Midway execs found not guilty in conspiracy suit
by Christopher Grant 
{ Oct 27th 2009 at 11:22AM } 
Things started looking dodgy when CEO David Zucker abandoned ship in March of 2008. "Everything okay in there?" you ask. "Yup, everything's fine," Midway responded, while installing Matt Booty into the position. Then chairwoman Shari Redstone, daughter of owner Sumner Redstone, resigned in November 2008. "Alright, this sounds really bad!" you cried. "Seriously, don't worry. It's fine," Midway responded (they'd put Booty in that position in January of the following year). And then, in December, Sumner Redstone sold his shares in the now clearly troubled publisher for the bargain basement price of $100,000 to mysterious investor Mark Thomas ... and then, the layoffs began.
So now you, and the rest of the shareholders in NYSE: MWY want to hold the executives who kept you in the dark accountable. According to Develop, after months of hearing allegations, District Court judge David H. Coar found five Midway executives – including former CEO David Zucker and CFO Thomas Powell – "innocent of conspiracy to deceive the public about the health of the fallen company." The reason? The shareholders had not "adequately alleged the direct liability" of the execs.
Okay, so it wasn't a "conspiracy" (or whatever other fancy law school words the "law" requires) but we understand your pain. Now, have we told you about the opportunities at Joystiq Publishing ...
Reader Comments (Page 1 of 1)
Darth Bradwart, Dark Lord of the Sith @ Oct 27th 2009 11:37AM
Couldn't they have found a...midway between the two parties?
Shmil @ Oct 27th 2009 11:46AM
Wow...just.:.wow. You sir win the Kietzmann Pun of the Day.
ScottG13 @ Oct 27th 2009 12:26PM
Hopefully, the losers from this company will never find work again and the developers who's product was mismanaged & unmarketed are already hard at work on their next project.
Would you hire an idiot Zucker or a nepotist loser like Shari Redstone?
LegendaryRedass @ Oct 27th 2009 12:46PM
For some reason we do it every single election day.
zydeco @ Oct 27th 2009 2:12PM
Congratulations to the Nicastro family for completing their 20 year rape and pillage of a once-great set of companies! (Williams, Bally/Midway, AND Atari) Be sure to send Sumner a nice box of cigars when you all make it down to Florida for the winter.