually.

</mini rant>

Sorry, I hate economics, it's all such remorseless, vulgar shyte, and is just holding humanity back.
 
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dinwitty

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I would need to see actual sales of the EPIC games IE UT vs what may be owed to Best Buy/Walmart, usually the rules on returning a game is a game replacement for a faulty game. Sounds crazy they would OWE Walmart/Best Buy money, its supposed to work the other way. The other issue are CEO's padding their pockets when they need to be responsible about their company health.

What it sounds like is Midway is going to continue business and work itself out of the debt, filing bankrupty protection means they arent going out of business.
 
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Crikey. This might account for the bumfuc promotional job they've been doing in recent years. UT3 should have been a huge priority, but I guess when you owe Wells Fargo a couple of hundred hundred million, it's better to pretend to work while you batten down the hatches and deny there's a problem.

Wells Fargo. Heh. A hundred or so years ago, they'd've broken some Midway kneecaps, by now. And $240 million would buy them a lot of kneecaps, baby!

Strange how corporate types are immune from being incompetent. All of Midways people will have new jobs within days of the company going under. Probably for a lot more money, too.
 
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