"Sept. 23: Blockbuster files for Chapter 11 Bankruptcy Protection.
May 14: Blockbuster Inc. warns in a 10-Q filing with the Securities and Exchange Commission that it may have to file for Chapter 11 protection. The Dallas movie rental chain says it has enough cash on hand or available to support financial obligations for the next 12 months, but it noted that even if it hits its revenue targets for 2010, bankruptcy could still be an option.
Mar. 17: Shares of Blockbuster Inc. give up almost a third of their value as investors reacted to a regulatory filing yesterday that introduced bankruptcy as a contingency for the video-rental chain. - Richard Morgan
Mar. 8: Blockbuster Inc. CEO James Keynes says, "we are not looking to raise outside capital. We are looking at strategic alternatives with people that can help us grow." CFO Tom Casey had said in a Feb. 24 earnings call that the company will owe $105 million in interest payments in 2010.
Jan. 29: Carl Icahn writes in a letter filed with the SEC that he is resigning from the board of Blockbuster Inc., in order to conform to the ISS guidelines regarding the number of other directorships a candidate for election to a board of a public company should hold.
2009
Dec. 1: NCR Corp. is expected to announce today it will roll out 200 Blockbuster-branded DVD rental machines in New York City drugstores by year end, a move that will likely accelerate the move to low-price rentals at the expense of more lucrative revenue streams for Hollywood.
See Sara Behunek's take on NCR's rapid rise in the kiosk DVD rental industry here.
Sept. 16: Struggling Blockbuster was previously aiming to shut 410 to 450 of its most unprofitable stores this year and next. A series of "accelerated closures" brings that target to 810 to 960.
Aug. 28: Blockbuster sells Xtra-vision unit: Blockbuster Inc. has sold one of its international subsidiaries to Irish investors.
The Dallas movie and video game rental store chain announced Friday that it sold its 186-store Xtra-vision Ltd. entertainment chain to Birchhall Investments Ltd. for up to $45 million in cash. - Thomas Zadvydas
May 28: Blockbuster announced that it was working to replace expiring credit facilities, but did not plan to file for bankruptcy. It hired Kirkland & Ellis to assist in its restructuring effort and capital raising initiatives, said Blockbuster spokeswoman Karen Raskopf.
May 15: Blockbuster: The horror movie: Movie rental business Blockbuster Inc. (NYSE:BBI) is in defensive mode, doing all it can to conserve cash and maintain liquidity. The company announced on Thursday its first-quarter earnings of 19 cents per share as revenue came in lower than expected at $1.1 billion from the same year-ago period. Blockbuster's main concern is liquidity.
To maintain liquidity, the Dallas-based company is implementing the following, according to its 10-Q filing:
"Reducing our capital expenditures by eliminating, delaying or curtailing discretionary and non-essential spending;"
"Aggressively pursuing options for the divestiture of certain non-core assets, including selling and/or licensing some of our international operations"
"Managing our working capital through the optimization of inventory levels"
"Continuing to renegotiate leases to generate significant reductions in future store occupancy costs"
"Reducing expenditures on consultants and professional service providers;"
"Restructuring and reengineering our organization and processes to reduce our operating costs and increase efficiency;"
"Working to further reduce our obligations in connection with the provision of letters of credit;"
"Exploring our options with respect to borrowing against unpledged assets in certain international markets;"
"Exploring the availability of issuing additional equity securities; and"
"Considering making future payments of preferred stock dividends in-kind as opposed to in cash."
April 7: Blockbuster gets 'going concern' warning: Blockbuster Inc. warned shareholders Monday that if it doesn't close a previously announced amended credit facility next month, its ability to continue operations could be jeopardized, once again raising the possibility of bankruptcy reorganization. - Donna Block "
****
"THE ONLINE GAME
Blockbuster clinched a key piece of
that online business in August 2007.
The Dallas-based movie rental giant said it would acquire movie download company Movielink LLC for undisclosed terms, but which the Wall Street Journal called less than $20 million -- five months after a source confirmed for The Deal's Richard Morgan that it was in the works.
The deal counters (and, in a way, one-ups) a download service Netflix debuted in January 2007. As it continues to battle Netflix, Blockbuster unveiled expanded online subscription offerings in July.
The Movielink deal marked the most recent acquisition for Blockbuster, as it tries to broaden its business beyond the in-store rental model. It didn't mark a shift in strategy, The Deal's David Shabelman pointed out, given Blockbuster's maneuvers to hammer Netflix by undercutting its prices. "
Source of Post and Full Article
No Wonder WHY NOW? I was wondering why after 2 years of me writing on the Stolen Technology and standing up for the iViewit Inventors, I wondered why now Doug Chey would email me.. You SEE.. Right Now Doug Chey stands to make tons of Money, if this thing get wildly off the ground - the TRUTH is the TRUTH.
Note: Blockbuster Inc. (NYSE:BBI) Shareholders, Investors of ANY Kind, YOU are Liable for billions over the iViewit Technology, it is not a matter of If, but When, there is Tons of proof.
More on the iViewit Stolen Technology
http://www.industrywhistleblower.com/2011/02/open-letter-to-intel-corp-board-of.html
http://www.investigativeblogger.com/2011/02/executive-office-of-president-usa-knows.html
http://www.foley-lardner.com/2010/10/michael-grebe-foley-and-lardner-named.html
http://www.investigativeblogger.com/2011/02/executive-office-of-president-usa-knows.html
http://www.foley-lardner.com/2010/10/michael-grebe-foley-and-lardner-named.html
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