Bankruptcy

News

We Fear A World Without Twinkies As Hostess Files Bankruptcy Again

3:30AM January 12, 2012 | Mike Fahey

Being a comic book fan in the ’80s I grew up thinking there was no problem that couldn’t be solved by golden flaky crust or delicious cream filling. Apparently that doesn’t apply to financial insolvency, as snack cake maker Hostess Brands files for Chapter 11 bankruptcy for the second time. More »


News

Fight Brews Over Game Crazy’s Remaining Inventory

10:30AM June 25, 2010 | Owen Good

Game Crazy went belly-up earlier this year, removing one more retail alternative to GameStop from American shopping centres. The sell-off of its remaining stock is on hold while two liquidators battle over who’s bidding the most for it. More »


News

Judge Approves Midway Liquidation Plan

8:30AM May 23, 2010 | Owen Good

Formerly a household name in video games, the bankrupted publisher will end up paying creditors between 16 and 25 percent of what they were owed, under a plan approved by a Delaware judge on Friday. More »


News

Judge Tosses Shareholder Suit Against Midway Board

10:00AM February 7, 2010 | Owen Good

A federal judge reluctantly threw out a creditor claim against the former board of Midway, which alleged that the debt-saddled company pursued loans it couldn’t pay and arranged a sale that screwed company stakeholders while enriching a well-connected few. More »


News

Only 250 Game Crazy Stores Left After Restructuring

3:20AM February 5, 2010 | Mike Fahey

As part of parent company Movie Gallery, Inc’s Chapter 11 bankruptcy reorganisation, video game retailer Game Crazy stores are dropping like flies, with only 250 stores remaining open in the US once the smoke clears. More »


News

Film Producer Sues Midway Over Mortal Kombat Rights

2:40AM June 26, 2009 | Mike Fahey

Lawrence Kasanoff, the producer behind the Mortal Kombat movies, television show, and animated series has filed suit against Midway in U.S. Bankruptcy Court in order to make sure he retains series milking rights. More »


News

Ex-Factor 5 Employees Cry Fraud

12:40AM June 18, 2009 | Mike Fahey

Former employees of the recently shuttered Factor 5 studio in California are taking the company to court, claiming that it fraudulently transferred assets, including source code for the next Rogue Squadron title. More »


News

Sacred 2: Fallen Angel Dev Falls Into Bankruptcy

9:30AM April 21, 2009 | AJ Glasser

Developer Ascaron Entertainment has filed for bankruptcy protection in its home country, Germany.

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News

Sumner Redstone Subpoenaed Over Fishy Midway Sale

12:20AM March 7, 2009 | Mike Fahey

The U.S. Bankruptcy Court has subpeonaed 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.

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News

Midway Files for Bankruptcy

1:20AM February 13, 2009 | Brian Crecente

The long-struggling publisher of Mortal Kombat filed for bankruptcy this morning, calling it a difficult but necessary decision.

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