Midway Games Inc, known variously as Midway Manufacturing and Bally Midway, and commonly known as simply Midway, was an American video game developer and publisher.
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Midway Games Inc, known variously as Midway Manufacturing and Bally Midway, and commonly known as simply Midway, was an American video game developer and publisher.
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Midway Manufacturing acquired the rights to video games that were originally developed by Williams Electronics and Atari Games, such as Defender, Joust, Robotron 2084, Gauntlet, and the Rush series.
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Midway Manufacturing was then purchased by Bally Manufacturing in 1969, and used the Bally Midway name in the 1980s.
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In 1973, Midway Manufacturing moved into the interactive entertainment industry, developing and publishing arcade video games.
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Midway Manufacturing scored its first mainstream hit with the US distribution of Space Invaders in 1978.
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In 1988, Midway Manufacturing was purchased and re-incorporated by WMS Industries Inc After years as a leader in the arcade segment, Midway Manufacturing moved into the growing home video game market beginning in 1996, the same year that it made its initial public offering of stock.
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Midway Manufacturing was ranked the fourth largest-selling video game publisher in 2000.
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Midway Manufacturing terminated the public registration of its securities in June 2010.
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Midway Manufacturing kept Atari Games as a wholly owned subsidiary as part of this spin-off.
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Midway Manufacturing retained or shared some of the WMS executive staff and used some common facilities with WMS for a few more years.
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Over several years, Midway Manufacturing gradually terminated all material agreements and executive overlap with WMS and had a declining number of common members of its board of directors, until it shared only one with its former parent company.
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On June 22,2001, Midway Manufacturing announced that it was closing its arcade division due to a decline in the arcade market.
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Midway Manufacturing shut down Midway Manufacturing Games West in February 2003, but it remained as an entity.
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In 2004, in an effort to expand its market share, Midway Manufacturing began a purchasing spree of independent video game development studios to strengthen its product development teams In April 2004, Midway Manufacturing acquired Surreal Software of Seattle, Washington.
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On February 15,2005, Midway Manufacturing signed an agreement with Cartoon Network to publish games, based on properties, namely that of Cartoon Network and Adult Swim, and had option to expand their own properties.
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Midway Manufacturing was ranked as the No 4 video game publisher by sales in 2000.
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In 2006 and 2007, Midway Manufacturing lost a further $77 million on sales of $166 million and $100 million on sales of $157 million, respectively.
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Mindshadow alleged that Midway Manufacturing copied Psi-Opss story from a screenplay written and owned by their client.
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On March 6,2007, Midway Manufacturing reported that it had entered into a new $90m credit agreement with National Amusements, a company controlled by Sumner Redstone.
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Midway Manufacturing was the third executive to resign from the company in three months.
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On November 20,2008, Midway Manufacturing retained Lazard to assist it "in the evaluation of strategic and financial alternatives".
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The next day, Midway Manufacturing received a NYSE delisting notice, after its stock's price fell below one dollar.
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In December 2008, Midway Manufacturing disclosed that it might default on $240 million of debt after the sale of stock to Thomas triggered clauses in two bond issues totalling $150 million of debt that allowed the bondholders to demand full repayment.
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In 2008, Midway Manufacturing lost $191 million on sales of $220 million, and Redstone's sale of his shares to Thomas eliminated Midway Manufacturing's ability to take advantage of accumulated net operating losses and other tax assets potentially worth more than $700 million.
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Midway Manufacturing announced on May 21,2009, that it had received a takeover bid from Warner Bros.
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On July 8,2009, Midway Manufacturing disclosed that it intended to close the San Diego studio by September.
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On July 10,2009, pursuant to the terms of the Settlement Agreement that was approved by the bankruptcy court, Midway Manufacturing agreed to pay to affiliates of its majority owner, Mark Thomas, approximately $4.
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On July 14,2009, Midway Manufacturing announced that it had closed the Newcastle studio and terminated 75 employees.
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In September 2009, Midway Manufacturing shut down its Chicago headquarters and terminated all but a few of its remaining employees.
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In October 2009, the US District Court in Chicago dismissed a lawsuit against former officers of Midway Manufacturing alleging that they had misled shareholders while selling their own stock.
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The judge ruled that Midway Manufacturing's shareholders had not shown that the executives "said or did anything more than publicly adopt a hopeful posture that its strategic plans would pay off".
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In February 2010, Midway Manufacturing filed its proposed plan of liquidation with the bankruptcy court.
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All of Midway Manufacturing's remaining unsold assets, as well as the remains of the company itself, were completely dissolved shortly thereafter.
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