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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 |
| The Following 3 Users Say Thank You to kOre For This Useful Post: | ||
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#2
April 6th, 2011, 12:53 AM
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Crazy. Let's see what they do with it. O_o
__________________
 The postings on this site are my own and do not represent Blockbuster's positions, strategies, or opinion. The postings on this site are my own and do not represent DISH Network's positions, strategies, or opinion. |
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#3
April 6th, 2011, 02:05 AM
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#4
April 6th, 2011, 03:16 AM
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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 |
| The Following 5 Users Say Thank You to Blockbusterstore482 For This Useful Post: | ||
djblade (April 6th, 2011), djsdojo (April 6th, 2011), johnlow71 (April 6th, 2011), SuspectRoll (April 6th, 2011), zooworker (April 7th, 2011) | ||
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#5
April 6th, 2011, 03:17 AM
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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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#7
April 6th, 2011, 03:43 AM
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Quote:
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#8
April 6th, 2011, 04:00 AM
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Quote:
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#9
April 6th, 2011, 04:03 AM
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After 12 years of having Dish network I finally have reason enough to switch to DirectTV.
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johnlow71 (April 6th, 2011), wheresmikey (April 6th, 2011) | ||
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#10
April 6th, 2011, 04:23 AM
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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 04:41 AM. |
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johnlow71 (April 6th, 2011), underemployed (April 7th, 2011) | ||
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