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-- Midway files for Chapter 11 Bankruptcy

Midway files for Chapter 11 Bankruptcy

Source: http://www.joystiq.com/2009/02/12/m...for-chapter-11/

Who else isn't surprised?

Not surprised but kinda sad anyway.

I've always had a soft spot for Midway. Even though the company hasn't done much special recently (though I gotta admit, I'm absolutely loving MK vs. DC when playing against somebody that isn't the computer), back in the day, it was all about Hangtime, Showtime, and Blitz...all Midway creations.

Hopefully they get out of this funk they are in.

Don't forget KI and the Cruisin' series. Say what you will about them, but they were some of the most popular arcade games about a year or two before the N64 dropped.

quote:

Originally posted by miamitranceman Don't forget KI and the Cruisin' series. Say what you will about them, but they were some of the most popular arcade games about a year or two before the N64 dropped.

KI is still awesome. but sad for Midway, hopefully they can get out of this.

quote:

Originally posted by miamitranceman Don't forget KI and the Cruisin' series. Say what you will about them, but they were some of the most popular arcade games about a year or two before the N64 dropped.

As a kid, I seriously thought Cruisin' USA in the arcades was the best game ever. I loved the N64 version as well, but of course, the arcades always did it better.

They REALLY need to bring Killer Instinct back. I'm betting it would be received really well.

Karnov for NES, 1942, 1943

Killer Instinct was made by RARE, who also hasnt made much new/groundbreaking in years.

Midway just published it. Midway's games were generally just arcade ports to consoles, like Rush (which was pretty cool too)|

Ahh yes, my bad, KI was a Rare property. So if we see it again, it'll be on the 360.

quote:

Originally posted by biznology Killer Instinct was made by RARE, who also hasnt made much new/groundbreaking in years. Midway just published it. Midway's games were generally just arcade ports to consoles, like Rush (which was pretty cool too)|

That's true.

Good call on Rush...another gem.

quote:

Here is a List of Bankrupt Midway's Creditors Revealed: Following yesterday's announcement of a bankruptcy filling, GamePolitics has obtained the list of Midway's top 30 creditors. In plain English: the companies Midway owes money to. * Wells Fargo Bank - $150,000,000 * Acquisition Holdings Subsidiary - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008) * 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

Source: http://news.teamxbox.com/xbox/18885...itors-Revealed/

The top 3 of those alone amount to over 200 million dollars. Holy shit.

quote:

Originally posted by CONNERMAN2000 The top 3 of those alone amount to over 200 million dollars. Holy shit.

And it's about to get even deeper seeing as they have an ungoing deal with epic for the upcoming UT3 expansion.

Something tells me the disappointing sales of UT3 had something to do with this overall financial turmoil Midway is experiencing. There was this big deal about how they were going to be the publishers...yet when the game launched, nobody seemed to really care.

quote:

Originally posted by CONNERMAN2000 I've always had a soft spot for Midway. Even though the company hasn't done much special recently (though I gotta admit, I'm absolutely loving MK vs. DC when playing against somebody that isn't the computer), back in the day, it was all about Hangtime, Showtime, and Blitz...all Midway creations. Hopefully they get out of this funk they are in.

I'm glad they got MK vs. DC out first... good times.

quote:

Originally posted by CONNERMAN2000 Something tells me the disappointing sales of UT3 had something to do with this overall financial turmoil Midway is experiencing. There was this big deal about how they were going to be the publishers...yet when the game launched, nobody seemed to really care.

This seems to be the general impression, and yet, from what I hear, UT3 was a commercial success.

quote:

Originally posted by Cpt.Cocaine This seems to be the general impression, and yet, from what I hear, UT3 was a commercial success.

Really? Every time UT3 is brought up in gaming journalism, it's usually accompanied by the words "disappointing" and "lackluster"...and I'm not talking about the game itself, but rather its commercial reception.

