This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Blockbuster Auction to Decide Fate

Stocks in this article: BBI

(Blockbuster auction updated with bid information.)

NEW YORK ( TheStreet) -- The battle for Blockbuster's (BLOAQ.PK) is heating up, as Carl Icahn and Dish Network up their offer for the bankrupt movie retailer.

Icahn and a group of liquidators made a bid of $310.6 million Tuesday afternoon, after Dish raised its offer to $307.1 million from $284 million.

South Korean wireless company SK Telecom made an offer of $284.5 million, which it will not raise. SK's offer would assume liabilities for movie studios and cover other costs.

The auction for Blockbuster began on Monday and could take several days to conclude.

Other bidders include Cobalt Video, which instigated the auction in February with a "stalking horse" bid of $290 million. Liquidators Gordon Brothers Group and Hilco Merchant Resources also made offers.

The auction will ultimately decide if Blockbuster will continue as an ongoing business. The winner of the auction has the option of keeping the chain afloat, liquidating the company or closing it. Proceeds from the sale will become part of the bankruptcy estate.

Judge Burton Lifland will still have to approve the winner of the auction in a hearing scheduled for April 7.

Since Blockbuster filed for bankruptcy in September, it has shuttered hundreds of stores, and last month announced it was seeking to terminate the leases on 187 other stores.

--Written by Jeanine Poggi in New York.



>To contact the writer of this article, click here: Jeanine Poggi.

>To follow the writer on Twitter, go to http://twitter.com/jpoggi.

>To submit a news tip, send an email to: tips@thestreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs