Former Midway Bosses, Board Members Sued For “Corporate Waste”
Published: January 01, 0001
And the soap opera surrounding the demise of Midway continues! This week, stay tuned as former majority shareholder Sumner Redstone [[link]] and several former board members are sued for “corporate waste and unjust enrichment”.
https://kotaku.com/midway-the-soap-opera-is-neither-bold-nor-beautiful-5235041
The suit has been filed by Midway’s creditors, who cite “a series of disastrous and ill-advised financial transactions that largely occurred during 2008” as inspiration. According to the creditor’s allegations, a number of dealings surrounding the company’s sale to Mark Thomas last year were engineered by Redstone and Thomas “to the detriment of Midway”.
In a nutshell, this means that the former bosses [[link]] of the company stand accused of neglecting [[link]] their duties as the captains of Midway in favour of making a buck while the ship sank.
The creditors are seeking to have the transfer of ownership from Redstone to Thomas ruled fraudulent, and overturned, as well as being awarded $90 million that they allege Redstone flagged as being “debt” when it was nothing of the sort.
Midway Creditors Sue Redstones, Board Members Over Sale of Company [Gamasutra]
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