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'DJ Hero 2' spinning tracks October 19
Music title DJ Hero 2 is slated to hit stores in the U.S. on October 19, according to the game's official website.
The sequel to 2009's inaugural title will now allow players to hook up two turntables simultaneously for cooperative and competitive modes.
The game will also include 70 to 80 mixes from artists such as Rihanna, Lady Gaga and Kanye West when it debuts for Nintendo Wii, PlayStation 3 and Xbox 360.
Source: http://content.usatoday.com/communities/gamehunters/post/2010/08/dj-hero-2-spinning-tracks-october-19/1
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
This is not good. Activision has had a monopoly with DJ Hero 1, and is set to repeat with DJ Hero 2. Unless Genius Products provides updates soon, I am afraid Scratch: The Ultimate DJ has been cancelled / abandoned, imo.
I like Microsoft Security Essentials,. Best of all, it is free. My computers run faster than when they had Norton / Mcafee. Nothing to see here, move along.
It is alarming there has been no updates recently for Scratch: The Ultimate DJ
It is the middle of August, and the holiday season is not too far off. At the least, Genius Products would be wise to start advertising the release of the game, in order to gain market share from upcoming titles such as DJ Hero 2 and Def Jam Rapstar.
It increasingly appears we will have another year of false promises and delays from Genius Products. Has Scratch: The Ultimate DJ been abandoned?
The lawsuit against Activision may prove fruitless, as Activision has the money to defend itself and likely win in court.
Blockbuster lost in q2 about the same amount of cash they have left. The end is near, imo.
As a fabless semiconductor company, Nvidia outsources the making of its products to third parties. Industry is in downtrend. Loss widened and grim outlook. A Shorts dream / longs nightmare, imo.
Blockbuster Bankruptcy Imminent, Analysts Say
Fiscally challenged Blockbuster this week is expected to announce the extension of a forbearance agreement with select creditors as it prepares a pre-packaged bankruptcy filing that could occur within a month, analysts said.
Dallas-based Blockbuster, which is struggling with cash-flow and major debt issues ($980 million), is attempting to recapitalize as it rolls out a multiplatform distribution strategy delivering movies by mail, kiosk, transactional video-on-demand (VOD), mobile phone and with fewer traditional store locations.
Michael Pachter, analyst with Wedbush Morgan Securities in Los Angeles, said it is likely the current forbearance agreement, which expires Aug. 13, will be extended long enough to allow bankruptcy proceedings to commence when Blockbuster reports second-quarter (ended July 4) results after the market close Aug. 12.
“As such, it is not clear whether common shareholders will be protected,” Pachter wrote in an Aug. 9 note.
After being delisted July 1 by the New York Stock Exchange, Blockbuster said it had entered into a forbearance agreement with creditors to avoid paying a $42 million interest payment.
Opting for pre-packaged bankruptcy requires all creditors agreeing in advance on a series of issues that are mutually beneficial and least disruptive to the business — no simple task, considering the struggles Blockbuster has encountered recapitalizing. To accomplish a pre-bankruptcy filing would require, at the least, extending the forebearance.
“If they would have been able to avoid bankruptcy, it’s likely they would have been able to come to a recapitalization already,” said Wedbush colleague Edward Wood.
Pachter said the forbearance keeps unsecured creditors from claiming cross default and compelling a Chapter 7 bankruptcy filing. Cross defaults are provisions in which a borrower with multiple debt obligations defaults on one of the debts, triggering an automatic default on all other debts held by the same lender.
The analyst believes Blockbuster will recapitalize by mid-September and could even avoid bankruptcy if all goes to plan.
Indeed, during the quarter, 28-day delays of select new releases to Netflix and Redbox, coupled with the shuttering of Movie Gallery and Hollywood Video stores, may have actually improved Blockbuster’s cash flow despite a challenged future, Pachter said.
“Most consumers are motivated by price, are generally unaware of a DVD’s street date, and are likely to discover availability when visiting their local Redbox kiosk, rendering the 28-day head start inconsequential over the long run,” Pachter wrote. “Market share losses appear to be accelerating at a faster rate than Blockbuster can diversify its revenue sources, and any benefit from the 28-day window or from Movie Gallery closings is likely temporary.”
