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 Warner Bros. Acquires Midway for Opening Bid; No One Else Interested |
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Jun 29, 2009 - 10:25 PM - by Krayzie Bone
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Warner Bros. Acquires Midway for Opening Bid; No One Else Interested
June 29, 2009 | 11:13 AM PST
It seems that the long, sordid, tragic tale of Midway for the past year may finally be at an end, as Warner Bros. emerged the sole bidder for the ailing company. The cost? A mere $33 million, and that doesn't include the San Diego or Newcastle studios.
Indeed, Warner Bros. acquired Midway for no more than their opening bid, as the LA Times reveals that no one else even stepped forth to compete. A few "kicked the tires," so to speak, but that's about as far as it went. "No other bids came in, so there's not going to be an auction," confirmed Midway's spokesman, Geoff Mogilner.
Of course, the whole deal isn't in the clear yet. The Delaware court which is overseeing Midway's bankruptcy proceedings first has to resolve the complaints issued by numerous creditors regarding the acquisition process, including this piece of absurdity. And apparently, Vin Diesel's Tigon Studios says the movie star is still owed $200,000 for his work on Midway Newcastle's recently-released Wheelman title.
These issues and others will be addressed on the first of July. Once resolution is found and the bankruptcy court approves the bid by Warner Bros., it will be ten more days before the acquisition is closed, according to Mogilner.
The LA Times also states that this deal will see to it that Warner Bros. acquires most (not all)... [Read More]
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