List Of Midway's Debts

[Hidinger]

When someone files for Bankrupcy their debts, along with the paperwork, become open to the public. Now I did not hunt these records down, I just jacked them off of a message board....but I am guessing they are probably real. It must be hard to be a game company.

My guess is that the Warner Brothers amount is what it costs to use 10 or 11 DC Comic characters in a game. WoW...simply WoW.

P.S. Anyone wonder what they are doing oweing Gamestop and Sears money?

* Wells Fargo Bank - $150,000,000

* Acquisition Holdings Subsidiary - $40,000,000 unsecured loan

* National Amusements, Inc. - $20,147,864

* NBA Properties, Inc. - $17,294,849 (License/royalty settlement)

* Tangible Media, Inc. - $8,675,954

* Warner Bros. Interactive - $6,654,203

* Artificial Mind & Movement - $2,000,000

* Epic Games - $1,975,000 (License/Royalties)

* Walmart - $1,576,035

* Far Sight Technologies - $1,279,151

* Best Buy - $1,114,036

* Target - $934,156

* Technicolor Video Services - $637,769

* Toys R Us - $615,276

* Ditan/Synergex Canada - $578,316

* CBS Outernet - $314,600

* David Zucker - $300,000 (severance pay)

* Multi Packaging Solutions - $287,036

* A.A.F.E.S Headquarters - $276,314

* Kmart - $218,497

* Tigon Studios - $200,000(license/royalties)

* Hollywood Entertainment - $190,982

* TNA Entertainment - $160,000 (license/royalties)

* Professional Films, Inc. - $150,000

* Synergex - Latin America - $149,027

* Pioneer.JB Marketing - $133,353

* Eclipse Advertising - $132,687

* GameStop - $127,250

* Sear, Roebuck - $125,495

[triverse]

I see a lot of $1 million + debts there. And the Warner Bros thing, probably that is for multiple games, not just the one that got released (or it could be the one MK crossover game, that could explain why you don't see many licensed DC games anymore).

I agree though:

WOW

[akator]

P.S. Anyone wonder what they are doing oweing Gamestop and Sears money?

* Walmart - $1,576,035

* Best Buy - $1,114,036

* Target - $934,156

* Toys R Us - $615,276

* Kmart - $218,497

* GameStop - $127,250

* Sear, Roebuck - $125,495

Yeah, that's a good question.

From what I've read about past developers filing Chapter 11, it's almost always because they "advance" merchandise to the retailers. When the retailers can't meet the debt (like Circuit City), the developers and publishers are out of luck. When Circuit City declared bankruptcy, I remember reading some enormous figure of how much they owed game companies. I recall a TV interview (don't remember from where) in which a developer said Circuit City owed them over $6M, and Circuit City's bankruptcy would hurt the developer very badly.

So why is Midway in debt to any of the retailers? I would think it would be the other way around. What did Toys R Us do that Midway would owe them over $500K?

[triverse]

So why is Midway in debt to any of the retailers? I would think it would be the other way around. What did Toys R Us do that Midway would owe them over $500K?

The only thing I can figure is that Sears and Gamestop and TRU have some kind of 'fulfillment' requirement in their contracts. In other words, if the stuff doesn't sell, Midway, or whatever company, would buy it back at the cost it was sold to the store for. That could create a debt going the other way.

[KiwiArcader]

* Acquisition Holdings Subsidiary - $40,000,000 unsecured loan

Geez .... $40mill unsecured? Is that a seperate Company? If it is they will be packing themselves over this I bet....

[Hidinger]

Geez .... $40mill unsecured? Is that a seperate Company? If it is they will be packing themselves over this I bet....

I believe that is a loan they took out a few years ago when they were starting to tank. They were hoping Mortal Kombat Deception would bring them out of their rutt (I think the Blitz games were even all but forgotten at that time). I would really REALLY hate to be the unsecured guy. That moves them back to the end of the line.

* Pioneer.JB Marketing - $133,353

* Eclipse Advertising - $132,687

I think I found the epic fail. MILLIONS in debt and only 266,000 in advertising. Maybe they should have advertised a little more.

[triverse]

I think I found the epic fail. MILLIONS in debt and only 266,000 in advertising. Maybe they should have advertised a little more.

That (pay attention Sony!!!) or they could release quality games worth buying (again, pay attention Sony with your PSP).

[akator]

The only thing I can figure is that Sears and Gamestop and TRU have some kind of 'fulfillment' requirement in their contracts. In other words, if the stuff doesn't sell, Midway, or whatever company, would buy it back at the cost it was sold to the store for. That could create a debt going the other way.

That makes sense. But isn't that also counter-productive to business in general? Is that a common practice with game developers/publishers these days? If so, I expect that many more companies will be having trouble...

I think I found the epic fail. MILLIONS in debt and only 266,000 in advertising. Maybe they should have advertised a little more.

That (pay attention Sony!!!) or they could release quality games worth buying (again, pay attention Sony with your PSP).

Agreed completely.

[rant]

To add, Sony could really get a clue with the PS3 as well. All that bluster and no storm. Sure, they're gradually coming out with stuff now, but it's a day late and a dollar short.