Blockbuster is projected to report a (24 cents to 28 cents-per-share) loss on revenue from $808 million to $840 million.
Source: http://www.homemediamagazine.com/blockbuster/blockbuster-bankruptcy-imminent-analysts-say-20252
Buying More at .002
"Blockbuster Inc. will probably receive a one-month reprieve from creditors next week so the video-rental chain can prepare for a possible bankruptcy filing in September, three people with knowledge of the matter said."
Source: http://www.bloomberg.com/news/2010-08-06/blockbuster-may-get-one-month-reprieve-on-debt-to-prepare-for-bankruptcy.html
Nice volume, poor price action, looks like someone wanted out.
.002 wow almost at Fredman deal levels!
I might reload a anohter million @ .0002 lol
I opened a Fortune Cookie today that read: "Genius is nothing but a great aptitude for patience."
Hopefully Scratch: The Ultimate DJ releases soon!!! ;oD
Dimension Extreme, Vivendi Home Entertainment and Genius Products are putting their rings together to create a Blu-ray edition of Pulse, the semi-hit horror film from 2006, available for purchase on September 7, 2010 for the MSRP of $19.97, a fairly cheap way and early way to get your high-definition Halloween line-up started, if we do say so ourselves. The flick is in its unrated form, but nothing has been said in terms of bonus features.
The film is a PG-13 horror flick from the mid-'00s, meaning that it relies heavily on Japanese influences with everyday situations and freaky, jagged movements to accompany disturbing, albeit gore-free, imagery. The one in particular follows a virus-like poltergeist as it takes over the electronics of the world, turning your computers and cell phones against you. Egad! But how will we call the police to help us? Where there's a signal, there's an angry demon waiting to devour you. And you thought it was bad when your Mom called you.
Source: http://bluray.ign.com/articles/110/1109426p1.html
Genius Products and Vivendi Entertainment are releasing The Killing Room starring Timothy Hutton and Chloe Sevigny on Blu-ray August 17.
About The Killing Room:
Four people sign up for a seemingly innocent psychological research study only to discover that they are now subjects of a brutal, classified government program and only one of them will make it out alive. Directed by Jonathan Liebesman (Texas Chainsaw Massacre: The Beginning), The Killing Room features an all-star ensemble cast including Timothy Hutton (Leverage), Chloe Sevigny (Big Love), Clea Duvall (Identity), Peter Stormare (Fargo), Nick Cannon (Drumline) and Shea Whigham (Splinter).
Source: http://www.thehdroom.com/news/The-Killing-Room-Blu-ray-Giveaway/7216
Genius Products class action related documents can be downloaded here:
http://www.finkelsteinthompson.com/settlements/genius_products_inc._settlement.php
2006 Genius Products Investor Marketing video.
Mike Rowe is featured as voice over!
http://vimeo.com/7964369
The Law Firms of Finkelstein Thompson LLP and Reed Smith LLP Announce The Proposed Settlement of a Class Action Involving Genius
LOS ANGELES, Jul 23, 2010 (BUSINESS WIRE) --
To: All Persons or Entities Who Owned Genius Products, Inc. (OTC: GNPR | PowerRating) Common Stock as of April 4, 2009.
The purpose of this Notice is to inform you of a proposed class action settlement with Genius Products, Inc. ("Genius Products"), GNPR Investments LLC ("GNPR"), Stephen Bannon, Trevor Drinkwater, Herbert Hardt, and The Weinstein Company Holdings LLC ("TWC Holdings") (collectively, "Defendants"), defendants in the class action entitled Genius Products, Inc. et al, Case No. BC412610, Superior Court of California, Los Angeles County ("Action"), and the hearing to be held to consider the fairness, reasonableness, and adequacy of the proposed Settlement detailed below ("Final Settlement Hearing").
Please Read This Notice Carefully. Your Legal Rights Are Affected Whether You Act or Do Not Act. A Court Authorized This Notice. This Is Not A Solicitation From A Lawyer.
Your Legal Rights And Options In This Settlement
Do Nothing You will receive compensation if you are authorized to do so and
your claims against Defendants will be released.
