Midway Sold for $0.0012 per Share

Posted on Dec 2, 2008 at 1:39 AM Comments:0

The 20-year-old Mortal Kombat Publisher Midway has been sold by its owning investor Sumner Redstone for the rock-bottom price of Rob Crossley00,000, a Midway regulatory filing confirms.

Sumner Redstone, the 85-year-old chairman of National Amusements sold the company at Midway Sold for $0.0012 per Share.0012 per share on November 28. Midway investors National Amusement Inc. and Sumco also sold a combined 68 million Midway shares. Combined, the three parties sold approximately an 87.2 percent stake in the company.

Though that selling price seems absurd at face value, in selling Midway Redstone will make an $800 million tax saving for National Amusements. The firm is reported to have an outstanding debt of Rob Crossley.6 billion.

A Wall Street Journal reported said that an investor, Mark Thomas, purchased Midway.

The future of Midway, which recently understood it may be delisted from the NY Stock Exchange, hangs in the balance.

Update: Added Midway filing information.


Via:NextGen Latest News
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