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ar that midway made its initial public offering of stock in 1998 wms spun off its remaining shares of midway midway was ranked the fourth largest selling video game publisher in 2000 5 however it experienced large annual net losses and engaged in a series of stock and debt offerings and other financings and borrowings midway exited the arcade industry in 2001 sumner redstone head of viacom and cbs corporation increased his stake in midway from about 15 in 1998 to about 87 by the end of 2007 6 in december 2008 redstone sold all his stock and 70 million of midway debt to private investor mark thomas for 100 000 7 in february 2009 midway games filed for chapter 11 bankruptcy 8 warner bros interactive entertainment acquired most of the company s assets and midway settled with mark thomas to relinquish his midway stock and debt 9 10 the u s district court in chicago dismissed a lawsuit alleging that former officers of midway misled shareholders while selling their own stock 11 in 2010 the bankruptcy court dismissed claims against redstone concerning his sale of the company to thomas and approved midway s plan of liquidation 12 midway terminated the public registration of its securities on june 9 2010 13 history edit arcade games edit midway mfg co began in 1958 as an independent manufacturer of amusement equipment founded by henry ross and marcine wolverton 14 15 it was purchased by bally in 1969 16 bally at that time was a leader in the manufacture of slot machines 17 after some years making mechanical arcade games such as puck bowling and simulated western shoot out midway became an early american maker of arcade video games throughout the 1970s midway had a close alliance with japanese video game publisher taito with both companies regularly licensing their games to each other for distribution in their respective country meanwhile midway s breakthrough success came in 1978 with the licensing and distribution of taito s seminal arcade game space invaders in america 17 this was followed by midway s licensing and distributing the american version of namco s pac man in 1980 and its sequel ms pac man in 1982 18 19 also in 1982 midway became bally midway mfg co after bally merged its pinball division with midway three games released that year including satan s hollow were the first to feature the bally midway brand from the late 1970s through the late 1980s midway was the leading producer of arcade video games in the united states in 1983 bally midway acquired arcade manufacturing assets of sega electronics from gulf and western industries and through the purchase also gained distribution rights to arcade games developed by sega enterprises ltd in the united states for two years which included titles such as astron belt flicky future spy and up n down 20 bally midway was purchased in 1988 by the arcade and pinball game company williams electronics games through its holding company wms industries inc and its name was changed back to midway manufacturing midway moved its headquarters from franklin park illinois to williams s then headquarters in chicago and wms reincorporated midway as a delaware corporation 3 although wms retained many r d employees from the original midway only two game designers were retained rampage designers brian colin and jeff nauman wms obtained the right from bally to use the bally brand for its pinball games since bally had completely left the arcade pinball industry to concentrate on casinos and slot machines under wms ownership midway initially continued to produce arcade games under the bally midway label while producing pinball machines under the bally brand in 1990 under the direction of wms the parent company signed a deal with acclaim entertainment where acclaim gained the home console rights to arcade titles from williams and midway with a right of first refusal clause in any of its arcade games 21 in 1991 however midway absorbed williams video game division and stopped using the bally midway label for its arcade games in 1992 the company s the addams family machine became the best selling pinball game of all time 17 in 1996 wms purchased time warner interactive which included atari games originally a part of atari inc also in 1996 midway changed its original corporate name midway manufacturing to midway games inc due to its entrance in the home console market this was facilitated by wms transferring its former home console division williams entertainment inc to midway the division had previously been known as tradewest which wms had acquired along with its subsidiary leland corporation in 1994 the original arcade division of the company became midway amusement games and the newly created home division was named midway home entertainment 22 spin off and home video game focus edit in 1996 wms made a public offering of midway stock at the same time wms transferred its video game copyrights and trademarks to midway while midway transferred its pinball assets to wms 17 in 1998 wms spun off its remaining 86 8 interest in midway to the wms shareholders making midway an independent entity for the first time in almost 30 years 23 midway kept atari games as a wholly owned subsidiary as part of this spin off midway retained or shared some of the wms executive staff and used some common facilities with wms for a few more years over several years midway gradually terminated all material agreements and executive overlap with wms and had a declining number of common members of its board of directors until it shared only one with its former parent company on december 22 1999 midway changed the name of its atari games subsidiary to midway games west inc 24 to avoid confusion with atari interactive in 2000 its home entertainment division acquired the remaining of psygnosis playstation lineup 25 on june 22 2001 midway announced that it was closing its arcade division due to a decline in the arcade market 26 27 midway shut down midway games west in february 2003 but it remained as an entity after losing money each year since 2000 midway s losses accelerated in 2003 as it lost 115 million on sales of about 93 million 28 despite these losses the company was able to finance its business with stock and debt offerings and various credit arrangements in 2003 sumner redstone a significant minority shareholder since the company s spinoff began to increase his stake in the company and soon owned 80 of the stock 29 in 2004 in an effort to expand its market share midway began a purchasing spree of independent video game development studios to strengthen its product development teams 30 in april 2004 midway acquired surreal software of seattle washington in october 2004 it acquired inevitable entertainment of austin texas which became midway austin in december 2004 it acquired paradox development of moorpark california on august 4 2005 midway acquired privately held australian developer ratbag games the studio was renamed midway studios australia four months later on december 13 midway announced to its employees there that it was shutting the studio down leaving its employees based at that studio without a job two days later on december 15 the studio was closed and its adelaide premises emptied during 2004 and 2005 midway lost 20 million on sales of 162 million and 112 million on sales of 150 million respectively 28 redstone voted his shares to elect his daughter shari redstone to midway s board of directors and later as the chair of the