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Feb. 3 (Bloomberg) — Sumner Redstone, the chairman of CBS Corp. and Viacom Inc., and former directors of Midway Games Inc. won dismissal of claims brought by Midway’s creditors over disputed loans to the video-game maker.
Redstone and Midway’s directors, including Redstone’s daughter Shari, didn’t breach their duties to stakeholders or engage in fraudulent transfers of the firm’s assets, U.S. Bankruptcy Judge Kevin Gross concluded.
“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.”
Read the full article here.
-Justin
From SouthPeak Interactive’s earnings press release:
Acquired in bankruptcy certain assets owned by Midway relating to video games based on the TNA iMPACT wrestling brand…
Upcoming product releases include My Baby: First Steps (Wii™ and Nintendo DS), Horrid Henry (Wii, Nintendo DS and PC), Miniclip™ Sushi Go Round (Wii, Nintendo DSi™ and iPhone™), TNA iMPACT: Cross the Line (PSP, PSPgo and DS), Dementium™ II (Nintendo DS), Fast Food Panic (Wii and Nintendo DS), Sled Shred featuring the Jamaican Bobled Team (Wii), Crime Scene(Nintendo DS) and Montessori Music (Nintendo DS).
Link
-Justin
Mark Turmell, programmer on Smash TV and Total Carnage, recently announced on the RetroGaming with Racketboy podcast that Midway was working on a revival of Smash TV when the company filed for bankruptcy. According to Turmell the project was in the programming stage at the time.
Turmell also stated that Smash TV “will rise again” and he expected that Warner Bros. will resume work on the revival.
Link
-Justin
District Court Judge David H. Coar has ruled that five former Midway executives (CEO David Zucker, CFO Thomas Powell, marketing boss Steven Allison, company controller James Boyle, and senior VP of publishing Miguel Iribarre) are innocent of conspiracy to deceive the public about the financial health of the company.
In Judge Coar’s ruling he noted that the execs did little more “than publicly adopt a hopeful posture that its strategic plans would pay off… such preening for the financial press is classic puffery.”
Link
-Justin
October 1, 2009 – SAN FRANCISCO – SEGA of America, Inc. announced today that it has named Brad Wildes Senior Vice President of Sales. Mr. Wildes brings more than 15 years of successful management experience in the interactive entertainment industry to SEGA. He has developed results-driven consumer campaigns for all major North American retailers during his career at leading global entertainment companies including Microsoft Corporation, Mattel Inc., Midway Home Entertainment, Konami of America.
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London – August 21st 2009 London-based Midway Games Ltd. and Midway Games SAS (Paris) will from now on be operating under the names Tradewest Games Ltd. and Tradewest Games SAS.
Martin Spiess, who previously was responsible for the European publishing and distribution arm of the international game publisher Midway Games Inc. from 2005 onwards as Executive Vice President – International, recently acquired ownership of the UK and French offices of Midway Games Inc. as part of a management buyout.
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Longstanding Midway Europe Management Team Buys Publishing and Distribution Operations
London – August 20th, 2009 – Midway Games Ltd., formerly a subsidiary of Midway Games Inc., today announced that Spiess Media Holding UG, a company owned by Martin Spiess, Executive Vice President – International of Midway Games Ltd., has purchased the UK and French offices of Midway Games Inc., formerly a developer and publisher of computer and video games with a rich tradition, as part of a management buyout.
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From an SEC filing:
On August 5, 2009, MHE entered into a Stock Purchase Agreement with F+F Publishing GmbH, a German limited liability company (“F+F”), whereby MHE intends to sell all of the shares of its wholly-owned German subsidiary, Midway Games GmbH (“MGG”) to F+F (the “F+F SPA”). Also on August 5, 2009, MHE entered into a Stock Purchase Agreement with Spiess Media Holding UG (Limited Liability), a German enterprise company with limited liability (“SMH”), whereby MHE intends to sell all of the shares of its wholly-owned subsidiaries (i) Midway Games SAS, a company organized under the laws of France (“MGS”), and (ii) Midway Games Limited, an English limited liability private company (“MGL”), to SMH (the “SMH SPA,” together with the F+F SPA, the “Europe Purchase Agreements”). The aggregate purchase price for the shares of MGL and MGS shall be One Euro (€1) allocated 50% towards the purchase of the shares of MGL and 50% towards the purchase of the shares of MGS. The purchase price for the shares of MGG shall be One Euro (€1). In addition, pursuant to the terms of the Europe Purchase Agreements, it is a condition of closing that at, or prior to, closing MHE and its affiliates enter into an Intercompany Agreement (the “Intercompany Agreement”) to resolve certain intercompany obligations so that there shall be no intercompany obligations outstanding among MGL, MGS, MGG and any of MHE or its affiliates at closing. The Intercompany Agreement will result in a payment of approximately One Million Seven Hundred Thousand Dollars ($1,700,000) from MGL to MHE at the closing of the transactions…
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Chicago video-game publisher Midway Games has agreed to sell “substantially all” of the assets related to its San Diego studio to THQ Inc., a California-based game maker, for $200,000.
The San Diego studio was excluded from Warner Bros. Entertainment Inc.’s $49 million purchase of most of Midway’s other assets, including studios in Seattle and Chicago. The deal with THQ does not include Midway’s TNA Wrestling game, which was developed in San Diego.
Full article here
-Justin
MCV is reporting that former Midway exec Mark Cook has joined THQ’s UK office as product marketing manager for UK & Europe. Cook’s first job will be to kick off a seven-month marketing campaign for Darksiders.
“We decided early on that it was important to own a space with the release of Darksiders… Releasing in January allows us to build anticipation for the title, engage consumers with the Darksiders brand through the peak period and set the tone for 2010 as the first major release of the year.” – Mark Cook
Link
-Justin
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