Ignoring the PS3 launch problems in the US, and how Sony completely screwed that up, a simple look at history provides some reasons for the PS3's problems. The PS2 had a lackluster launch library, but 1 year into the console's release there was a lot of SCE content. The third party developers/publishers followed and took over. 1 year after the PS3's release, there weren't enough SCE or 3rd party titles to justify buying the system for most people. 2 years into the console, and Sony was were they were at with the PS2 within the first 6 months.

The PSP is an amazing blunder. It's interesting that PSP sales increased after the iPhone was released, and that the sleekness and coolness of the iPhone boosted the PSP. Makes me wonder just how much could have been possible, considering the PSP was available over 2 years before the iPhone...

To Sony's credit, the PSP recently crossed 50M in hardware sales. Prior to the PSP, the Sega Game Gear was the only handheld not made my Nintendo to reach 10M. I suppose that is worth something...

[/rant]

[triverse]

[rant]

To add, Sony could really get a clue with the PS3 as well. All that bluster and no storm. Sure, they're gradually coming out with stuff now, but it's a day late and a dollar short.

Ignoring the PS3 launch problems in the US, and how Sony completely screwed that up, a simple look at history provides some reasons for the PS3's problems. The PS2 had a lackluster launch library, but 1 year into the console's release there was a lot of SCE content. The third party developers/publishers followed and took over. 1 year after the PS3's release, there weren't enough SCE or 3rd party titles to justify buying the system for most people. 2 years into the console, and Sony was were they were at with the PS2 within the first 6 months.

The PSP is an amazing blunder. It's interesting that PSP sales increased after the iPhone was released, and that the sleekness and coolness of the iPhone boosted the PSP. Makes me wonder just how much could have been possible, considering the PSP was available over 2 years before the iPhone...

To Sony's credit, the PSP recently crossed 50M in hardware sales. Prior to the PSP, the Sega Game Gear was the only handheld not made my Nintendo to reach 10M. I suppose that is worth something...

[/rant]

The problem is that Sony is not supporting the PSP like they should either. I mean, sure, release a great system (console or handheld) and support it like they did the PSOne and PS2 and it will take off. A lot of people will say so what about PSP selling over 50 million units worldwide, that you should look at the games being sold (in the US, I believe the average game sales is around 100,000 to 130,000 units a month). Well, the problem is, Sony is marketing the PSP not just as a game machine, they are marketing it as the all in one wonder for everyone (and everyone that buys one is not going to be buying games).

[akator]

The problem is that Sony is not supporting the PSP like they should either. I mean, sure, release a great system (console or handheld) and support it like they did the PSOne and PS2 and it will take off. A lot of people will say so what about PSP selling over 50 million units worldwide, that you should look at the games being sold (in the US, I believe the average game sales is around 100,000 to 130,000 units a month). Well, the problem is, Sony is marketing the PSP not just as a game machine, they are marketing it as the all in one wonder for everyone (and everyone that buys one is not going to be buying games).

Agreed again

The PSP has amazing games available for it, especially considering it's a handheld. Throughout the PSP's life, its games have been compared to the PS2. Rarely has anyone stepped back and said, "This amazing PS2 port is on a *gasp* handheld?!!!" For some strange reason, Sony hasn't pointed that out.

There are tons of PSP games that are original as well. Somehow all of the PSP greatness has been lost in the shuffle. Sony hasn't promoted PSP games that should have been, and successful titles were cut short by limited production. How many late PSP adopters had a chance to buy Ridge Racer or Infected new in the store? Not many, because Sony killed early titles and they could only be purchased used.

When companies complain about "used games" stealing revenue, they are themselves often to blame by not making the popular titles available throughout the game's potential lifespan.

Not quite a rant

[Hidinger]

Agreed again

The PSP has amazing games available for it, especially considering it's a handheld. Throughout the PSP's life, its games have been compared to the PS2. Rarely has anyone stepped back and said, "This amazing PS2 port is on a *gasp* handheld?!!!" For some strange reason, Sony hasn't pointed that out.

There are tons of PSP games that are original as well. Somehow all of the PSP greatness has been lost in the shuffle. Sony hasn't promoted PSP games that should have been, and successful titles were cut short by limited production. How many late PSP adopters had a chance to buy Ridge Racer or Infected new in the store? Not many, because Sony killed early titles and they could only be purchased used.

When companies complain about "used games" stealing revenue, they are themselves often to blame by not making the popular titles available throughout the game's potential lifespan.

Not quite a rant

I am not getting off on a rant here...no matter how hard you try to draw me into one.

Sony screwed the PSP when they made it a lack luster video player. The stupid UMD ruined the PSP. People can never look at it the same after that. Not to mention the original PSP had a battery life of like 13 minutes (I exagerate but you still could not play some games for longer then an hour or two without plugging in). People want a handheld with serious battery life for those long road trips or really boring meetings. You could not get that with the original PSP. You could watch grainy videos (again some only if you were plugged in). Between those two things Sony screwed the PSP and even though it now has a lot of awesome games and the new version has better battery life....it just isn't enough to overcome the earlier bad press.

