Quote:
Originally Posted by porkupan
Very sad indeed. The surprising thing for me was that the "turnaround experts" couldn't find anyone with a couple of hundred million bucks, who would believe in the future of brick and mortar book selling business. Not a single person!
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Actually, they did.
They found exactly one who was willing to ante up over $200 million in cash and assume another $200+ million in Borders debt; essentially half a billion for an operation half the size of B&N but without a Nook-equivalent side business.
(Considering B&N itself barely fetched a single offer--for a full billion--the bid they got was market-value or better.)
And what was the answer from the BPH/creditors? They demanded any future Borders pay for their precious books in cash up-front instead of the standard 30day net they give B&N and Amazon and every Tom, Dick, and Indie out there. They penalized the bidder for trying to salvage half the wreck.
The bidder took the hint; the BPHs *wanted* Borders killed.
And now the same BPHs that put 5000 people on the street are whining that they are going to have to lay off a couple dozen account reps.
Oh, woe is them!
I'd call them maggots but that would be an insult to the larvae.
I don't mind if they want to play the cold-hearted capitalists--it's their usual stance, anway--but spare us the whining, jerks!
