Midway liquidation plan approved by court [Joystiq]

[DP ServBot]

http://www.blogcdn.com/www.joystiq.com/media/2009/07/midwaythatsallfolksorisit580px22.jpg (http://www.businessweek.com/news/2010-05-21/midway-games-wins-court-approval-of-liquidating-plan-update1-.html)
The last shreds of the former developer known as Midway (http://www.joystiq.com/tag/midway) will soon be dissolved into the ether, as a Delaware court has agreed to the terms of the company's plan to repay a portion of its debts. Businessweek reports (http://www.businessweek.com/news/2010-05-21/midway-games-wins-court-approval-of-liquidating-plan-update1-.html) that after liquidating all its assets, Midway will distribute about $25.5 million to unsecured noteholders, which is about 16.5 percent of what those noteholders are owed. Unsecured creditors will get $9.2 million, which is around one-quarter of what Midway owes them.

So, now that all of its assets either belong to Warner Bros. or are being hocked to repay lenders, we think we've probably seen the last of the once great Midway empire. Unless one of you guys feels like giving them like, $600 million. C'mon, there's gotta be at least one obscenely rich, completely obsessed Mortal Kombat fan out there.

[Via Kotaku (http://kotaku.com/5545346/judge-approves-midway-liquidation-plan)]http://www.blogsmithmedia.com/www.joystiq.com/media/feedlogo.gif (http://www.joystiq.com)Midway liquidation plan approved by court (http://www.joystiq.com/2010/05/23/midway-liquidation-plan-approved-by-court/) originally appeared on Joystiq (http://www.joystiq.com) on Sun, 23 May 2010 22:00:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).



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[GrandAmChandler]

Delaware Represent!

[AMG]

So many great gaming memories... I'm sad to see Midway go.

[Ed Oscuro]

So many great gaming memories... I'm sad to see Midway go.
And more recently, so many shitty ones.

In particular it's odd how the Area 51 franchise got worse with each iteration, despite having more money thrown at it each time! I think that should still hold true with Blacksite vs. the 2005 title - speaking of which, why did they have to remake the game only two years after releasing the Duchovny Edition of the tale?

I'm of the opinion that a games studio is only together as long as the people who work on the games are there. Mid-80s Midway made great stuff and those were the games I first tried out and liked when I found MAME so long ago. Mid 90s Midway was getting "edgy" but there still was some OK stuff (but lol @ Gauntlet in THREE DEE). More recently they have put out a lot of games that never rose above average (and were mostly garbage). I'm sure there's some standouts from them recently, but I don't know of them.