Last week’s revelation that Midway may be de-listed from the NYSE in the near future leads to its stock dropping.
Midway has not done well under in recent years, and last week’s stock delisting warning did not impress Sumner Redstone, the company’s main shareholder, either. The media mogul bought controlling interest, some 87% of outstanding stock, a few years back, and has decided to dump it to ease his debt. As of the market’s close today, Midway is trading at $0.33 per share, up from $0.29.
Redstone has sold his shares for $100,000, a paltry $0.0012 per share, to investor Mark Thomas. The sale will net the company (Redstone’s National Amusements) an incredible tax loss of $800 million. Tax loss or not, that is just…ouch.
Looks like Redstone did not think Mortal Kombat vs DC Universe or Wheelman would bail out the company. Apparently, I could have bought Midway instead of that dump I call a house…
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