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Bondholders Cry Foul Over Mystery Midway Investor

Bondholders Cry Foul Over Mystery Midway Investor

February 16, 2009 | By David Jenkins

February 16, 2009 | By David Jenkins
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Midway bondholders have become increasingly concerned that secretive Midway investor Mark Thomas could benefit unfairly from the embattled Mortal Kombat publisher's bankruptcy -- and have even suggested a secret link between him and previous majority stakeholder Sumner Redstone.

Viacom’s Sumner Redstone sold his 87 percent stake in Midway to Thomas last year for $100,000 and the assumption of $70 million in debt.

This launched a financial crisis at Midway, as the change of control triggered the publisher's obligation to pay back $150 million to bondholders.

Following Midway’s filing for Chapter 11 bankruptcy last week, bondholders are now concerned that Thomas will jump the queue if and when payouts are made.

As a result, the bondholders have filed an objection claiming "highly unusual transactions by insiders" and implying an unethical link between Redstone and Thomas.

An investigation by The Chicago Tribune was unable to uncover any details on Thomas, including his place of residence or profession. His attorney has reportedly denied bondholders’ requests for more information.

"It's a very unusual situation," Greg Bray, a lawyer representing the bondholders, tells the Tribune. "We're all curious."


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