Midway CEO defends stock sale, reaffirms confidence in company
Following the sale of some 350,000 shares of his stock in Midway by the publisher's president and CEO David Zucker last week, Zucker has issued a statement reaffirming his confidence in the firm and explaining his reasons for the sale.
Following the sale of some 350,000 shares of his stock in Midway by the publisher's president and CEO David Zucker last week, Zucker has issued a statement reaffirming his confidence in the firm and explaining his reasons for the sale.
According to Zucker, the sale - which netted around $3.2 million - was undertaken for financial reasons including the payment of taxes and of certain outstanding expenses related to a recent real estate purchase.
He expressed confidence in the prospects of the company, and said that he does not have any plans to sell off any further holdings in the near future - pointing out that a large majority of his potential net worth remains tied up in the publisher's fates.
Last month it emerged that Midway's largest shareholder, Viacom chairman Sumner Redstone, is planning to extend his holding in the company and take over a controlling share in the business.
The company's share price has almost doubled since the beginning of March, with the strong performance of action horror title The Suffering and Redstone's statement of intent regarding the firm considered to be key drivers for this performance.