Creditors of Midway Games finally agreed to settle all claims against Sumner Redstone, Viacom Chairman and former majority stakeholder in Midway. Bloomberg reported the settlement came to a total of $1 million. This follows last week's announcement that a judge had approved plans for the liquidation of the beleaguered Midway Games.
This settlement will add to the $34.7 million that was previously available to creditors.
The original lawsuit made on February 2008 against Redstone alleged that the media mogul had harmed Midway by selling his 87% stake in the company. Most of the claims were dismissed by the bankruptcy judge in January of this year, with the $1 million settling the rest of the claims against Redstone. The shares were sold to investor Mark Thomas, whom the creditors settled with shortly after the original claims were made.
Midway filed for bankruptcy on February 2009, listing assets of $168 million and a debt of $281 million. Most the the company's assets were sold to Warner Bros. Entertainment, including the Mortal Kombat brand and studios in Chicago and Seattle.
