Were There Shady Deals At Midway?

[Dark Pulse]

Midway's creditors, no doubt unhappy with the publisher filing for Chapter 11 Bankruptcy, are just a little more than upset - and it could get very ugly, very fast.

[Midway] was dominated and controlled until November 28, 2008, by Sumner Redstone...

As recently as February 29, 2008, [Midway's] balance sheet was far less encumbered by debt... On February 29th, 2008 [Midway took three loans from Redstone-controlled entities]... just like that [Midway's] $15 million in outstanding loan indebtedness... ballooned to $90 million... to [Redstone]...

After the consummation of these Insider Loans... the Redstone parties sold for [$100,000] all of their [holdings] to... a very secretive individual named Mark Thomas... a person virtually unknown in the video game industry...

No disclosures ever have been made regarding Thomas or what, if any, relationship Thomas or his companies have with any Redstone Party... But it is safe to assume there must be a connection... given that Redstone essentially gifted [Midway for a mere $100,000]... to Thomas...

[Thomas stands] to reap an enormous, almost unprecedented windfall... if paid in full... the Thomas Parties will recover some 30,000% on their $100,000 investment within a matter of a few months... The Thomas Parties' return stands in stark contrast to the tens, or potentially even hundreds, of millions of dollars... that the Redstone-Thomas transaction may have stolen from [other creditors]...

 

[GreatEmerald]

What's with the quoting style? Why do you use "..." instead of the usual " <...>"? It's really hard to read it that way...
So, what's the resume in short?

 

[Fuzzle]

 

[Phopojijo]

 

[Dark Pulse]

What's with the quoting style? Why do you use "..." instead of the usual " <...>"? It's really hard to read it that way...
So, what's the resume in short?

Because that's how it was written, so that's how I pasted it in the blockquote.

 

[Crotale]

http://img.photobucket.com/albums/v342/Phopojijo/suit-1.jpg

I take it you don't watch Jeopardy?

 

[{Ogre}Spin]

Just the kind of shady cr*p that is going down across the business world in some nations as we speak. It's like the late 80s frontier cowboy stuff all over again, as idiots in expensive suits think they can filter credit through fronts.

Sad to say it, but I doubt the people who lose money on these things will ever see more than a tiny fraction back, even if a few patsies go to jail each time.

The worlds worst murderers, thieves and abusers wear armani.

 

[xear0]

get raped midway.

 

[JaFO]

idiots in expensive suits think they can filter credit through fronts

I'd wish they'd only thought of such things ... the real problem is that they do it and then manage to reap the benefits from such things as well as there's no chance of getting caught and the few that do get caught rarely spend any time in jail. Heck they've probably got enough money hidden to make jail-time a profitable affair (no expenses, free food, etc. ... )

 

[Phopojijo]

Yeah, the world is and always has been about the elite keeping their power.

 

[{Ogre}Spin]

Ah well, at least however bad things get I can always unwind of an evening by blowing up random strangers (and playing world of goo)

 

[Phopojijo]

Until the internet gets privatized.