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Intellectual Property Law

: Video Game Law Blog

Midway Games Bankruptcy Dispute Settled

By Chris Bennett, Tudor Carsten, Michael R. Coburn, Sarah Dale-Harris, Pablo Guzman, Danielle (Dani) Lemon, Chris Metcalfe and David Spratley

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Submitted by Sylvie Lang

The legal dispute between Midway Game's unsecured creditors committee and its majority shareholder, Mark Thomas, over the company's bankruptcy has been settled. The creditors asked a Delaware bankruptcy judge to approve the settlement on June 4, 2009. Thomas has accepted a $5 million payment, a fraction of the $30 million secured claim that made him the video-game maker's first ranking creditor. The settlement also eliminates Thomas' $40 million unsecured claim. Thomas will be paid either on the effective date of reorganisation or when the sale of Midway's assets closes, whichever occurs first.

Coverage at Chicago Tribune.com

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Full post as published by Video Game Law Blog on June 11, 2009 (boomark / email).

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