Borders Group (BGPIQ) June Operating Results: Revenue Down, Operating Loss Worsens (But Gross Margin Improves)

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Borders Group, Inc. (BGPIQ) released its monthly operating report for the period from May 29, 2011 to June 25, 2011 today.  Borders will seek final approval at a court hearing tomorrow to liquidate most, if not all, of its remaining stores (nearly 400), but the June monthly operating report provides explanation as to some of the likely reasons that Borders did not attract any going concern bidders.  This monthly operating report is particularly interesting because of Borders’ statements in court filings during May stating that the impact of Borders’ cost savings initiatives would begin to be demonstrated in May (see our earlier post noting some of these court filings by following this link).

While Borders’ operating results did improve from April to May, Borders’ operating results for June do not appear substantially improved from May (see our summary of the earlier month’s operating report here) despite demonstrating a substantially smaller net loss ($1.5 million loss for June versus $35.4 million loss for May).   Read full post…

Jul 21, 2011Read More
Tags: Borders Group, Operating

Real Estate Market Update: Housing Starts Up, Mortgage Default Rates Down

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Summary: CNBC’s Diana Olick reports housing starts jumped 14.6% in June; legacy mortgage issues continue to hit BofA’s bottom line, and mortgage default rates fell 2.02% last month.


Bank of America Corporation Price Stock Chart by YCharts

Jul 20, 2011Read More
Tags: Default Rates, Mortgage Default, Mortgage Default Rates, Rates

In This Week’s Other Bankrupt Retailer’s Asset Sale, No Fear Retail Stores, Inc. Finds a Going Concern Buyer

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Much has been written about Borders’ failure to find a going concern buyer for its stores this week (including by us, see here and here), but another chain of retail stores was also busy auctioning its assets this week with much greater success.  No Fear Retail Stores, Inc. and its affiliates – Simo Holdings, Inc. and No Fear MX, Inc. – held an auction for their assets which began yesterday and didn’t conclude until after 4:00 a.m. this morning.  The companies, which are primarily retailers of “casual apparel and accessories as well as protective motocross equipment,” sought an urgent asset sale process on June 30th after their sales fell so far short of expectations that they are at risk of “running out of operating capital by approximately the end of July absent a change of course.”

No Fear entered the asset sale process with a stalking horse bidder only for its intellectual property assets and its equity in two affiliated companies.   Read full post…

Jul 20, 2011Read More
Tags: Buyer, Concern Buyer, Going Concern, Going Concern Buyer

Top 3 Ways To Boost Your Auto Credit Report

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When you make an effort to take action worthwhile, ensure that you get it done appropriately. That is definitely true for succeeding at giving you better auto credit history. Being well informed and utilizing a good plan are generally key components in determining whether you will get it right and so are successful or get it wrong and get forgotten. Ignoring to accomplish this right will surely have disastrous effects. You could end up feeling frustrated after you have been dis-approved by auto credit lenders, or even face substantial interest rates.

The following are 3 of the most useful points you could discover that will help you to boost your auto credit history.

1) In the first place, pay off any recent loans:

You will need to make payments every month to clear your present loans since it helps with preventing bad auto credit.

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Jul 19, 2011Read More
Tags: Auto Credit, Credit

Need an Practiced Attorney to Assist with Unresolved Loan Payments?

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In order to start a business, think about the external factors like the stock market condition and the general firm scenario have to be considered in addition to the specific case of the client. Thus each business plan has to be tailor made rather than a set pattern. The main aim is to have a commercial refinance option as a backup. We don’t know when the stock market is going to hit the top or crush to the bottom, when the real estate market going to boom and unemployment rate decreases or increases. The predictions on BBC and CNN money may throw some light in to options; however, nothing is more worth than having a commercially viable and professional backup plan with us. Commercial Loan Review is here to help! <

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Jul 19, 2011Read More

Q&A: Has my identity been stolen? What should I do?

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Question by Lazyitis: Has my identity been stolen? What should I do?
I searched my name on one of those free people search things, www.veromi.net for example, and it had my family listed as relatives and several towns I have lived in, but also several towns I’ve never even been to. It also lists roommates/associates and it had one correct former roommate and two people I’ve never heard of. I have great credit, so nobody has ruined me, but it scares me that these other towns and people are listed.

How do I check further into this? What should I do?

call chuck norris and have him kill everyone else with your same name

Jul 18, 2011Read More
Tags: Been Stolen, Identity Been, Identity Been Stolen, Should

Small Businesses Paint Bleak Jobs Picture (WSJ Video)

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Summary: A survey of small business owners shows a lack of confidence in the U.S. economy. More than two-thirds indicated they do not plan to add payrolls in 2011 or 2012. Read full post…

Jul 16, 2011Read More
Tags: Wsj, Wsj Video

Will the EU Let Greece Default? (WSJ Video)

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Summary: EU President Herman Van Rompuy called a meeting of top policy makers to discuss plans for a second bailout package for Greece. Read full post…

Jul 16, 2011Read More
Tags: Default, Greece Default, Let Greece, Let Greece Default

Fourth Circuit Affirms Bankruptcy Court Finding that LandAmerica Employees’ Severance Benefit Plan Claims Entitled to Priority Under Bankruptcy Code Section 507(a)(4)

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In an opinion dated July 6, 2011 (a copy of the opinion is embedded below), the Fourth Circuit Court of Appeals affirmed a decision of Bankruptcy Judge Kevin R. Huennekens of the United States Bankruptcy Court for the Eastern District of Virginia. In the opinion (captioned Bruce H. Matson, Trustee of the LandAmerica Financial Group, Incorporated Liquidated [sic] Trust vs. Alarcon et al.), the Fourth Circuit determined that Judge Huennekens was correct in finding that the claims of 125 former employees of LandAmerica Financial Group for unpaid benefits due pursuant to a Severance Benefits Plan were earned on the date that the employees had their employment terminated and, therefore, the entire amount of the severance benefits were entitled to priority pursuant to section 507(a)(4) of the Bankruptcy Code (up to the statutory cap).

LandAmerica established the Severance Benefits Plan in 2004. Read full post…

Jul 14, 2011Read More
Tags: Bankruptcy, Fourth Circuit

Credit card debt advice- important tips to keep in mind

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Nowadays, a number of people are stuck with credit card debts. It is always very convenient to shop using plastic money but one always realizes the disadvantages of doing so after running into major debts. Credit card debt advice is available for those into debts and helps them to a great extent.

Controlling expenses is the first thing to do when a person is into debts. One should plan how to manage the income. An amount should be dedicated to paying the installments every month and this is very important. If a person has a number of credit cards in use, he should priorities and arrange the debts. The higher interest rates should be paid off before the high balances. If the higher interest credit card debts are paid at the end then the interest accrued would be so high that it would not be possible to pay off this interest for years. Read full post…

Jul 14, 2011Read More
Tags: Debt Consolidation Loan

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