Last year, the financially unstable Midway Games was purchased by a private investor for the tiny sum of US$100,000, with around US$70 million of debt attached.

Since then, the company has gone bankrupt and the administrators of the company have been seeking buyers for the company's property. Some time ago, the bidding process for the company began, and several firms and game publishers expressed interest in purchasing the property of Midway, minus the debt, which is currently being addressed by a bankruptcy court in Delaware.

The deadlines for bids to buy Midway has now passed, and there's just one bidder, who wish to purchase select parts of the company. This company is Warner Bros. Interactive Entertainment, who have offered some US$33 million for a selection of the Midway's assets.

The bid of US$33 million would see Warner Bros. Interactive Entertainment become the custodians of intellectual properties such as Mortal Kombat, Spy Hunter, Joust, and The Wheelman.

Before Warner Bros. Interactive Entertainment can wire the money to close the deal, several matters surrounding the bankruptcy of Midway still need to be addressed. These include things like Larrky Kasanoff's claim that as a Hollywood Producer, he purchased, and retains exclusive rights to produce any future Mortal Kombat films or TV spin-offs, and several claims from Tigon Studios who claim that they are owed US$200,000 for work completed on The Wheelman.

Should Warner Bros. Interactive Entertainment manage to close the deal, the company will acquire two of Midway's four development studios, with the offer not including a studio based in the U.K and San Diego.

Other buyers could potentially purchase the remaining studios, but no bidders have surfaced.