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New owner: Midway “hemorrhaging cash at an alarming rate”

Tuesday, 3rd March 2009 11:00 GMT By Patrick Garratt

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This just gets rosier. According to a filing made by new Midway owner Mark Thomas, Midway’s going to very quick cash from Acquisitions Holding Subsidiary, his shell company, and he wants his investment collateral protected.

“It is beyond dispute that [Midway has] an immediate need to access and use AHS’s Cash Collateral,” said the filing.

“Nor can it be disputed that, based upon the Debtors’ 13 week forecasted Budget, [Midway is] hemorrhaging cash at an alarming rate. Indeed, the [Midway] Budget indicates that between February 9, 2009 and May 4, 2009, [Midway] will burn through approximately $12,392,598 in cash representing an approximately 75% depletion of its cash reserves.”

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