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Midway has 50 days to rack up US$ 150 million or it's game over

Posted Dec 5, 2008 at 3:17PM EST by Glenn M.

Listed in: News Tags: Midway Games, SEC

Big trouble. Big, big trouble. Midway Games is in hot water now, trying to figure out how they can earn US$ 150 million in just 50 days. If they fail, they'll have to declare bankruptcy, and it's game over. After getting sold for for a mere pittance, the publisher remains in such bad shape that they're facing bankruptcy in just a little over two months.

A file from the US Securities and Exchange Commission tells us that Midway is really grimacing in financial pain right now. So far, they've got US$ 10.3 million in the bank, so that's US$ 140 million to go.

No word yet on what Midway is planning to do with the situation. Call it quits or fight to the death? Or by some miracle actually make that deadline? The health bar is running low, and the economy is itching to deliver its fatality.

Check the source link below if you want to read up on the SEC file - to the lay man, good luck trying to understand that.

Follow Midway's path to bankruptcy:

Via Yahoo Biz

50% of voters think this story ROCKS!

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(1)

(1)

First, to get down on the author of the article...."just over two months...."

Sorry, but even two of the shortest months = 60 days...

Please....start *****ing proofreading your *****ing articles...or maybe you like people on the internet making fun of you.

Secondly, they don't have to sell a game, good luck with that, since nothing is even close to being released. They just need money. Usually in this case a company would start selling shares to make money, good luck with that as well. it's a sad day, but midway might just be dead....unless EA buys them....

Now, I wonder what will happen to that game that is supposed to rival gears of war 2 ?

# If 87% gets you 100,000 — phiyuku 2008-12-06 03:46

What will even 100% get you?

I doubt this company owns shares of any other company that they are able to sell.

So the only option is to sell games or obviously a buyout.

The only way I see them reaching 150 million is everyone right now goes out and buys Mortal Kombat vs Dc Unvierse because I doubt there will be enough people to want to buy TNA Impact to get them out of this.

# God damn no edit... — phiyuku 2008-12-06 03:50

There is another way actually they can probably sell the Mortal Kombat franchise for a hefty sum but I'm not sure if it will get them enough and if they do sell the franchise they really have nothing left though.

# @Shatterdome — shogunu 2008-12-06 08:05

Shatterdome, possibly the 50 days figure in the article is working days. Which makes it indeed over two months.

And QJ, is there something wrong with the server? It's feeding me the non-Javascript, non-CSS formatted layout that i presume is meant for the PSP and other mobile browsers.

# hmm — StingBlah 2008-12-06 14:11

January + February+ 31 + 28 + 59.

Haha! You got served!!

# haha — majorbb100 2008-12-06 14:14

hahahaha nice one StingBlah, Shatterdome just got his ass handed too him.

# midway — majorbb100 2008-12-06 14:20

Midway has failed so epically on so many of today's games. I cant help but feel sorry for their pure stupidity. The TNA Impact! game was a disgrace. What were they thinking only giving the game chairs!?! Also they have released countless games that have gotten a 2 out of 10 on gamespot, such as the shooter for the Xbox 360, "Hour of Victory" . It was only a matter of time. If it wasn't for the huge improvement from call of duty 3 to 4 and the great success 5 has had, activision would be gone too.

# lol yea — StingBlah 2008-12-06 18:43

it wouldve been better if this damn site didnt replace equals sign with a plus!

JAN + FEB equals 28 +31 which equals 59!

# ha.... — Koru-Kun 2008-12-06 19:16

why not asking the freaking government to bail Midway out! They've been doing it for everybody else, why not this company too? Bail out everybody that's having a hard time making money, why not? It's not like it's OUR money right?......

# ya, damn... — Shatterdome 2008-12-06 22:21

It's still over 50 days you dumbasses....

and lucky for your pimply ass it's a leap year next year...

# ouch..... — NEOL 2008-12-06 23:22

yeah its always end up like this

just like the old days sega lol but sega was shame in hardware & not bad in software (like sonic) so they close the shame sction, and sonic section left and now it has to be destroyed too (yeah now its shame) the same goes to midway its has reach the end of the road and they have no savior like sega did (what was his name ... sam or somthing) oh good days bye sega bye midway.

# hmm — dazmo 2008-12-07 00:12

i wonder if once they go out of business if i can have mortal kombat. . .

# rebirth of a new savior :P — Kexbut 2008-12-07 01:00

Midway's situation reminds me exactly with what happened to Squaresoft in the 80s, I hope we get another great series like squaresoft's savior (final fantasy)

# since when — StingBlah 2008-12-07 10:06

is 2009 a leapyear? lol you don't know much about dates do you? (pun intended mr. pimply ass!)

# yep — dazmo 2008-12-07 19:43

they could pull it off. they have the resources, they have the IP's. . . but they really dont have the time.

# This Is Vegas — Prozac4545 2008-12-07 20:40

They are really counting on This Is Vegas to make a huge dent in that $150 million. They keep pushing it back, trying to polish that turd of a game. It's another damned GTA clone for those of you who haven't heard of it. I'm sure it sa decent game, but do we really need another half assed GTA clone like Saint Row?

# ............... — animesam1989 2008-12-08 06:59

didnt sony but out the sega company after leaving nintendo when dreamcast was out. then made the *drum roll*.....Playstation 1.

....if midway is part of sega, cnt sony save em?

not that they wud.

they're losin money from the ps3 any way...

YOU CAN MAKE IT SONY!!!!!!!!!!!

.....i believe in you sony...i believe....*tear drops*

# WTF!?!?!?!?! — ISOHaven 2008-12-08 07:10

Filing Bankruptcy does NOT equal "game over".

Going OUT OF BUSINESS equals "game over."

# WTF!?!?!?!?! — ISOHaven 2008-12-09 06:18

What a failure! The president can not cause an economic downfall. You have our democratic senate to thank for that!

Education is KEY!!!!

# @animesam1989 — Daistaar 2008-12-18 22:20

Dude, that's all sorts of wrong. Sony was working with Nintendo and the PSX was originally a new nintendo product. Ninentdo felt that CD media would not catch on and had more drawbacks than cartridges. Sony had already invested too much into the project and released it themselves as their own product, the Playstation which used an identical SNES controller (with 2 extra triggers) as it was originally designed for Nintendo.

Sony was COMPETING with Sega on the Dreamcast and against Nintendo's 64, which they won luckily due to a.) the 64's storage issues and lack of RAM, b.) the Saturn and Dreamcast being difficult to code for (32-bit and 128 bit respectively) and, c.) CD music, awesome new IPs i.e. Resident Evil, FF7, MGS, Crash series, etc.

Lastly, Midway isn't involved at all. Not to mention that congress has targetted Midway for long enough. I can hear Jack thompson and ***** Cheney right now... "FINISH THEM!!"

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Midway has 50 days to rack up US$ 150 million or it's game over

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