In a pre-hearing statement filed on March 30, 2009, new Midway owner Acquisition Holdings Subsidiary disclosed a number of details about the troubled publisher, including an estimation that the company's cash will be depleted by July of this year.
According to the filing, the total cash reserves held by Midway and its associated firms will drop from $16.7 million in early February to $4.3 million in early May, with the coffers emptied in late June.
The report revealed that Midway has had "continuous operating losses for nearly a decade," and that it continually relied on debt to stay in business. The report also claimed that one of the reasons behind the fall of Midway is that is used to "overestimate the value of Mortal Kombat."
April 10, 2009 - 9:00pm
