Viewing Post from Friday Feb 13, 2009
Just Who Did Midway Owe Money?
GamePolitics has dug up some
pretty surprising numbers on who Midway owes money to, and it turns out a very large chunk of their $240 Million USD debt is owed to a single entity... Wells Fargo Bank. A large chunk of what's left - $40 Million - is to a holdings firm, and they even owe Epic Games $1,975,000 in licenses and royalties.
We've learned, for example, that Midway claims $167,523,000 in assets versus $281,033,000 in liabilities. Perhaps more interesting, however, is the list of Midway's top 30 creditors. Among these, Wells Fargo Bank has the most to lose. The troubled game publisher owes the bank an eye-popping $150,000,000 of unsecured loans. Others holding sizeable Midway IOUs include the current owner of the company, its former CEO and a variety of game retailers and licensees:
- Wells Fargo Bank - $150,000,000
- Acquisition Holdings Subsidiary - $40,000,000 unsecured loan
- National Amusements, Inc. - $20,147,864
- NBA Properties, Inc. - $17,294,849 (License/royalty settlement)
- Tangible Media, Inc. - $8,675,954
- Warner Bros. Interactive - $6,654,203
- Artificial Mind & Movement - $2,000,000
- Epic Games - $1,975,000 (License/Royalties)
- Walmart - $1,576,035
- Far Sight Technologies - $1,279,151
- Best Buy - $1,114,036