---------------- ---------------------------------------------------------------------
Exclude Yourself You will receive no compensation. This is the only option that
allows you to pursue settled claims against Defendants at your own
expense.
---------------- ---------------------------------------------------------------------
Object Write to the Court about why you do not like the Settlement. You
may, but are not required to, appear at the Final Settlement Hearing.
---------------- ---------------------------------------------------------------------
These options are detailed more fully in this Notice.
IMPORTANT DATES
Deadline to Exclude Yourself: September 9, 2010
Deadline to Object: September 9, 2010
Date of Final Settlement Hearing: September 16, 2010 at 11:00 a.m.
BASIC INFORMATION
1. What Is The Lawsuit About?
Plaintiff brought this Action and alleged that Defendants breached their fiduciary duties to Genius Products shareholders through two groups of related transactions: (1) a reverse stock split of Genius Products Common Stock caused by TWC Holdings that gave GNPR majority control of Genius Products, and (2) after acquiring control of Genius Products, Defendant GNPR's issuance of certain warrants, the proceeds of which went only to GNPR, that were then converted to common stock. Plaintiff alleged that, through these transactions, GNPR breached its fiduciary duties, and that other Defendants aided and abetted this breach.
Defendants deny any wrongdoing whatsoever.
2. Who Is In The Settlement?
The Court directed that, for purposes of the proposed settlement, everyone who fits this description is a Class Member:
All persons who owned common stock issued by Genius Products, Inc. on April 4, 2009. Excluded from the Class are Defendants and any person, firm, trust, corporation, or other entity related to or affiliated with any of the Defendants, as well as the recipients of convertible warrants issued by Genius Products in February 2009 (the "Class").
3. What Does The Settlement Provide?
The Settlement provides that all Class Members will receive an additional share of Genius Products, Inc. common stock for each share of such stock they owned as of April 4, 2009. This additional share will be provided at no cost to Class Members.
4. Reasons For The Settlement
Because of the risks associated with continuing to litigate and proceeding to trial, there was a danger Plaintiff would not have prevailed on any of their claims, in which case the Class would receive nothing. The amount of damages suffered by the Class was and is challenged by Defendant. Recoverable damages in this case are limited to losses caused by conduct actionable under applicable law and, had the Action gone to trial, Defendants would have asserted that they had not breached their fiduciary duties to the Class.
The Court did not decide in favor of Plaintiff or Defendants. Instead, both sides agreed to a Settlement. In this manner, the parties avoid the risks and costs of a trial, and Class Members will receive compensation. Plaintiff and his attorneys believe the Settlement is in the best interests of all Class Members. Defendants in this Action, while continuing to deny all allegations of wrongdoing and liability whatsoever, recognize the expense, risks and uncertain outcome of litigation and appeals, especially in a complex action such as this, and wish to avoid the risks and costs associated with future litigation.
5. Who Are The Lawyers Representing Me?
The Court ordered that the law firm of Finkelstein Thompson LLP will represent all Class Members. These lawyers are called Plaintiff's Counsel. You will not be separately charged for these lawyers. If you want to be represented by a lawyer, you may hire one at your own expense.
6. Attorneys' Fees And Expenses Sought
Plaintiff's Counsel will apply to the Court for an award of attorneys' fees and expenses. Defendants will oppose this application. Defendants and Plaintiff's Counsel did not discuss this fee award until they agreed to the other substantive terms of the Settlement. Plaintiffs will also apply to the Court for an incentive award not to exceed $1,000 for the named plaintiff in the Action. Defendants will not oppose the incentive award.
7. More Details About The Settlement
This Notice summarizes the proposed Settlement. More details are in the Stipulation of Settlement entered into as of June 11, 2010. You can download a copy of the complaint, Stipulation of Settlement, Motion for Preliminary Approval of Settlement, and other documents related to the Settlement by visiting Finkelstein Thompson LLP's website at http://www.finkelsteinthompson.com.
8. Further Information
Further information regarding the Action and this Notice may be obtained by contacting Plaintiff's Counsel: Michael G. McLellan, Esq., Finkelstein Thompson LLP, Duvall Foundry, 1050 30th St. N.W., Washington, D.C. 20007, Telephone: 202-337-8000 or the Settlement Administrator: Genius Products, Inc. Stock Settlement, c/o Rust Consulting, Inc., P.O. Box 2360, Faribault, MN 55021-9060, Telephone: 877-788-4956 or email: info@GeniusStockSettlement.com.
