Midway Files For Bankruptcy

[Smacktalks]

Midway Games, publisher of TNA's first video game, TNA iMPACT!, has filed for bankruptcy. Click here to read the press release. Midway Games still has plans to release a sequel to the TNA video game later this year.

Source: finance.yahoo.com

[ALL STAR]

Im guessing this means the end of TNA iMPACT or it will get sold to anouther company like what happed to Wheelman.

[jitz]

Nah this is where bankruptcy is very complicated. There's so many different types of bankruptcy, and you essentially need a lawyer to explain them all properly.

Basically chapter 11 bankruptcy (which Midway filed) means companies that they stay in control of the company while they search for other lenders to borrow money off of, and they can give those new lenders preferential treament when profits roll in. There's also other clauses too, so they can cancel contracts that aren't guaranteed good returns, effectively pulling out of publishing agreements they made when they thought they had more money then they did.

So essentially it means they can get into far worse debt then they're already in if they don't turn a profit soon. They'll just shift focus to core titles which are guaranteed profits (which they announced months ago anyways), core titles for Midway being Mortal Kombat and TNA. They both turned decent profits last year, despite being fairly lacklustre games.

So in theory because only the US arm of the company has filed for bankruptcy, they can continue to fund development of games from the overseas. While searching for new lenders, and getting the current loan sharks off their backs for the time being.

If Mortal Kombat and TNA are shit again and they sell even worse than last year? It'll be bye bye Midway.

[Smacktalks]

I see Impact 2 doing a lot better, although the dissapointment of the first game will put people off buying it when it first comes out imo. I know I'll be waiting to see what people think of it first, as IGN, etc. made it out to be great and then when I played it, it was the worst sports game i've ever played. Even if it just had a few more basic options or match types i'd have felt a lot better about it.

[Joe =/]

I will be pre-ordering it. More matches/moves + sort out the bullshit (online easy pins/ultimate x slow bar/no dq) will make it superb in my opinion.

[ALL STAR]

The pin thing has been fixed took awhile but its been fixed now, all they need to do is add matches and more moves, fix the grapple controls and its sorted.

Still out of online wrestling games iMPACT is by far the best, and Joe remember the King of Ultimate X Don West.

[Joe =/]

yes lmfao.

They fixed the online pinning ? Fuck, I want my copy of the game back now.

[Twist of Fate]

they want to release impact 2 as soon as possible....disaster. Hopefully they'll take their time and do it right this time..IMPACT didn't impress me whatsoever...

[ALL STAR]

Well from stuff Midway said before they were working on iMPACT 2 towards the end of the first one, First one just didnt have enough time to fit everything in the game to a good enough standard.

Think if the game comes out mid 09 its had enough time to implement features etc.

[Twist of Fate]

God I hope so. If I spend the money on IMPACT 2 that I spent on IMPACT and it isn't leagues better, I'll be pissed...and feel like a moron for spending tons of money on a sequel I expected to suck anyways.

[The Smackethdown]

...or you could buy it used at GameStop in three months for half it's price and if you don't like it return within the 7 days.

That is the same fate 007 Nightfire & Custom Robo received

[Twist of Fate]

Yeah, I would, but the nearest GameStop is almost 2 hours away. oh well, i'll just grab it like a fool and hope for the best...

[jitz]

Well in an update on the company. The major shareholder has stated that Midway well be completely broke by June. There have been bids for the company for $30 million (which is the same figure the company has debts of), so it's atleast a $60 million investment. It's looking more than likely this is Midway's only option, if they're going broke by June, they don't have any games coming out before that to earn them money.

If Midway is sold, it depends on the terms of the TNA deal whether or not it can be included in the sale. Most licenses have a clause where if the licensee goes under, the license reverts back to the original holder (TNA). Even still, if it were to go to a new company, there's no guarantees at all that the Midway development team is included in the deal. Impact 2 is very much up in the air right now.

[Subrick]

As well as every new, kinda sub par Mortal Kombat game in the future.

[Twist of Fate]

Heh. The TNA franchise could do much better with a different company anyways. Last I knew of, Acclaim wasn't doing any wrestling stuff. Legends of Wrestling is over with and they're veterans in the wrestling game business. they had real winners with WWF Warzone, WWF Attitude, ECW: Hardcore Revolution and ECW Anarchy Rulz...the graphics were ok for a playstation 1 game, the match options were numerous, character listing was always lengthy, as well as the career mode was pretty decent (at least in Attitude, that I remember). But maybe no one else agrees with that.

[ErnestOrlov]

I ran a Smart scan, and everything cleaned up fine. Problem files are gone. Thank you for your help.

[XavMashes]

I ran a Smart scan, and everything cleaned up fine. Problem files are gone. Thank you for your help.

 

What?

[Codes.]

I ran a Smart scan, and everything cleaned up fine. Problem files are gone. Thank you for your help.

Bots.