The U.S. Bankruptcy Court has subpeonead multimedia mogul Sumner Redstone and his daughter Shari in order to investigate the strange circumstance behind his $100k sale of Midway Games to Mark Thomas.
Late last year, Sumner Redstone sold his controlling interest in the failing Midway Games to industry unknown Mark Thomas for the sum of $100,000 plus debt. The sale led to creditors being able to demand immediate repayment for the $150 million they were owed, which ultimately resulted in Midway filing for bankruptcy last month.
https://lastchance.cc/controlling-interest-in-midway-sold-to-some-guy-5100277%3C/a%3E%3C/p%3E
With us so far? Hereās where things get fishy.
Part of Redstoneās agreement with Mark Thomas granted him preferred debt ā debt that takes precedence over any other. To Midwayās slighted creditors, this means that any large amount on money brought in to the company, say from the sale of a major franchise like Mortal Kombat, could result in Thomas earning a $30 million paycheck on his initial $100,000 investment.
https://lastchance.cc/midway-looking-to-offload-mortal-kombat-screwing-forme-5162447%3C/a%3E%3C/p%3E
The father and daughter will be deposed at a private law firm in New York on March 19th.
Sumner Subpoenaed Over Midway Games Bankruptcy [The Business Insider ā Thanks Ttocs!]
