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V14 2011 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 14, Number 9, February 27, 2011, Article 10

BORDERS BANKRUPTCY - WHO GETS STIFFED?

Numismatic publishers are among those getting hurt by last week's bankruptcy of Borders Books. -Editor

Borders Group, Inc. and 7 associated debtors (the “Debtors” or “Borders”) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on February 16, 2011 in the Bankruptcy Court for the Southern District of New York (Case No. 11-10614). The Honorable Martin Glenn has been assigned to the case. This initial note provides the Debtors’ consolidated list of their 30 largest unsecured creditors.

The Debtors' Consolidated List of Holders of Largest Unsecured Claims The Debtors' have requested authority to file a consolidated list of the holders of the Debtors' largest unsecured claims in lieu of a separate list for each of the Debtors. The consolidated list is set forth below.

No. 12 on the list is F&W media, parent of Krause Publishing, which is owed $4.5 million. -Editor

To read the complete article, see: Borders Group – 30 Largest Unsecured Creditors (www.burbageweddell.com/2011/02/16/borders-group
-30-largest-unsecured-creditors/)

Howard A. Daniel III adds:

In the past, I have talked with two managers of Borders stores about books not being on their shelves, even when they are on the New York Times Best Seller List. So I was not surprised to read that Borders is in bankruptcy!

During one presidential campaign there was a book written by some veterans about one of the candidates. I know the authors and many of the contributors. It was a fact-checked book and I personally knew many of them to be true, but it was widely panned by those on one side of our political spectrum as a pack of lies. I bought several a week from several different bookstores and passed them out to people to read so they knew the truth about one of that candidates. I probably bought at least a hundred of them.

When I stopped at a Northern Virginia Borders to buy some copies, I could not find them on the shelf or on the New York Times table. I asked one of the clerks and they did not know why it was not available. I asked to speak to the manager. The manager told me she did not believe an untruthful book should be sold. I told her I knew it to be true and I would contact her corporate headquarters about her not stocking it.

I contacted the corporate headquarters and they told me none of their managers would not stock New York Times bestsellers or any other book as long as customers were buying them. I said that this manager (and later another store manager) did not stock all of them. A week later, I walked into the store. The book was not on the table but two of them were on the shelf. I bought the two and told the clerk I would be back the next day for two more. I never returned and have never gone into another Borders.

But I did go to a nearby Barnes and Noble and did not find their managers banning books from their stores. I continue to visit Barnes and Nobles and other bookstores when I want to see what has been recently published in my areas of interest, but you will never find me in a Borders.



Wayne Homren, Editor

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The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.

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