March 10th - Hearing on Bid Procedures

[SuspectRoll]

If anyone finds out anything new, please post here. There has been nothing new posted on the website as of 12:40PM EST.

[JustTheFacts]

NEW YORK, March 10 (Reuters) - Parties to the Blockbuster Inc (BLOAQ.PK) bankruptcy were in talks on Thursday outside of a courtroom where a judge was expected to either decide to sell the movie rental chain or essentially shut it down.

A court clerk said the hearing, which was supposed to begin at 10 a.m. EST (1500 GMT), was recessed till 1 p.m. because the various parties were in negotiations and had asked for more time to talk.

The company has been the subject of a tug of war among creditors for months.

Hedge fund Monarch Capital submitted a bid for the company, but that was opposed by a large number of landlords and Hollywood studios including Disney Co (DIS.N), who said the sale would unfairly shortchange them.

A U.S. Department of Justice official who monitors bankruptcies has requested that the company convert to a Chapter 7 liquidation, or essentially a going-out-of-business sale.

The U.S. government even weighed in, objecting to terms of the proposed sale that would protect the buyers from environmental liabilities for contaminated properties.
Bankruptcy Court Judge Burton Lifland called the hearing last week to discuss whether to allow the conversion to a liquidation under Chapter 7 or decide if an auction for the assets would go forward.

Billionaire investor Carl Icahn asked the court to leave open the possibility that he could bid for the company's assets, opposing a request by bondholders that he be blocked from the bidding because they said he was an insider.

Icahn resigned from the company's board last year.

Monarch is leading a group of four hedge funds, which together bid $290 million for the company's assets. In its most recent operating report, the company said it had about $1 billion in assets.

The case is In re: Blockbuster Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-14997. (Reporting by Caroline Humer; writing by Tom Hals; Editing by Tim Dobbyn)

[BBStoreMgr112233]

Hearing has been pushed back to 1pm as negotiations continue....

http://www.reuters.com/article/2011/...18125720110310

There were a couple of interesting filings yesterday as well that I never saw mentioned on the site. One was that Sony came forth with a motion that supported the sale and agrued that a liquidation would be the worst case for the creditors, including themselves.

There was also another filing, it might have been Icahn's filing, that stated that financial advisors of Blockbuster had indicated there were 5 or 6 very interested parties in the sale process. Even Keyes indicated yesterday on the MOTW that there had been several touring the facilities in Dallas.

I assume the negotiations that the article above is speaking of is the rework of the stalking horse bid hoping to win the judge's approval. Keyes also mentioned in the MOTW that they were attempting to rework the bid.

[Just Breathe 09]

http://www.reuters.com/article/2011/...18125720110310
Dont know if this link was posted but a new member PMed me to ask if Id post it. Credit goes to psycoma

[BBStoreMgr112233]

Originally Posted by JustTheFacts

NEW YORK, March 10 (Reuters) - Parties to the Blockbuster Inc (BLOAQ.PK) bankruptcy were in talks on Thursday outside of a courtroom where a judge was expected to either decide to sell the movie rental chain or essentially shut it down.

A court clerk said the hearing, which was supposed to begin at 10 a.m. EST (1500 GMT), was recessed till 1 p.m. because the various parties were in negotiations and had asked for more time to talk.

The company has been the subject of a tug of war among creditors for months.

Hedge fund Monarch Capital submitted a bid for the company, but that was opposed by a large number of landlords and Hollywood studios including Disney Co (DIS.N), who said the sale would unfairly shortchange them.

A U.S. Department of Justice official who monitors bankruptcies has requested that the company convert to a Chapter 7 liquidation, or essentially a going-out-of-business sale.

The U.S. government even weighed in, objecting to terms of the proposed sale that would protect the buyers from environmental liabilities for contaminated properties.
Bankruptcy Court Judge Burton Lifland called the hearing last week to discuss whether to allow the conversion to a liquidation under Chapter 7 or decide if an auction for the assets would go forward.

Billionaire investor Carl Icahn asked the court to leave open the possibility that he could bid for the company's assets, opposing a request by bondholders that he be blocked from the bidding because they said he was an insider.

Icahn resigned from the company's board last year.

Monarch is leading a group of four hedge funds, which together bid $290 million for the company's assets. In its most recent operating report, the company said it had about $1 billion in assets.

The case is In re: Blockbuster Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-14997. (Reporting by Caroline Humer; writing by Tom Hals; Editing by Tim Dobbyn)

I love how you try and highlight every possible negative thing in every report you can find. You try and indicate with your name that you are all about the facts, but the fact is you are nothing but a blowhard.

[FZappa]

Originally Posted by BBStoreMgr112233

I love how you try and highlight every possible negative thing in every report you can find. You try and indicate with your name that you are all about the facts, but the fact is you are nothing but a blowhard.

Should we pretend there's going to be good news? I don't have the energy it would take to keep up a delusion like that.

[Freemason220]

Come on now...enough of the name calling. Enough of the slander. That shit needs to be put on hold for now.

Right now, for most of us, this is our jobs at stake. We need to just support one another until the ruling has been determined.

I say we find out a way to inform those of us who will be working when the ruling is announced because you know the company will not tell us right away.

[ripGRUSH]

Originally Posted by Freemason220

Come on now...enough of the name calling. Enough of the slander. That shit needs to be put on hold for now.

Right now, for most of us, this is our jobs at stake. We need to just support one another until the ruling has been determined.

I say we find out a way to inform those of us who will be working when the ruling is announced because you know the company will not tell us right away.

Agreed."........

[SuspectRoll]

Originally Posted by JustTheFacts

The U.S. government even weighed in, objecting to terms of the proposed sale that would protect the buyers from environmental liabilities for contaminated properties.

How contaminated can they be? It's not like we sell oil or anything else hazardous. Oh, wait. We do have Toxic Waste and Heel Cream...

[Just Breathe 09]

Its very important we support everyone because were all affected by this situation and good news or bad news we have to take it and move on with. The legal process takes a very long time and thats especially true when it comes to bankruptcy. They could be there all day so until then...Just Breathe