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Publishers for cheap: Midway sold for US$ 100,000 |
Listed in: Magazines, News Tags: Midway Games
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Summer Redstone, chairman of National Amusement, Inc and previously the owning investor of Midway Games, has sold his 87 percent controlling stake in Midway Games, inc for US$ 100,000 or approximately US$ 0.0012 per share. The 20 year old Mortal Kombat publisher was sold to a private investor, Mark Thomas.Although the sale is obviously a significant loss for Redstone, the dirt-low price did secure for him a healthy US$ 800 million in tax savings for his other company, National Amusements, Inc, which is reportedly in debt for around US$ 1.6 million.
As for Midway itself, the future is starting to look very bleak. Their losses had doubled to US$ 76 million in the course of just three months ending in September and, more recently, they're facing delisting in the New York Stock Exchange for having shares that have far too little value.
When it rains, it pours. Good luck to you, Midway.
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Comments
a tenth of a cent?!?! that's almost 300% less than the current value the market has placed on the stock...
actions like this only make bad economic conditions worse.
i've witnessed it first hand on a smaller scale, selling off will artificially devalue anything, and somethings can never recover.
he made a very greedy move, and saved his wealth... to hell with the families he just screwed...
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or a stroke. . .
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And in order to help fix the economy, you actually have to spend.. A lot of people fail to realize that. I hear it while walking through stores and stuff, about how people are saving money.. Well
If people were to spend money to buy things, businesses will need to create more, therefore increasing jobs (hopefully).
If people were able to secure loans and be able to buy cars, the factories wouldn't be shutting down
If people were investing in stocks instead of pulling out, think of how much money they would make in about 10 years! Dirt cheap stocks! The newspapers play it up to sell more papers, but every recession has been followed by a period of wealth (and war too I think lol).
So people should spend money! It is dangerous, and with all the jobs going under and businesses closing it really isn't easy, but this is where the wealthy should come in.. Obama is right, no matter how much we spend our primary focus should be getting out of this recession, because money can always be made back. What's America gonna do, go out of business?
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Well. Sucks to those at Midway, but looks like everyone there has lost their jobs thanks to some douchebag CEO.
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this guy had a controlling stake in the company, which means he is directly responsible for the state the company was in.
he should live up to his responsibility as THE MAJOR SHAREHOLDER and improve the company, not just cut his losses and run...
even when he chose to sell off, he shouldn't of shafted every other shareholder by artificially devaluing the company...
but i guess he got the company where it was, so it should surprise no one that he is a horrible business man...
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