board 28 on february 15 2005 midway signed an agreement with cartoon network to publish games based on properties namely that of cartoon network and adult swim and had option to expand their own properties 31 midway was ranked as the no 4 video game publisher by sales in 2000 5 it was ranked as the no 19 video game publisher in 2005 and had fallen to no 20 in 2006 according to the magazine game developer 32 late 2000s and bankruptcy filing edit in 2006 and 2007 midway lost a further 77 million on sales of 166 million and 100 million on sales of 157 million respectively it continued to finance its business with debt offerings and other credit arrangements 28 as of 2007 midway games was engaged in a legal battle with mindshadow entertainment for the psi ops video game rights mindshadow alleged that midway copied psi ops s story from a screenplay written and owned by their client on december 2 2008 judge florence marie cooper of the united states district court for the central district of california issued a ruling granting summary judgment on all counts in midway s favor judge cooper found no evidence of copyright infringement 33 on march 6 2007 midway reported that it had entered into a new 90 m credit agreement with national amusements a company controlled by sumner redstone 28 midway s ceo david zucker stated that the introduction of unreal tournament 3 and the company s growing success in mass market games were setting it up for a significant 2008 34 on march 21 2008 zucker resigned as ceo he was the third executive to resign from the company in three months succeeding zucker as ceo was former senior vice president matt booty 35 during the summer of 2008 in an effort to trim costs midway closed its los angeles and austin studios 36 these closures left midway with four studios in chicago seattle san diego and newcastle england during this time midway just released tna impact and blitz the league ii around september october 2008 under the midway studios los angeles office before its closure and the san diego branch midway studios san diego midway home entertainment in november 2008 midway reported that its cash and other resources may not be adequate to fund working capital requirements and that it would need to initiate cost cutting measures or seek additional liquidity sources 37 on november 20 2008 midway retained lazard to assist it in the evaluation of strategic and financial alternatives 38 the next day midway received a nyse delisting notice after its stock s price fell below one dollar 39 midway s last title mortal kombat vs dc universe released around this time in november 2008 on december 2 2008 sumner redstone sold his 87 percent stake in midway games to mark thomas a private investor through his company mt acquisition holdings llc 36 thomas s company paid approximately 100 000 or 0 0012 per share thomas also received 70 million of midway s debt that was owed to redstone 7 40 national amusements took a significant loss on the sale although the loss allowed it to benefit from tax losses 41 in december 2008 midway disclosed that it might default on 240 million of debt after the sale of stock to thomas triggered clauses in two bond issues totalling 150 million of debt that allowed the bondholders to demand full repayment 42 in 2008 midway lost 191 million on sales of 220 million and redstone s sale of his shares to thomas eliminated midway s ability to take advantage of accumulated net operating losses and other tax assets potentially worth more than 700 million 10 36 on february 12 2009 midway and its u s subsidiaries filed for bankruptcy protection under chapter 11 of the u s bankruptcy code the company began to operate as a debtor in possession 36 a company spokesperson said we felt this was a logical next step for our organization considering the change in control triggered the acceleration of the repayment options we re looking to reorganize and to come out on the other side stronger 40 2009 sales of assets edit midway announced on may 21 2009 that it had received a takeover bid from warner bros interactive entertainment now warner bros games valued at more than 33 million to acquire most of the company s assets including midway s chicago and seattle studios and rights to the mortal kombat and wheelman series the offer did not include the san diego and newcastle studios or the tna video game series 43 44 midway had previously worked with warner bros on several games including mortal kombat vs dc universe midway announced on may 28 2009 that it would accept binding offers up to june 24 2009 to acquire some or all of the company s assets an auction was to be held on june 29 followed by a court hearing to approve the sale to the winning bidder or bidders however no other bids were placed for midway s assets and so the auction was canceled 45 on july 1 2009 the bankruptcy court approved the sale of most of the company s assets to warner bros 46 subject to the intellectual property claims of a third party threshold entertainment which produced two mortal kombat films and some other mortal kombat entertainment properties 47 on july 8 2009 midway disclosed that it intended to close the san diego studio by september however on august 19 2009 thq purchased the san diego studio for 740 000 and extinguished midway obligations to it 48 49 on july 10 2009 pursuant to the terms of the settlement agreement that was approved by the bankruptcy court midway agreed to pay to affiliates of its majority owner mark thomas approximately 4 7 million in full satisfaction of all midway debt to thomas and his affiliates and thomas and his affiliates granted to midway s creditors committee an irrevocable proxy to vote his controlled shares of common stock in midway and forever relinquished the right to vote or dispose of the shares 50 the settlement reduced thomas s claims by 93 percent 10 and midway continued to operate as a debtor in possession 9 also on july 10 2009 the sale of assets to warner bros was completed the total gross purchase price for the sale was approximately 49 million including receivables and warner bros assumed liabilities the sale also triggered payments under midway s key employee incentive plan of approximately 2 4 million to company executives 9 the midway chicago studio responsible for the mortal kombat series and other games became part of warner bros and was later rebranded netherrealm studios 51 on july 14 2009 midway announced that it had closed the newcastle studio and terminated 75 employees 52 on august 19 2009 midway sold its french and german subsidiaries to holding companies called spiess media holding ug and f f publishing gmbh respectively spiess also purchased midway s london publishing subsidiary on the same day the european sales resulted in cash proceeds of 1 7 million and the elimination of related intercompany claims 48 in september 2009 midway shut down its chicago headquarters and terminated all but a few of its remaining employees many of the former midway employees at the chicago studio acquired by warner bros were retained by warner bros 9 11 53 on october 2 2009 midway and two of its subsidiaries midway home entertainment and midway studios los angeles sold intellectual property assets including midway s tna video game licenses to southpeak games for 100 000 and the assumption of related liabilities 54 midway was no longer selling games and had been disposed of all fixed assets at that time 55 lawsuits and liquidation edit in october 2009 the u s d...