[triverse]

I am not getting off on a rant here...no matter how hard you try to draw me into one.

Sony screwed the PSP when they made it a lack luster video player. The stupid UMD ruined the PSP. People can never look at it the same after that. Not to mention the original PSP had a battery life of like 13 minutes (I exagerate but you still could not play some games for longer then an hour or two without plugging in). People want a handheld with serious battery life for those long road trips or really boring meetings. You could not get that with the original PSP. You could watch grainy videos (again some only if you were plugged in). Between those two things Sony screwed the PSP and even though it now has a lot of awesome games and the new version has better battery life....it just isn't enough to overcome the earlier bad press.

Sorry, but that line had me laughing.

Back on topic though, Sony should have looked at history, the battery life issue is usually what killed most of the competition to the Gameboy. I mean, look at the Nomad, awesome system but had a battery life of literally minutes. Game Gear, again great but had so little battery life that it was an enormous drain on the pocket book. Nintendo constantly harped on the fact that they could have done this or that earlier in the life of the Gameboy but they wouldn't because it was too big a drain on batteries.

[Hidinger]

Sorry, but that line had me laughing.

Back on topic though, Sony should have looked at history, the battery life issue is usually what killed most of the competition to the Gameboy. I mean, look at the Nomad, awesome system but had a battery life of literally minutes. Game Gear, again great but had so little battery life that it was an enormous drain on the pocket book. Nintendo constantly harped on the fact that they could have done this or that earlier in the life of the Gameboy but they wouldn't because it was too big a drain on batteries.

Exactly. No one buys a handheld device for almost the price of a PS2 just so they can be tethered to a wall outlet.

[triverse]

Exactly. No one buys a handheld device for almost the price of a PS2 just so they can be tethered to a wall outlet.

Which is funny because you can complete the circle of turning the PSP into a console needing a TV with the TV-Out cables they made available. Personally I don't use them (not sure if anyone really uses them). But there have been times in the past that I would have loved to have a TV-Out option on a handheld, mainly the early Gameboy systems due to the poor screen they built in.

[KiwiArcader]

Just compare it to the competition.

Nintendo release the NDS. Nowhere near the therorectical power of the PSP but the battery lasts for a whole lot longer than the PSP's anaemic battery & they put out ALL their major players on it. Mario Kart, Super Mario, Metroid etc ..... and it sells by the bucket loads. I consider the touch screen a nice little extra. It opened up other avenues for games like Nintendogs etc but it would've done almost as well without it when you look at most of the games not even requiring its use.

And then there's the fact Mum & Dad could upgrade their kids to a new Nintendo and yet they could still play their old GBA games from their previous Chrissy presents. While the power draw on GBA games is more than NDS games from what I've heard they still run longer than the PSP and its crazy power requirements spinning up a UMD all the time.

[Hidinger]

Which is funny because you can complete the circle of turning the PSP into a console needing a TV with the TV-Out cables they made available. Personally I don't use them (not sure if anyone really uses them). But there have been times in the past that I would have loved to have a TV-Out option on a handheld, mainly the early Gameboy systems due to the poor screen they built in.

I actually opened up my old Nintendo Advance and hooked it up to a set of AV cables (soddered them into the wiring of the GBA) so it actually worked as a console in that reguard. It looked kinda funky but worked awesome.

[triverse]

I actually opened up my old Nintendo Advance and hooked it up to a set of AV cables (soddered them into the wiring of the GBA) so it actually worked as a console in that reguard. It looked kinda funky but worked awesome.

Do you have a schematic or anything for that 'operation'?

[Hidinger]

Do you have a schematic or anything for that 'operation'?

I am such a freaking nerd sometime that yes...I have the schematic I made in the process. It really isn't nearly as bad as one would think. I will try to find it when I go to my mothers house for my birthday this weekend.

[triverse]

I am such a freaking nerd sometime that yes...I have the schematic I made in the process. It really isn't nearly as bad as one would think. I will try to find it when I go to my mothers house for my birthday this weekend.

Scan it when you find it, I am interested in seeing it. Not that I have the nerves to do it (love my little GBA SP) but I could be persuaded to pick up a regular GBA and 'operate' on it.

[ocelot]

I hope Midway comes out of it. I have such an attachment with them for they were so back at the rise and fall of video games. Moreover I love Mortal Kombat so much!

[triverse]

Kotaku has an article up about the 'bonuses' that Midway has handed out since the bankruptcy filings for those interested in keeping up with this situation.

http://kotaku.com/5191320/midway-in-troubl...ecutive-bonuses

[Thor]

I actually opened up my old Nintendo Advance and hooked it up to a set of AV cables (soddered them into the wiring of the GBA) so it actually worked as a console in that reguard. It looked kinda funky but worked awesome.

I actually bought this attachment that you take the back off the old GBA and put this new back on and plug the cable right into the same spot where the gba screen is already plugged into on the motherboard and then you put it all back together and you have the option to plug the GBA into a TV via AV cables. This of course was before the GBA Player for the GCN.

If your interested I found a site that talks about it and explains it better than my tired self.

http://www.gameboy-advance.net/accessories..._tv_adapter.htm