Crown has announced the title for Ann Coulter‘s latest, publishing June 7: DEMONIC: How the Liberal Mob is Endangering America. If you need or want an explanation, the release is here. A large fire closed a large area in downtown Brattleboro, VT on Sunday night, striking the building in which The Book Cellar is located (along with nine other businesses). According to local reports the fire itself struck the fourth and fifth floors of the building the most severly. The Book Cellar’s Ana McDaniel told a local news station, “We are in shock right now. It is a bit of […]
Bookstores
People, Etc.: Joseph-Beth Auction Looms
The bankruptcy auction of the five remaining Joseph-Beth bookstores and their inventory will be held this Wednesday morning in Cincinnati. So far, the Lexington Herald-Leader reports, co-founder Neil Van Uum is the only known bidder, but one of the lawyers conducting the auction, Ellen Arvin Kennedy, says “we are very optimistic that we will have several bidders who will want to purchase the stores and operate them as they are operating now.” Initial confidential bids, for all or part of the company, are due today. Liquidators are expected to make low bids as well. Van Uum tells the paper, “I’ve […]
Creditors Support Revised Borders Bonuses But Judge Wants Changes; Recovery Prospects Are Low
US Bankruptcy Judge Martin Glenn wants further revisions in Borders proposed executive bonus plan, even though the creditors committee supported a revised proposal that would reward the top five executives based on how much money they recover for creditors and dependent on whether the company either reorganizes or is sold by August 15. The new version of the plan would give those five employees up to $4.9 million if the unsecured creditors receive more than $95 million, and up to $1.8 million if the the recovery is $73 million or more. More interesting than the maneuverings is what those ranges […]
Borders Says Dozens of Executives Have Resigned; Postpones SEC Reports
The judge overseeing the Borders bankruptcy case will convene a hearing this afternoon focused on the company’s motion to implement a bonus retention plan for its executives. (The judge will also rule on a motion to reject a few more leases.) In a reply to objections to the bonuses by the US bankruptcy trustee, the company underscores the real problem: dozens of its executives either don’t have faith in their plan or simply don’t want to work there. Since they asked for the bonuses on March 24, two of the top 17 executives (an unamed svp and vp) have quit, […]
Briefs: US Trustee Objects to Borders Executive Bonuses; Indigo Faces Its ‘Starbucks Moment’; Kobo European Push; and More
Last week Tracy Hope Davis of the US Trustee’s Office filed an objection to Borders’ plan to pay executives up to $8.3 million in bonuses on the grounds that the bonus motion “is premature and should not be granted.” Borders had characterized the bonus plan as “providing necessary incentives” but the Trustee’s Office felt “there is no information that explains what extra services the insiders would perform beyond their ordinary job duties or a detailed description of the nexus between the supposed incentives and the payment trigger.” In addition, Davis said, the motion “provides no financial performance metrics nor are […]
Briefs: A Million eBook Sales for ‘Dragon Tattoo’; Legal Action Against Breakaway Angus & Robertson Franchises; and More
Knopf says that Stieg Larsson‘s The Girl With the Dragon Tattoo has sold over a million eBook copies, and adds to us that The Girl Who Kicked the Hornet’s Nest will reach that same milestone next week. (No word, however, on which e-vendor sold the millionth copy.) NYT Earlier this week a number of Barnes & Noble executives each disposed a small amount of stock at $9.18 per share, according to a number of SEC filings. Leading the group was Stephen Riggio, who decreased his total holdings by 3,136 shares to 96,924 shares. REDGroup administrators Ferrier Hodgson have taken their […]