Midway stock delisted, new owner investigated

February 19, 2009

The bad news continues for long-time game publisher/developer Midway as the New York Stock Exchange removed its listing.

Warned in November of this possibility, Midway’s stock value had not met the NYSE’s minimum requirement of having an average closing price of $1.00 per share for at least 30 consecutive trading days. Being delisted means Midway stocks will no longer be traded on the NYSE, which often leads to stock prices becoming even more devalued.

Midway filed for bankruptcy earlier this month and owes $150 million to bond owners as part of a deal made when former majority owner Sumner Redstone sold his shares in December. That deal has sparked an outcry by other shareholders, some of whom believe Redstone and his buyer Mark Thomas were working together to mutually benefit from the financial crisis. No details about Thomas have been made available. Even a Chicago Tribune investigation turned up no information, including where he lives or what his job is.

Midway recently announced its Wheelman game starring Vin Diesel will be published in a partnership with Ubisoft.