PARTICIPATING IN THE SETTLEMENT
9. How do I Participate In The Settlement?
You need not take any further action to share in the Settlement. If you are entitled to share in the Settlement, you will receive your compensation shortly after the Court grants final approval of the Settlement. You do not need to submit a proof of claim to receive your consideration.
Additionally, if you do nothing, you will remain a member of the Class, and that means that if the Settlement is ultimately approved by the Court, you will release all claims you might have against Defendants in connection with the issues in this case and that all of the Court's orders will apply to you and legally bind you. If you have litigation pending against Defendants, you should speak to your lawyer about this Notice.
EXCLUDING YOURSELF FROM THE SETTLEMENT
If you do not want a payment from this Settlement, but you want to keep any right you may have to sue or continue to sue Defendants on your own about the Settled Claims, then you must take steps to exclude yourself. If you exclude yourself from the Settlement, you will receive nothing from the Settlement but can pursue claims at your own expense.
10. How Do I Exclude Myself From The Proposed Settlement?
To request exclusion from the Settlement Class, you must send a letter by mail stating you request exclusion from the Class v. Genius Products, Inc. et al, Case No. BC412610, Superior Court of California, Los Angeles County, no later than September 9, 2010 to:
Clerk of the Court Michael G. McLellan, Esq. Stuart A. Shanus, Esq.
Superior Court of California Finkelstein Thompson LLP Reed Smith LLP
Los Angeles County 1050 30th Street N.W. 1901 Avenue of the Stars, Suite 700
600 South Commonwealth Ave. Washington, D.C. 20007 Los Angeles, CA 90067
Los Angeles, CA 90005 Counsel for Plaintiff Counsel for Defendants
Your letter must state your name, address, daytime telephone number, signature, and the amount of shares of Genius Products, Inc. you owned on April 4, 2009. You cannot exclude yourself by telephone or email. If you exclude yourself, you will not be legally bound by anything that happens in this lawsuit.
OBJECTING TO THE SETTLEMENT
11. How Do I Object To The Settlement?
If you are a Class Member, you can object to the Settlement or to Plaintiff's Counsel's application for an award of fees. The Court will only consider your views if you file a proper objection within the deadline identified and according to the following procedures.
To object, you must send a signed letter or other court submission stating you object to the proposed settlement in Genius Products, Inc. et al, Case No. BC412610, Superior Court of California, Los Angeles County, no later than September 9, 2010 to the following addresses:
Clerk of the Court Michael G. McLellan, Esq. Stuart A. Shanus
Superior Court of California Finkelstein Thompson LLP Reed Smith LLP
Los Angeles County 1050 30th Street N.W. 1901 Avenue of the Stars, Suite 700
600 South Commonwealth Ave. Washington, D.C. 20007 Los Angeles, CA 90067
Los Angeles, CA 90005 Counsel for Plaintiff Counsel for Defendants
Your letter must state your name, address, daytime telephone number, signature, and the amount of shares of Genius Products, Inc. you owned on April 4, 2009. You do not need to go to the Final Settlement Hearing to have your written objection considered by the Court. However, any objector may appear in person or arrange, at that objector's expense, for a lawyer to represent the objector at the Final Settlement Hearing provided that objector has complied with the procedures set forth in this Notice for filing and serving a notice of intent to appear.
12. What Is The Difference Between Objecting And Excluding?
Objecting is simply telling the Court that you do not like something about the proposed settlement. You can object only if you stay in the Class. Excluding yourself is telling the Court that you do not want to be part of the Class. If you exclude yourself, you have no basis to object because the case no longer affects you.
THE FINAL SETTLEMENT HEARING
The Court will hold a hearing to decide whether to approve the proposed Settlement. You may attend and you may ask to speak, but you do not have to. If you decide to travel to the Final Settlement Hearing, it will be at your own expense.
