News Focus
News Focus
icon url

lmcat

10/09/11 8:58 PM

#6541 RE: janice shell #6535

Yes everyone should know about Blockbuster, same situation as GACFQ.

The Commission temporarily suspended trading in the securities of BB Liquidation because there is a lack of current and accurate information concerning the company’s securities due to assertions in third-party press releases to investors concerning, among other things, the company’s current financial condition and business prospects. This order was entered pursuant to Section 12(k) of the Exchange Act.

BB Liquidation filed for bankruptcy protection on September 23, 2010.

On May 2, 2011, Dish Network Corporation (“Dish”) announced that it had completed the purchase of the assets of Blockbuster the previous week, with Blockbuster L.L.C., a newly formed entity, becoming a wholly owned subsidiary of Dish.

On September 28, 2011, BB Liquidation announced that as a result of the asset sale to Dish, BB Liquidation has “no further business operations nor assets to liquidate,” and there will be “no value for the common shareholders in the bankruptcy liquidation process, even under the most optimistic of scenarios.”

This followed BB Liquidation’s prior disclosure in its Form 10-K filed on July 12, 2011 that the bankruptcy trustee was “winding up the Company’s business” and the trustee expected to convert the bankruptcy case to a Chapter 7 liquidation, at which point its “corporate existence will be terminated” and its “shares of common and preferred stock will be cancelled.”

http://www.sec.gov/news/press/2011/secinfo-bbliquidation.htm