As readers know, we’ve been trying to wrap our heads around the stalking horse offer for the Najafi Companies to “buy” Borders for $215 million, which sounds more like an offer to “take” the company at little or no net cost. Yesterday the company filed an asset purchase agreement with the SEC, along with the provisional liquidation agreement with Hilco, Gordon Brothers and others in case the sale is not completed, which shed a little additional light on the financials. Indeed, Borders anticipates that an outright liquidation would produce more cash. The liquidators guarantee a minimum of 72 percent of […]