13. When And Where Will The Court Decide To Approve The Settlement?
The Court will hold a Final Settlement Hearing at 11:00 a.m. on September 16, 2010, in the courtroom of the Honorable Emilie H. Elias at Department 324, 600 South Commonwealth Ave., Los Angeles, CA 90005. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate, and will consider the application of Plaintiff's Counsel for attorneys' fees and reimbursement of expenses. The Court will take into consideration any written objections filed in accordance with the instructions in this Notice. The Court may also listen to people who have properly indicated, within the deadline identified above, an intention to speak at the hearing, but decisions regarding the conduct of the hearing will be made by the Court. After or at the hearing, the Court will decide whether to approve the Settlement.
You should be aware that the Court may change the date and time of the Final Settlement Hearing. Thus, if you want to come to the hearing, you should check with Plaintiff's Counsel before coming to make sure that the date and/or time has not changed.
14. May I Speak At The Hearing?
If you object to the settlement, you may ask the Court for permission to speak at the Final Settlement Hearing. To do so, you must include within your objection a statement that it is your intent to appear at the Final Settlement Hearing. You cannot speak at the Final Settlement Hearing if you have excluded yourself from the Class or if you have not provided written notice of your intention to speak at the Final Settlement Hearing by the deadline identified.
DO NOT TELEPHONE THE COURT REGARDING THIS NOTICE.
DATED: June 25, 2010 BY ORDER OF THE SUPERIOR COURT OF
CALIFORNIA, LOS ANGELES
COUNTY
SOURCE: Finkelstein Thompson LLP and Reed Smith LLP
Reed Smith LLP
Stuart A. Shanus, Esq., (310) 734-5240
Source: http://www.tradingmarkets.com/news/press-release/gnpr_the-law-firms-of-finkelstein-thompson-llp-and-reed-smith-llp-announce-the-proposed-settlement-of-a-c-1062507.html
News and Updates on Scratch: The Ultimate DJ
I doubt there will be anyone that remembers this game, but I had heard about it through the grapevine last year during E3 2009 (Skip past the last link for the short-and-sweet version of the thread):
While a more complete game in DJ Hero was on display and being demoed for the X-Play cameras, there was another DJ game on the horizon that had been in development about a year earlier. That game was Scratch: The Ultimate DJ.
"What's the difference?" Well, while the basic functionality of each game was the same, the true difference was in the content and in the execution.
As far as the content was concerned, DJ Hero provided players with previously recorded mash-ups of two different tracks across different genres mixed by actual DJ's to basically mimic the pre-recordings in order to play, and advance through, the game. On the other hand, Scratch provided the player with a single track from the hip-hop genre to, again, play, and advance through, the game. Although having Daft Punk and Queen in DJ Hero was intriguing, I love hip-hop more, so I was ecstatic to hear that there was going to be a DJ game that was meant for me to play. No more hip-hop karaoke games, this was going to be the game for me and everyone around me to enjoy. Not only did I practically fall in love with Scratch's tracklist, I was more impressed by Scratch's peripheral than DJ Hero's peripheral.
Here's a look at the peripheral Genius Products and Numark with Akai were bringing to the table:
http://scratchvideogame.com/index2.php/scratch/news/e3_09_first_look_at_genius_scratch/
As most of us already know, the design and functionality of the DJ Hero turntable peripheral simply allows for playback of the mash-ups within the game... with buttons on the on top of the deck... yeah. The only real sense of expression comes when you can select to play 1 of 5 preset sound effects correlating to the genre and playing around with the flanger. With DJ Hero, it's basically a "DO AS WE INSTRUCT YOU TO DO, AND NO MORE!!!" type of execution.
If you've seen the Numark/Akai drum pad peripheral for Scratch in action, you know what to expect. If you haven't seen it, well, it's basically a miniature Numark deck with a spring-loaded (resets to the middle) crossfader on one side with a 5-button Akai drum pad on the other side, which allowed for right-handed or left-handed play. The gameplay is practically a "No Fail Mode" type of execution, but with the option to freestyle in extra beats and scratches into the song as long as you kept in rhythm with the song itself... How can that not feel like a better DJ gaming experience compared to that of the locked-in style DJ Hero offers???
