Jan 01 1970

Former Midway Heads Subpoenaed for Insider Trading Allegations

Published by at 12:00 am under 49316

Sumner Redstone and his daughter Shari have been subpoenaed for depositions in civil court after creditors for the firm alleged insider trading in the recent sale of the company to new owner Mark Thomas, reports GamePolitics.
Thomas’ Acquisitions Holding Subsidiary purchased a majority stake in the Mortal Kombat publisher last November for the bargain price of $100,000. Documents filed by attorneys for Midway’s creditors claim that Thomas stood to make a huge windfall after purchasing the publisher.
Both Redstone and his daughter have been ordered to provide e-mail, notes and financial documents relating to the sale when they appear later this month in New York City court.
Image courtesy Midway
Midway Insider Trade Claims a Likely Focus of Redstone Depositions [GamePolitics]
See Also:

Midway Stalls Collapse By Selling Key Properties
NYSE Dumps Mortal Kombat Publisher Midway
Midway Cuts Jobs, Cancels Games to Save Cash
Majority of Midway Games Sold for $100000

Original post by Earnest Cavalli

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