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 Another giant game company "Midway" goes bankrupt

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TSEdison83
post Mar 31 2009, 11:20 AM, updated 17y ago

No Games No Life.
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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
TSEdison83
post Mar 31 2009, 02:14 PM

No Games No Life.
******
Senior Member
1,374 posts

Joined: Jun 2008
From: Red Comet




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

 

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