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Actually, I think ebooks had quite a lot to do with their filing for Chapter 11. Remember, bankruptcy is often is as much about cash flow as it is debt. If they had gotten serious about ebooks earlier, and brought out the Kobo (or something like it) for Christmas 2009 instead of spring 2010, they might have remained a big enough player to have secured the financing they needed. The Kobo is a decent reader, but in the American market, I would say the best it can hope for in the near term is being number 3 behind the Kindle and the Nook... and even that is a struggle with the Sony readers (Though the price of the Sony's gives a good reason to choose the Kobo).
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Bill
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