The “stalking horse” purchase agreement submitted by Warner Bros. is expected to be accepted by the court in a hearing on June 2nd, but there is still a lot left for Midway to sell. A variety of intellectual property as well as several well known franchises and rights to classic titles are still up for grabs to the highest bidder.

From what we have been told, Midway will be putting up for auction the TNA Wrestling franchise, Open World Games, Casual Games and its entire classic games library IP on the auction block. Financial advisor Lazard will start taking binding offers to accept bids for the remaining assets that will yield the best deal for Midway. This process will start on June 24th. On or about June 29th, Lazard will make its recommendation to the court for approval of the best bid or bids to sell off the remaining assets.

While the sale will include classic IP franchises such as Spy Hunter, Smash TV, Rampage, Paperboy, Joust, Gauntlet, as well as others, the possible real gem beyond the classic titles could be in the unannounced games that are currently in production for a multiple platforms, some of which are pretty close to completion according to our sources.

It is sad in many ways to see Midway put itself on the block like this, but some analysts believe that much of the Midway assets could find success elsewhere with other publishers or development studios. It is widely believed that some of the IP could be long-term gems in the hands of a different developer. It is still unknown if the actual Midway name and branding is part of what is actually up for sale. Some believe that with the current trend in classic arcade titles that the Midway name and branding may rise again under new ownership at some point down the road.

From the talk that we have been hearing there are a lot of possible interested parties in the IP if the price is right. Maybe some Fudzilla readers might break open their piggy banks for the chance to own the rights to some part of Midway history that is the IP on the block. One can only hope.