Borders warned investors on December 9 that they faced a potential “liquidity shortfall” in early 2011 and within the last 24 hours that warning has turned into reality for some of its major supporters–including big publishers. People familiar with the communications tell us that Borders ceo Mike Edwards contacted some publishers recently to indicate that Borders would be postponing payments due, now that the holidays are over. The Borders executive team is due in New York in early January, we are told, both to discuss next steps with major vendors and to present their case to banks and investors. According […]