It looks like today is the day that Midway Newcastle has put out the "hey, someone come buy us" call to the public. With Warner Bros. looking to gain control of most of the other parts of Midway, it looks like the studios who aren't on the Warner list are sort of having to fend for themselves and drum up a little business on their own. I heard that some of the Midway San Diego crew was looking to conduct business during E3, and now Newcastle is visibly on the hunt, too.
The tale is told in at least two places. The Guardian has some inside word and interviews from within the former Pitbull Syndicate, and it's a good read. Via Kotaku, I also saw this article at Develop, which reveals the new game that Midway Newcastle has been working on, Necessary Force. Both pieces are worth reading if you're interested in hearing about what sounds like an increasingly dire financial situation coupled with a team that seems to be keeping its chin up amidst all the chaos.
Here's the initial trailer for the game:
It sounds like these guys have until the end of the month to find a buyer. Obviously, the world economy isn't making that process easy. But it sounds like doing a big open-world game with Unreal Engine 3 is a tricky technical feat, so if this game is pulling that off and looking right, hopefully someone will step in and save some jobs.