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From what I've seen, B&N seems to be better off. While at the moment they're not flush with cash, but that is because they're putting the extra money toward nook development and marketing. They were wanting to sell, because if you can make a profit and have things be under a bigger company with more money, why not?
And I've said this in another thread after you asked, if borders.com remains, it will be a completely different entity, sharing the name only. Borders Group Inc is being liquidated as part of a bankruptcy, and any elements to be used afterwards would be operated and controlled by an unrelated corporation. This is the same with Circuit City and CompUSA, where TigerDirect owns and operates them now.
BAM has made some of the same mistakes as Borders. For instance BAM doesn't run their own ebook store, and has farmed it out to B&N. They've been taking over some of the Borders locations, so I wonder if they're on the same path.
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