Mark Thomas, a private investor, purchased multi-media giant Sumner Redstone's 87% interest in Midway games for a $100,000 in early 2009. Little is known about Thomas, except that his sale agreement with Redstone contained some terms which gave his debt preference on any money coming into Midway. Resulting from this provision, Thomas recouped a reported $30 Million or more as Midway sold off pieces of it's company subsequent to its Chapter 11 filing.
Thomas and Redstone were named in suits by other creditors of Midway, claiming that they were cheated out of repayment of some of the claims against Midway by the Thomas-Redstone exchange of stock; essentially, that Redstone's sale to Thomas made Redstone whole for his losses in Midway, and will net Thomas a large some of money, but other creditors will recieve little to nothing. The suit was dismissed on 2/8/09.
The U.S. Bankruptcy court issuing the decision dismissed the claim, saying that Thomas, Redstone, et. al, had not broken the letter of the law, there were several issues with their behavior in the period which has marked the effective end of Midway.
Said Judge Kevin Gross:
“The decision is not an endorsement of any of the defendants’ actions,” Gross wrote in his Jan. 29 ruling. “The defendants oversaw the ruin of a once highly successful company, only to hide behind the protective skirt of Delaware law, which the court is bound to apply.” - Source BusinessWeek
Some pieces of claims, totaling a possible value of $20 Million to Redstone's National Amusements, may still be decided by the court.
Please note: This is not Mark C. Thomas, the Test Lead and Script Supervisor for numerous Microsoft games.
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