According to a new report, bankrupt movie rental company Blockbuster will put itself up for sale, following a disagreement with its creditors.
The report claims that a bidder would likely offer $300 million, as well as assuming all debt and leases.
Blockbuster went into Chapter 11 bankruptcy last year in an effort to restructure debt and give it a chance to reemerge later. By doing so, the company has kept 3300 stores open but has almost wiped out shareholders and junior bondholders. The company had $1 billion in debt when it filed for bankruptcy.
The leading contender to win Blockbuster in auction is investor Carl Icahn and a consortium led by Monarch Alternative Capital, a large hedge fund. The group and Icahn own about 80 percent of Blockbuster’s senior notes and gave Blockbuster $125 million to help fuel the turnaround.
Apparently, the company had poor holiday sales and therefore expects it will need more money. The hedge fund is not willing to pay more than the $125 million invested.
Result for: auction
Thanks to a new judgement made by the United States Court of Appeals, used game and software sales may be a thing of the past.
The decision (linked below) rules that “a software user is a licensee rather than an owner.”
Originally, the suit was brought forward by Autodesk, the makers of the expensive AutoCAD software, who were angry a consumer purchased many copies of the software and then resold them on auction site eBay.
Autodesk wanted to know who, legally, had the rights to the software.
This new ruling does not implicitly imply video games, but games are considered software, so the ruling could affect the used game market, as well.
It will be interesting to see how the major publishers run with this ruling, and we will certainly keep you updated.
Result for: auction
Two prototypes of upcoming iPod Touch models hit eBay this weekend, each sporting cameras and development team tags.
The first prototype was marked with DVT-1 and the second, predictably with DVT-2, with one holding an ‘Apple Development Team’ label.
The prototypes were running an OS that only the hardware team gets to test when the phones are in development. The apps pictured are special diagnostic and testing apps.
The auctions were quickly taken down, but the pics were saved.
The latest “leak” follows the highly publicized revealing of the upcoming “iPhone 4G/HD,” after developer Gray Powell left the device in a bar.
