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Redstones Subpoenaed Amid Midway Insider Trading Claims

Former Midway majority owner Sumner Redstone and his daughter Shari Redstone, another key Midway executive, have been subpoenaed following allegations of insider trading.
Former Midway majority owner Sumner Redstone his daughter Shari Redstone, another key Midway executive, have been subpoenaed following allegations of insider trading. This latest development follows months of controversy surrounding the troubled publisher's Chapter 11 bankruptcy status. In particular, the unusual sale of Sumner Redstone's 87 percent Midway stake to mysterious investor Mark Thomas for only $100,000 and assumption of the company's $70 million in debt has come under scrutiny. According to claims made by various Midway creditors, the circumstances surrounding the bankruptcy proceedings -- and possible insider trading involving Redstone and Thomas -- mean Thomas could stand to see an astonishing return on his meager investment, perhaps in the tens of millions of dollars. Despite those creditors' attempts to uncover more information about Thomas, little is known about the new owner. Sumner and Shari Redstone are required to give depositions on the matter later this month, and have been instructed to bring all materials related to Thomas and Midway's operations.

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