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While the company's market worth is down nearly 90 percent from a year ago, the executives will be happy to sell it for anything at this point.
Variety is reporting that $30 million will be the asking price for games publisher Midway. This amount was agreed upon by the company's creditors, its executives, the court of law and the current owner Mark Thomas.
Additionally, some 28 "key employees" will receive $600,000 when a sale is agreed upon and another $1 million bonus when the sale is finalized. This is much less than the $3.755 million bonus pool detailed originally.
Part of this plan includes an "asset purchase agreement" that allows the various assets of Midway to be sold individually so long as the total of $30 million is reached. Midway also must meet "employee hire conditions," securing key personnel before a sale is made, in order to ensure a bonus.
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- •Midway Closes Corporate Office
- •Amid Midway / Warner Bros. transition, Midway name up in the air
- •Midway Newcastle Struggles for Life
- •Midway Sets Itself Up for Auction
- •Midway Owners, Board Members Sued by Creditors
- •Midway May Be Purchased by Warner Bros.
- •Midway Price Tag at $30 Million
- •Rumor: Three companies looking to purchase Midway
- •Midway teases new game, details expected soon
- •Midway Looking to Unload Mortal Kombat
- •Midway owes millions to Epic, NBA, Warner Bros and many more
- •Midway Safe Until February 12
