+Audioboxer Subscriber² Posted August 10, 2009 Subscriber² Share Posted August 10, 2009 Following last month's closure of Midway Newcastle, the development team responsible for The Wheelman, it has today been revealed that the remainder of Midway?s UK business has been purchased for approximately ?0.50 (GBP). Midway's managing director for Europe, Martin Spiess, has negotiated the bargain deal, which sees him buy both the Midway Games France and UK offices for ?1, around ?0.86 at the time of writing.Revealed through a new filing with the US' Securities and Exchange Commission, courtesy of UK trade publication MCV, Midway UK and France will now be owned by Spiess Media Holding UG - a German company the SEC report explains was 'formed by Martin Spiess for the purpose of purchasing the shares of [Midway Games UK] and [Midway Games France]'. The deal states that Midway's European teams now have just 90 days to sell the rest of the Midway branded/developed/published stock they have, and a clause in the agreement says the offices must otherwise drop the Midway name immediately. The deal is effectively a management buyout. Midway Germany's general manager Uwe F?rstenberg has similarly negotiated the purchase of the German office, the SEC filing also reveals - although it doesn't specify how much F?rstenberg's outfit F+F Publishing paid. The deal also terminates Spiess' and F?rstenberg's employment with Midway as the ties between the remaining assets of the Midway business and its US HQ are severed. The SEC filing implies that Midway Games US will also eventually benefit from the sale. Spiess and F?rstenberg's winding down of Midway UK, France and Germany should result in the resolution "of certain intercompany obligations" which will mean "a payment of approximately One Million Seven Hundred Thousand Dollars ($1,700,000) from [Midway Games Limited] to [Midway USA] at the closing of the transactions". It?s currently unclear what Spiess and F?rstenberg's intentions for the new businesses are, though once the legal proceedings wind down we?re likely to receive a clearer picture. Electronic Theatre will keep you updated. Source: http://www.electronictheatre.co.uk/index.p...rchased-for-50p Link to comment Share on other sites More sharing options...
DrCheese Posted August 10, 2009 Share Posted August 10, 2009 I wonder how much Debt they had to buy tho :p Link to comment Share on other sites More sharing options...
what Posted August 10, 2009 Share Posted August 10, 2009 Even ignoring debts, they paid too much. Link to comment Share on other sites More sharing options...
Rappy Veteran Posted August 10, 2009 Veteran Share Posted August 10, 2009 couldn't they of negotiated something a bit smaller? :p Link to comment Share on other sites More sharing options...
Vortex566 Posted August 10, 2009 Share Posted August 10, 2009 I would have them 25p at the most ;) Link to comment Share on other sites More sharing options...
Jimmy0 Posted August 11, 2009 Share Posted August 11, 2009 50p? What a rip. Link to comment Share on other sites More sharing options...
+Dick Montage Subscriber² Posted August 11, 2009 Subscriber² Share Posted August 11, 2009 50p = 1 credit! Link to comment Share on other sites More sharing options...
The Teej Posted August 11, 2009 Share Posted August 11, 2009 Somehow, I find this hard to believe... Link to comment Share on other sites More sharing options...
+Dick Montage Subscriber² Posted August 11, 2009 Subscriber² Share Posted August 11, 2009 Why? Link to comment Share on other sites More sharing options...
The Teej Posted August 11, 2009 Share Posted August 11, 2009 Why? Because I have -never- heard of any company being sold off for 50p, regardless of their debt issues. Link to comment Share on other sites More sharing options...
+Dick Montage Subscriber² Posted August 11, 2009 Subscriber² Share Posted August 11, 2009 Then you follow very little business news. It's common place for companies to be sold at a nominal value that to Joe Public seems redundant - but it's so that a valid legal transaction can take place, and works with debts that are major and little credit. Link to comment Share on other sites More sharing options...
]SK[ Posted August 11, 2009 Share Posted August 11, 2009 I've seen lots of ?1 purchases of businesses. Link to comment Share on other sites More sharing options...
neoadorable Posted August 12, 2009 Share Posted August 12, 2009 do you think that money was actually deposited somewhere, or was it only for face value? still, they're not alone, i seem to recall similar fates befell Ocean, US Gold and maybe Rainbow. Seems like the UK gaming biz is very volatile. Link to comment Share on other sites More sharing options...
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