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Midway Sold

Reuters reports Sumner Redstone has sold his controlling interest in Midway Games after years of poor performance. The report says Redstone's National Amusements will announce today the sale of its 87% stake in Midway for approximately $100,000. No, there are no zeros missing from that sentence, as the price is about $0.0012 per share, which may literally satisfy that old saying about a stock not being worth the paper it's printed on. In that way rich people have of making chicken salad out of the less edible portions of the chicken, the $100,000 sale will net National Amusements a 2008 tax loss of approximately $800 million, which represents about half of the company's outstanding debt. Thanks GamePolitics. If disclosure is appropriate here, at one time I indirectly worked for Sumner Redstone, as Viacom assumed control of MTV Networks during my tenure there.

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