Surprise surprise... After filing for bankruptcy last month, Midway continues on the seemingly inevitable downward spiral and the Mortal Kombat franchise may very well change hands. Below is the full article from 1up:
"Midway is barely keeping its head above water in the midst of bankruptcy proceedings. But that might not last much longer, as it appears that they are looking to sell their few remaining assets. And offer their executives some tidy bonuses in the process.
According to documents obtained by netDockets (via Kotaku), Midway has set certain goals in its fight to remain afloat. The first is selling Wheelman, which was accomplished in an agreement with Ubisoft.
After that, it's all about the "execution of an asset purchase agreement for the sale of Midway's Mortal Kombat franchise assets." And if that and other goals are accomplished, that could mean $3,755,000 for the company's remaining executives.
The money will reportedly come from the fund set aside for paying former employees their remaining paid personal time off. Internal memos show that Midway's original promise of payment has been suspended until "the relevant classes of claims under the Chapter 11 case are resolved," and then "only to the extent that resolution provides for payment."
"Midway is barely keeping its head above water in the midst of bankruptcy proceedings. But that might not last much longer, as it appears that they are looking to sell their few remaining assets. And offer their executives some tidy bonuses in the process.
According to documents obtained by netDockets (via Kotaku), Midway has set certain goals in its fight to remain afloat. The first is selling Wheelman, which was accomplished in an agreement with Ubisoft.
After that, it's all about the "execution of an asset purchase agreement for the sale of Midway's Mortal Kombat franchise assets." And if that and other goals are accomplished, that could mean $3,755,000 for the company's remaining executives.
The money will reportedly come from the fund set aside for paying former employees their remaining paid personal time off. Internal memos show that Midway's original promise of payment has been suspended until "the relevant classes of claims under the Chapter 11 case are resolved," and then "only to the extent that resolution provides for payment."
