Ya know, I'm rooting for Borders to survive (they do serve a positive benefit in this world still), however, bankruptcy may actually be a good thing for them. Why? If it's chapter 13, it will go under court control and a judge or several of them will decide what will happen to the company. The nice part about that is they can overrule the board, and the shareholders, and force the company to do things they othewise wouldn't. Most companies who come out of Chapter 13 are actually stronger than at any time in their history. However, if Borders goes Chapter 7, they'll officially be considered dead. So I'm cheering for them to go Chapter 13 as they'll benefit from it. Yes, bankruptcy sucks, but my gawds, the amount of fat and bad things you cast off (including greedy, corrupt investors and corporate managers) is incredible and things end up better on the other end.