"So what happened???" Well, have a look:
http://www.gamasutra.com/php-bin/news_index.php?story=23206
And with that, the development of Scratch: The Ultimate DJ for Xbox 360 and PS3 has come to a stand-still... but, after some recent poking and prodding of the interenet, I have come across this bit of potentially good news:
http://www.joystiq.com/2010/05/26/scratch-the-ultimate-dj-remixed-for-iphone-ipad-and-pc/
http://www.ipodnn.com/articles/10/05/26/dj.mixing.game.with.have.remixing.rhythm.play/
So now, all we have to look forward to is an even smaller market segment with the iPad for a hip-hop game with possibly better functionality and execution for the iPad than on the iPhone and iPod Touch... Although, I am intrigued with the PC side of things and the redesigned peripheral for further console development.
------------------------------------------------------------------
If you've made it this far and have actually read through this post, I thank you for your time. If not, here it is in a nutshell:
Genius, Numark, and 7 Studios had a good thing going with Scratch: The Ultimate DJ, but rising costs, missed deadlines, and conservative leadership at Genius basically led to Activision coming in to "save the day," which ultimately led to pushing out DJ Hero and elimination of great competition from what I believe to be the better DJ gaming experience in Scratch. The "good news" is that Scratch is still in development, but must re-introduce itself mainly through Apple, then PC, and hopefully, back through the console market once again...
What's the sad thing??? Not just the fact that the last two links are the latest news on any Scratch development I could find, but that I have to be the one to "report" on it. Don't get me wrong, I had fun playing "detective," but this is the sort of thing I look for from sites like G4 and IGN when talks of DJ Hero 2 arose earlier and will arise later upon nearing the release date. There's probably more information that the people from the necessary outlets could provide, but I forget... If it's insignificant, it probably won't get coverage at all.
Forgive me for ranting in the end, but this has been a game I've needed some info on for a long time, of which, only Joystiq has been able to provide... not G4, not IGN, not even the game's own website. Just one gaming site and an iPod blog providing one article each which are 2 months removed from the date of this post.
Regardless, Scratch is still on the horizon, but I'm ready for it now.
Source: http://forums.g4tv.com/showthread.php?t=153811#post2602998
Icahn made the right move after all. Probably the main appeal of Blockbuster was its listing on the NYSE / big boards. Now that Blockbuster is on the OTC / Pinks I see .005, or lower with a Q.
I agree. See everyone after the Q ~ .005
The lack of updates from Genius Products / Scratch: The Ultimate DJ is concerning.
200 Shares of GNPR were short trades on Monday and another 200 on Tuesday. It seems most of the recent activity has been short trades in 200 share blocks. I am dismayed by the fact that Scratch was not at the 2010 E3 game conference.
Also, there are reports of Genius Products not returning emails:
"I tried to contact Genius Products, but I got a bounce-back saying I would receive a delayed response..."
Source: http://forums.cnet.com/5208-7813_102-0.html?messageID=3326860
http://regsho.finra.org/FORFshvol20100621.txt
http://regsho.finra.org/FORFshvol20100622.txt
Blockbuster Inc. is seeking a new loan that would keep it afloat in bankruptcy court, a fresh sign the movie-rental chain could be forced to seek Chapter 11 protection from creditors to rework more than $900 million in debt.
Blockbuster is in discussions with bondholders to get up to $150 million in so-called debtor-in-possession financing, said people familiar with the matter. Such loans, which typically carry high-interest rates, are used to help companies operate while under bankruptcy-court protection.
The talks don't necessarily mean Blockbuster will file for bankruptcy. Blockbuster is pursuing other options, and troubled companies often negotiate bankruptcy loans as a precautionary measure and still reach deals with creditors to restructure debts outside of court.
On a separate front, Blockbuster is talking with possible strategic partners about a new cash infusion, a person familiar with the matter said. Under that scenario, a group of lower-ranking bondholders owed $300 million would likely convert their debt to equity, this person said.
One potential investor could be NCR Corp., which provides the company with Blockbuster Express-branded vending machines, this person said. It remained unclear what other possible investors Blockbuster had sounded out. Blockbuster and NCR declined to comment.
