Yesterday a U.S. District Court Judge cleared former Midway executives David Zucker (CEO), Thomas Powell (CFO), Steven Allison (CMO), James Boyle (Controller), and Miguel Iribarren (SVP of Publishing) of wrongdoing in a lawsuit filed by former shareholders who claimed that the executives deceived the public about the actual financial standing of the company.

Investors lost a lot of money in Midway investments and these shareholders claimed that while the company was slowly sinking, Midway misled the public at large as they sold their own shares and turned a profit. The Judge in the case said that the executives did nothing more publicly than “adopt a hopeful posture that its strategic plans would pay off,” and those shareholders bringing the suit did not meet the allegation of “direct liability” of the former executive role in the demise of Midway.

This lawsuit closes yet another chapter in the long drawn-out process of the end of Midway. It seems that the company just can’t seem to fade away, and more drama seems to pop up about the company just when we thought it was over and gone. Meanwhile, a variety of former employees of the company have detailed what amounts to a laundry list of complaints about how the company was run before it headed into bankruptcy. Some of it actually makes for interesting reading and offers a glimpse at how a company in trouble was being run from the inside.