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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.ís 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 didnít want to be named because the results werenít 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 werenít 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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  #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, 04:17 AM
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Veruka_Salt Veruka_Salt is offline
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I think Kawliga just posted that Dish TV is going out of business anytime now.
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Life is not one thing after another, it's the same God damn thing over and over -- Dorothy Parker
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  #6  
Unread April 6th, 2011, 04:36 AM
KAWLIGA KAWLIGA is offline
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Keep smiling all...time will tell.
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KAWLIGA.......I'm not done until they're done.
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  #7  
Unread April 6th, 2011, 04:43 AM
BBStoreMgr112233 BBStoreMgr112233 is offline
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Originally Posted by KAWLIGA View Post
Keep smiling all...time will tell.
And you'll still be saying this 10 years from now!
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  #8  
Unread April 6th, 2011, 05:00 AM
UnderPressure UnderPressure is offline
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Quote:
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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  #9  
Unread April 6th, 2011, 05:03 AM
movieking movieking is offline
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After 12 years of having Dish network I finally have reason enough to switch to DirectTV.
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  #10  
Unread April 6th, 2011, 05:23 AM
Freemason220 Freemason220 is offline
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I'm hoping to have Dish in my store. I can put on sports when their is a big game to encourage customers to come in.

Not to mention my guilty pleasures of Jump City Seattle and Ninja Warrior on G4

Although, the real question is what does Dish Network gain out of the stores? The stores some of us work at hemorrhage money at a rate comparable to Keith Richards' drug fund.

I wonder if they want to grab the brand name to add to their On Demand service and keep kiosks around towns. Blockbuster's library is vastly greater then any other which is why I believe they wanted us to begin with.

However, the only reason to keep the stores would be to move Dish local HQ there. If your particular store is in ideal location then they will stay open, but if they have no use for it then why would they keep you open?

Fact is that we are not making money in the stores and Dish has no reason to continue that part of the business.

Time will tell though.

Last edited by Freemason220; April 6th, 2011 at 05:41 AM.
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