Should Blockbuster fail to get money from an outside investor, it would pursue a restructuring with its creditors. The company hopes to restructure outside of bankruptcy. But Blockbuster has warned in regulatory filings it could be forced to seek court protection to rework its debt.
Should the company decide to file, it hopes to reach a deal with creditors beforehand, the person familiar with the situation said. Any filing would come after Blockbuster's June 24 shareholder meeting, this person said.
Blockbuster has roughly $40 million in debt payments due July 1. The movie-rental chain had about $110 million in cash and cash equivalents as of April 4. It posted a $65.4 million loss for the first quarter.
In recent talks, Blockbuster has asked the bondholders at the top of the company's repayment pecking order to waive payments that run more than $20 million a quarter. The two sides have also discussed converting some of the bondholders' debt to equity, the person familiar with the matter said.
The talks underscore Blockbuster's increasing struggles to navigate a strained cash position and stiff competition from rivals such as DVD mail-order giant Netflix Inc. The company is also mired in a proxy fight with a dissident shareholder.
Blockbuster has said it expects the next 12 to 18 months to "remain challenging" while it focuses on restructuring debt and cost-cutting. The company had closed 470 stores through April.
Blockbuster's stock has traded below 30 cents recently. Netflix stock, meanwhile, is trading close to $120, soaring from around $80 in early April. Netflix now boasts a market capitalization of more than $6 billion, some 100 times greater than Blockbuster's $60 million stock value. Netflix has about 12 million subscribers to Blockbuster's 1.6 million for its mail-order service.
Blockbuster's debt, too, has plunged in recent months. Its senior bonds now trade around 50 cents on the dollar, suggesting investors don't believe the company will come close to repaying the full $630 million it owes.
The value of $300 million in junior bonds—which are last in line to get paid—now trade below 10 cents on the dollar.
Source: http://online.wsj.com/article/SB10001424052748703509404575300741916195132.html
S T R O N G S E L L ! ! !
Can you say "Flash Crash!"
I see the flames, and it does not look good.
I am amazed the entire Gulf has not burst into flames by now.
BP is headed lower, I wish I knew more about options / how to short.
http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/incident_response/STAGING/local_assets/html/Skandi_ROV1.html
There were 200 GNPR shares traded short today and 200 GNPR shares traded short on Tuesday.
Source: http://regsho.finra.org/FORFshvol20100608.txt
http://regsho.finra.org/FORFshvol20100610.txt
BP (NYSE:BP) Bankruptcy Fears Heighten As Market Value Drops Below $100 Billion
Share price of BP (NYSE:BP) continue to plunge, increasing concerns they may end up having to declare bankruptcy to survive the financial and reputation devastation coming from the oil spill in the Gulf of Mexico.
Other worries from shareholders, which include many pensions and institutional investors which had counted on the success of BP for their own financial success in the years ahead, included cuts in the dividend, and continual loss of value in their holdings in the company.
Since April 20th, the giant oil company has lost 47 percent of its value, seriously affecting shareholders of many stripes.
Those watching the situation say liability could reach as high as $40 billion before it's all over for BP, although that even could be a low estimate based on many unknown factors at this time.
If it becomes too much, there will be a lot of losers if BP ends up having to declare bankruptcy.
source: http://commoditysurge.blogspot.com/2010/06/bp-nysebp-bankruptcy-fears-heighten-as.html
No more divi's + costs adding up for cleanup / fallout. Not good, looking to add in under $15.
My guess is he gave up on the Scratch project. It would be a direct conflict of interest, imo.
It looks like QD3 has left Genius Products / Scratch development team and is starting on a new video game project.
*********************
Heatwave Interactive Welcomes Hip-Hop Hit Maker Quincy "QD3" Jones III to Board of Advisors
Hip hop producer gets into gaming.
June 8, 2010
AUSTIN, Texas - Heatwave Interactive, a game development studio and online publisher creating innovative cross-media entertainment experiences, announced today the addition of world -renowned producer Quincy "QD3" Jones III to the company's Board of Advisors. Hip-hop music producer, television show and film creator, composer and entrepreneur, QD3 will bring to Heatwave an extensive knowledge of the entertainment industry along with a wealth of innovative ideas.
