Well, it seems as if Midway is getting closer to the grave. This past weekend, the wall street journal reported, that Summer Redstone (the majority controller in Midway) sold off his majority stock for $100,000. Now you might be thinking that buying the majority of a company for that low, roughly $0.0012 per share, is a great deal. But by taking on the majority of stock, investor Mark Thomas also took on the $70 million in secured and unsecured debt associated with the company. With Midway possibly losing their listing on the NYSE soon, it appears that the company will be under sooner than later. Which is a shame as MK vs DC turned out to be a great property along with TNA Impact that did well in sales, it appeared that they could get back on their feet. Sadly I don’t see this happening and my guess is we will see a sale of the company/properties by the end of the year if not early 1st quarter of next year.
One more nail for Midway
December 1, 2008
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