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  #1  
Unread April 6th, 2011, 01:29 AM
kOre kOre is offline
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Dish Network wins!

http://www.businessweek.com/news/201...0-million.html

April 6 (Bloomberg) -- Dish Network Corp. won an auction for Blockbuster Inc.’s movie rental business with a $320 million bid, beating offers from a group of lenders, investor Carl Icahn, SK Telecom Co. and a team of two liquidators, according to a person at the bidding.

The winning bid came shortly after 3 a.m. New York time, according to the person, who didn’t want to be named because the results weren’t public yet. The winner was declared after an eight-hour auction in Manhattan bankruptcy court was transferred to the offices of Cadwalader, Wickersham & Taft LLP, the law firm representing Icahn, at 5:30 p.m.

A so-called stalking horse offer of $290 million from Cobalt Video set the sale procedure and opened the company to competitive bidding from Cobalt and four other parties. Icahn was teamed with four corporate liquidators: Great American Group Inc., Tiger Capital Group LLC, Hudson Capital Partners LLC and SB Capital Group LLC.

Dish Network, a satellite service provider based in Englewood, Colorado, and SK Telecom, a wireless and Internet service provider based in Seoul, placed bids, as did corporate liquidators Gordon Brothers Group LLC and Hilco Merchant Resources LLC.

Throughout the day, lawyers and advisers for Blockbuster took breaks to evaluate the bids, which included cash components as well as other elements that weren’t easily comparable.

The case is In re Blockbuster, 10-14997, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: Joe Schneider, Anthony Aarons

To contact the reporter on this story: Tiffany Kary in New York at tkary@bloomberg.net

To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net; John Pickering at jpickering@bloomberg.net
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  #2  
Unread April 6th, 2011, 01:53 AM
itirnitii itirnitii is offline
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Crazy. Let's see what they do with it. O_o
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The postings on this site are my own and do not represent DISH Network's positions, strategies, or opinion.
  #3  
Unread April 6th, 2011, 03:05 AM
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UkBuddy UkBuddy is offline
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http://dishnetwork.mediaroom.com/ind...778&item=31591

From the Dish network website
  #4  
Unread April 6th, 2011, 04:16 AM
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Blockbusterstore482 Blockbusterstore482 is offline
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This is awesome news everyone. Well except for Kaw...
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Yea, it is a Winning Store, but now we are closing it"

"The question is not how far. The question is, do you possess the constitution, the depth of faith, to go as far is as needed?" - II DUCE
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  #5  
Unread April 6th, 2011, 05:00 AM
UnderPressure UnderPressure is offline
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Originally Posted by Blockbusterstore482 View Post
This is awesome news everyone. Well except for Kaw...
It will be awesome if they get rid of the DMs and RDOs and start over again....I'm praying...
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  #6  
Unread April 8th, 2011, 04:23 PM
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Damien Oujia Damien Oujia is offline
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Quote:
Originally Posted by Blockbusterstore482 View Post
This is awesome news everyone.
Exactly how? I haven't (and likely won't be doing it anytime soon) read through all 11 pages of posts to see if it has been addressed yet, but the key thing I caught in the message from Jim Keyes on this is that Dish will keep as many stores open as are NECESSARY.

Who among us thinks they deem all the stores currently open as necessary?

This means more massive store closings, folks. Read between the lines. And just because stores close doesn't mean the company is going away. Dish is focused on the online and satellite capabilities of distributing rental movies, not so much all the stores. So, yeah, they will keep Blockbuster brand around for a while, but think again if this means all of us and our jobs.
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  #7  
Unread April 8th, 2011, 06:29 PM
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Blockbusterstore482 Blockbusterstore482 is offline
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Quote:
Originally Posted by Damien Oujia View Post
Exactly how? I haven't (and likely won't be doing it anytime soon) read through all 11 pages of posts to see if it has been addressed yet, but the key thing I caught in the message from Jim Keyes on this is that Dish will keep as many stores open as are NECESSARY.

Who among us thinks they deem all the stores currently open as necessary?

This means more massive store closings, folks. Read between the lines. And just because stores close doesn't mean the company is going away. Dish is focused on the online and satellite capabilities of distributing rental movies, not so much all the stores. So, yeah, they will keep Blockbuster brand around for a while, but think again if this means all of us and our jobs.

I will say one more time...Dish Network wants our stores and even more.
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Yea, it is a Winning Store, but now we are closing it"

"The question is not how far. The question is, do you possess the constitution, the depth of faith, to go as far is as needed?" - II DUCE
  #8  
Unread April 8th, 2011, 08:07 PM
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Veruka_Salt Veruka_Salt is offline
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Originally Posted by Blockbusterstore482 View Post
I will say one more time...Dish Network wants our stores and even more.
Like what, our souls?
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Life is not one thing after another, it's the same God damn thing over and over -- Dorothy Parker
  #9  
Unread April 8th, 2011, 08:21 PM
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BUYMECAR BUYMECAR is offline
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Originally Posted by Veruka_Salt View Post
Like what, our souls?
i thought those were already part of the sale.
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  #10  
Unread April 9th, 2011, 07:04 PM
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CheeseMan CheeseMan is offline
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Quote:
Originally Posted by Blockbusterstore482 View Post
I will say one more time...Dish Network wants our stores and even more.
Doubtful. They may give it a shot, but the physical B&M idea of 'renting' movies is dead.
 

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