Midway's current financial problems (it's currently in Chapter 11 bankruptcy protection) has taken the game publisher through the court system. Now Variety reports that the government-appointed trustee that is going over the bankruptcy proceedings is not happy with some previously reported bonuses that are being given to key Midway executives and employees.

Those bonuses included the selling of their just released Wheelman game to Ubisoft. More bonus money is available if the team can sell off the Mortal Kombat franchise or submit plans to reorganize. Bonus money is paid even if Midway is liquidated. The trustee and the group of unsecured creditors trying to get their money back from Midway slammed the company for these actions.

The report goes after the bonus plan for giving out money for a deal that was made before the bonus deal was written up (the Wheelman sale). In addition they stated, "Selling 'Mortal Kombat' or submitting/completing a reorganization plan are the main jobs of Midway employees now, not something special for which they should be incentivized." They also called the amount of the bonuses, which is worth a total of $3,755,000, 'outrageous' Variety reports that a new 'key employee incentive plan' will be filed by Midway on Tuesday.

source http://news.bigdownload.com/2009/03/30/mid...-tru/#continued

Wrong section bro

Haha, another capitalism company who fully make use of financial law loophole. It's interesting to me that the article did not mention under which section of the Chapter 11 the company is filed under.

Oh by the way, dont take the word "bankruptcy" seriously like the company is going to close down soon enough. In fact, according to US Chapter 11 Bankruptcy act, Midway is going to survive longer than any other game developer who is not filed "bankruptcy".

lol, no wonder cant find it in gamers hideout
rupa nya i salah post tempat, can mod pls transfer this to gamers hideout area?

But mortal kombat is being sold off...was a bad game anyway after the arcades

UT3 become sucky after them.

Not surprised that they are going to bankupt now.

Next one would probably be THQ.

All this happened last month. Ironically, this only affect Midway US as Midway Europe are doing ok, so I've read.

on the contrary i believe thq does produce some of the good game such as company of heroes and few other...well not sure if they gonna go bankrupt but for me i go on with their games....the only company i wish that should shut their business down is electronic art because they like to mess up a good game..well but likely its not going to happen anyway...

They did have made some good games,but as far as i know,they arent doing well,financially.

EA has improve a lot since last year,IMO.

This post has been edited by Cheesenium: Mar 31 2009, 06:35 PM

Everyone knows Midway is on its way out.

Slowpokes. Everyone in LYN.

you're such a fastpokes. NO. a poker face

R.I.P Midway

This post has been edited by ulwan25: Mar 31 2009, 07:22 PM

The news that Midway was gonna go bankrupt was announced during January so thats no surprise to me

Nevermind. Midway games suck anyway.

it's all marketting and corporate business strategies...


i believe only certain THQ games are qualified to be considered good... among all the games they did... and i don think it's enough to support the whole company...

No midway...
I like the arcde boat game.