Redstone Gains From Midway Stake
When it comes to his stake in Midway Games (MWY), Sumner Redstone appears to have made out like a bandit.
Though not many people can trade $245 million worth of stock for $425 million in cash while still essentially maintaining ownership of the stock, that's what Redstone seems to have done.
Better yet for Redstone, the Viacom (VIA) chairman, the way he structured the deal likely minimized the amount of tax he'll pay on his $180 million windfall.
How'd he swing such a deal? By getting National Amusements, the movie theater operator he controls, to pay off a debt in exchange for arguably inflated shares of Midway.In December, Redstone
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