Mark Thomas

Midway Creditors sue Redstones, Mark Thomas over leaving Midway “insolvent”

Creditors are suing several parties involved in the recent bankruptcy and original sale of Midway, including Mark Thomas, and Sumner Redstone along with his daughter Shari and his holding company, National Amusements.The lawsuit stems from what the creditors called a “breach of fiduciary duty, corporate waste and unjust enrichment” pertaining to the financial crisis within […]

12 years ago

Mark Thomas headlines

  • Court report shows Midway will be broke by June

    Mark Thomas, the owner of Midway, filed a document with the to US Bankruptcy Court last week that reveals the company will run out of cash by June.GamePolitics got hold of the 44-page document, and this is what was discerned: Midway will run out of cash in late June Midway has no games set to […]

    12 years ago
  • Sumner and Shari Redstone subpoenaed over Midway sale

    Sumner Redstone and his daughter Shari have been subpoenaed by the US Bankruptcy Court of Massachusetts over the sale of Midway shares to Mark Thomas.Thomas purchased the Redstones’ share in Midway for $100,000, inheriting a $70 million debt with it.His reasoning for accepting those terms was due to $30 million of the debt being secured, […]

    12 years ago
  • New owner: Midway "hemorrhaging cash at an alarming rate"

    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 […]

    12 years ago
  • Midway sold for $0.0012 per share

    According to this Reuters report, quoting the Wall Street Journal, Sumner Redstone has sold his 87 percent share in Midway to investor Mark Thomas for $100,000, or $0.0012 a share.Thomas will assume $70 million of senior secured and unsecured debt.The sale amounts to a significant loss on Redstone’s investment but secures a hefty tax benefit […]

    12 years ago