"Music is an integral part of any entertainment medium - games included," said Quincy "QD3" Jones III. "Heatwave is poised to become a major player in the interactive entertainment space and I couldn't be happier to offer my deep understanding of the current and evolving music and general entertainment climates. The studio's products have maintained the highest level of authenticity, and I will help preserve that sense of integrity as Heatwave brings new entertainment to market."
Since first being introduced to the hip-hop scene at age 13, QD3 has taken the industry by storm. After moving from Sweden to the U.S. to pursue his dream of becoming a producer, QD3 made the decision to attend Berklee College of Music to learn everything about recording studio technology and the art of mixing tapes. He then moved to Los Angeles, spending the past two decades producing multi-platinum albums filled with hit after hit, working with artists such as Tupac, Prince and Dr. Dre. In 1999, QD3 expanded his production efforts to include film and TV production, creating QD3 Entertainment where he served as a producer or executive producer on a variety of projects, including the Beef series of documentaries and Beef: The Series, a TV extension of the documentary project. Beef chronicled the various rivalries and conflicts between MCs and rappers throughout the history of hip-hop community, connecting QD3's roots in the music scene with his latest venture.
"QD3 is a pioneer in the entertainment industry and his knowledge and experience are invaluable assets to our HIP selection process," said Anthony Castoro, CEO and founder, Heatwave Interactive. "QD3 brings a creative balance to the team by tying in the realm of music and television, and his success in both worlds makes him the perfect addition. His unrivaled background in hip-hop and experience working with hit makers from across the globe deliver the kind of mainstream entertainment element that is a priority with all of our projects."
The Heatwave Intellectual Property process, or "HIP" Process, is a defined formula for choosing projects that keeps everyone, whether they are a stakeholder, game designer or investor, aligned with the company's vision and focused on Heatwave Interactive's standards. The Board of Advisors at Heatwave serves as a key component in the overall approval process. QD3 joins the Board Advisors to work alongside other members Charlie Weber, CEO of Weber Communications, formerly CEO of LucasFilm Ltd; Ann E. Kronen, formerly of Atari, Humongous Entertainment, Disney, Phillips, and Broderbund Software; and Jason Bell, CEO of Chrysalis Games, formerly of Turbine, Atari, EA and Kesmai.
For more information, please visit www.heatwave.com
About Heatwave Interactive:
Based in Austin, Texas, and established in 2007, Heatwave Interactive, Inc. is a game development studio and online publisher specializing in cross-media properties for gaming, film, music and television. The credited works of the veteran team include more than 200 commercial video, PC and tabletop games and Academy Award-winning films. Heatwave's current products offerings include iSamJackson for iPhone and iPod touch and the recently re-launched hip hop social gaming experience Platinum Life: Web Editionfor social networks Facebook and MySpace.
Source: http://games.ign.com/articles/109/1095468p1.html
There were 400 GNPR shares traded short today and 200 GNPR shares traded short on Friday.
Source: http://regsho.finra.org/FORFshvol20100604.txt
http://regsho.finra.org/FORFshvol20100607.txt
BOND ALERT!!! BOND ALERT!!!
BANKRUPTCY IS LOOMING! NEW LOW BOND PRICE NEW HIGH %
LAST BOND TRADE:
552000 BBI BONDS TRADED $9.437 @ 187.396%
Source: http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MDkzNjc5QUMy
BP is the black sheep of the oil drilling family. The Obama administration is likely the only ones eyeballing BP these days. GLTY
Environmental disaster fall-out.
STRONG SELL
GNPR had 200 short trades on 6/01 and 200 short trades on 6/02.
Sources: http://regsho.finra.org/FORFshvol20100601.txt
http://regsho.finra.org/FORFshvol20100602.txt
Big win for bondholders and company executives, not the common equity holders, imo. GLTY
I agree something is up and it isn't the future of the market, imo.
U got a link?
Crimp the pipe! A buddy of mine did that once to his rusted out rear brake lines. ;oD
Finra REG SHO lists for June 1 are down. I wonder why?
http://regsho.finra.org/regsho-June.html
Employees are usually the last to know.
Even if Blockbuster does survive, common shareholders will get wiped out by the bondholders.
STRONG SELL