Still, 'disappointing' can mean a lot of things. Some companies expect millions in sales, and when they get 1 million less than their projection, it's considered bad. Unreal Tournament is a rather huge franchise with a big following; I think Midway was expecting the game to be a helluva lot bigger than it was.

quote:

Originally posted by david.michael I'm glad they got MK vs. DC out first... good times.

I've only played it twice, but both of those were a blast. The fighting engine isn't particularly deep, but its accessible enough that drunk asses like my buddies and I can have a good time regardless of whether we actually know what the fuck we are doing.

You guys forgot Wayne Gretzky's 3D hockey. The BEST arcade hockey game in evar!

Fuck EA and their slow, cumbersome, "realistic" sports games. I want brick walls, bone-crunching hits, and 2 buttons to control the action!

quote:

Originally posted by Spam You guys forgot Wayne Gretzky's 3D hockey. The BEST arcade hockey game in evar! Fuck EA and their slow, cumbersome, "realistic" sports games. I want brick walls, bone-crunching hits, and 2 buttons to control the action!

I agree with the old-fashioned approach to sports games being more fun (albeit, I'm not a sports fan.) But I still bust out NHL '94, my personal fav.

quote:

Originally posted by CONNERMAN2000 Really? Every time UT3 is brought up in gaming journalism, it's usually accompanied by the words "disappointing" and "lackluster"...and I'm not talking about the game itself, but rather its commercial reception. Still, 'disappointing' can mean a lot of things. Some companies expect millions in sales, and when they get 1 million less than their projection, it's considered bad. Unreal Tournament is a rather huge franchise with a big following; I think Midway was expecting the game to be a helluva lot bigger than it was.

http://www.shacknews.com/onearticle.x/51722

Over one million. Maybe I'm misinterpreting the tone of the article, but it doesn't sound like they're all that disappointed about it.

I know what you're saying though. UT3 barely ever gets mentioned, and if you go online there's never anyone playing it (though I suspect the shittyness of gamespy has more to do with it). That doesn't mean the game wasn't profitable though. Also, it could just be that epic's gears franchise keeps stealing the spotlight.

quote:

Originally posted by Cpt.Cocaine http://www.shacknews.com/onearticle.x/51722 Over one million. Maybe I'm misinterpreting the tone of the article, but it doesn't sound like they're all that disappointed about it. I know what you're saying though. UT3 barely ever gets mentioned, and if you go online there's never anyone playing it (though I suspect the shittyness of gamespy has more to do with it). That doesn't mean the game wasn't profitable though. Also, it could just be that epic's gears franchise keeps stealing the spotlight.

Wow, had no idea that the 1 million milestone had been achieved. For that reason, calling UT3 a flop wouldn't be doing justice...but then again, you have to remember that the 1million accounts for BOTH the PC and the PS3. I think if you were to compare these numbers to previous UT installments, you would see that UT3 really didn't do all that well.

And yes, it's hard to judge what the article is saying when you consider the tone. They seem to be congratulating the fact that the 1million milestone has been reached...but there are a few things that aren't really addressed.

One is how long it took UT3 to hit that mark...maybe sales surges occurred due to forced price drops that needed to occur as a result of disappointing sales prior to that event. We have no idea.

Any how much money was spent on production? A big way to gauge the success of a title is how much of a profit there was. We never hear of any UT3 success stories, and your observation on the almost total lack of people playing online sort of proves that.

quote:

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

waitwaitwait...

This is just a small story.
I play tested one of their upcoming games a few weeks ago. I did agree to do it for a very low payout, $20. While other game sessions have scored me bigger payouts via check, the curious thing about Midway is not only did they pay it to me in cash, but in 20 $1 bills. The way they were arranged and conditioned seemed to me like they had all scrounged their wallets for them in an attempt to preserve their $20 bills.

quote:

Originally posted by miamitranceman Don't forget KI and the Cruisin' series. Say what you will about them, but they were some of the most popular arcade games about a year or two before the N64 dropped.

that was RARE

anyways, i hated midway games anyways, save for rampage and nba jam

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