Blockbuster(R) Conducts National Casting Call: 4,000 Employees To Be Hired to Meet Holiday Shoppers' Needs

Blockbuster(R) Conducts National Casting Call: 4,000 Employees To Be Hired to Meet Holiday Shoppers' Needs
World's Largest In-home Movie and Game Entertainment Company to Staff Up for Busiest Season
DALLAS, Oct 29, 2010 /PRNewswire via COMTEX/ -- Blockbuster announced its plans to hire approximately 4,000 seasonal employees to staff its Blockbuster stores nationwide this holiday season. In previous holiday seasons, the company has hired thousands of employees to help shoppers find the right movie, game or merchandise for renting or gift-giving. Blockbuster is a popular destination during the holidays for renting and buying movies, as well as for Christmas shopping. According to Craig Mabrey, director of recruiting for Blockbuster, what differentiates Blockbuster from its retail and industry competition is the focus on hiring and training associates who love movies and games and can give knowledgeable recommendations based on specific needs and interests. "We know the holiday season is our busiest and we plan to hire thousands of new employees in preparation for another busy shopping season in our stores."
Historically, customer traffic increases the week leading to Thanksgiving and the momentum continues through the New Year, peaking the week between Christmas and New Years Day. The last two weeks of the year and first week of the new year are often the busiest. Hiring additional holiday staff plays an integral part in providing an enjoyable in-store experience for Blockbuster customers during this time. During the non-holiday period, Blockbuster employs approximately 25,500 employees in the U.S.
About Blockbuster
Blockbuster Inc. is a leading global provider of rental and retail movie and game entertainment. The company provides customers with convenient access to media entertainment anywhere, any way they want it - whether in-store, by-mail, through vending kiosks or digitally to their homes and mobile devices. With a highly recognized brand and a library of more than 125,000 movie and game titles, Blockbuster leverages its multichannel presence to serve nearly 47 million global customers annually. The company may be accessed worldwide at http://www.blockbuster.com/.
SOURCE Blockbuster Inc.

http://www.prnewswire.com/

Copyright (C) 2010 PR Newswire. All rights reserved

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KEYWORD:          Texas
INDUSTRY KEYWORD: ENT
                  REA
                  FLM
SUBJECT CODE:     ECO

Blockbuster Seeks Funds for CEO Search

Blockbuster Inc. has asked a bankruptcy court to approve funding to retain an executive search firm for the hiring of a new CEO, according to a filing.

The move would appear to underscore efforts by Blockbuster’s senior debt holders to replace Jim Keyes, who has been CEO of the venerable packaged media rental brand since 2007.

Keyes previously was CEO of 7-Eleven.

Dallas-based Blockbuster, in the Oct. 19 filing with United States Bankruptcy Court for the Southern District of New York, formally requested $400,000 as a one-time fee for services of Korn/Ferry International.

According to the filing, a perspective CEO candidate would have to receive approval of senior lenders, with the final hiring decision made by a “supermajority of sponsoring note holders,” which includes former board member Carl Icahn.

Blockbuster filed a pre-packaged Chapter 11 bankruptcy filing Sept. 23, listing more than $1.4 billion in liabilities.

The court will hold a session on the funding request Nov. 10

Blockbuster, Inc Bk Court Date this Monday, Got Balls?

Blockbuster Inc. (BLOAQ, BLOBQ) Tuesday will seek final approval to  borrow on a $125 million loan from a group of its senior noteholders, who are poised to take control of the video-rental chain when it exits Chapter 11 protection.
The New York bankruptcy court last month granted the company permission to borrow up to $45 million on the loan pending final approval.
Blockbuster will use the loan to fund its Chapter 11 restructuring. It's also set to convert into exit financing when the company emerges from bankruptcy.
The proposed bankruptcy financing has drawn opposition from one of Blockbuster's junior noteholders, who said the company has ignored creditors who "aren't movie moguls." The noteholr, investment firm Lyme Regis Partners LLC, said the loan deal unfairly shields the lenders from litigation. Blockbuster, battered by intense competition from rivals such as Netflix Inc. (NFLX) and Coinstar Inc.'s (CSTR) Redbox, filed for bankruptcy protection on Sept. 23 after reaching a restructuring deal with more than 80% of its senior noteholders.
Under the deal, the senior noteholders, owed $630 million, would trade their debt The restructuring is expected to reduce Blockbuster's debt load to about $100 million from nearly $1 billion. The Dallas company hopes to exit Chapter 11 protection by the first quarter of 2011.

Blockbuster Inc. has hired executive search firm Korn/Ferry International to find a new chief executive officer by Dec. 31!!!

Search under way to find new chief executive for Blockbuster
Oct 12, 2010 (The Dallas Morning News - McClatchy-Tribune Information Services via COMTEX) -- Blockbuster Inc. has hired executive search firm Korn/Ferry International to find a new chief executive officer by Dec. 31, as required by a financing agreement included in the Dallas-based company's pre-arranged bankruptcy reorganization.
Chief executive Jim Keyes, who has led the movie-rental chain since 2007, might be a candidate for the job, said Blockbuster spokeswoman Patty Sullivan.
"Jim remains fully engaged and committed to the business and the plan. This includes active participation in any evaluation of potential CEO candidates," Sullivan said.
Securing a CEO by Dec. 31 is one of several requirements of Blockbuster's recapitalization plan, according to a document filed last month in bankruptcy court in New York.
Melanie Kusin in Korn/Ferry's New York office is leading the search team that includes specialists in digital executive talent, according to source familiar with the effort.
A highly regarded recruiter, Kusin joined Korn/Ferry in December from a competing firm, Heidrick & Struggles. She is vice chairman and senior client partner in the firm's board and CEO practice.
Some debt holders aren't happy with Keyes' direction. This summer, Keyes' contract was extended for one year to June 30, 2011. At the same time, debt holders required Blockbuster to hire a chief restructuring officer as part of an agreement to extend a $42 million interest payment.
Blockbuster's debt holders are providing bankruptcy financing and agreed to wipe out all but $100 million of the company's almost $1 billion in debt in exchange for owning the company. The company filed for bankruptcy Sept. 23 after it failed to resolve its cash crunch.
The new CEO's background should hint at what debt holders, led by investor Carl Icahn, believe is Blockbuster's future.
Turnaround instead of digital experience could signal that the business will be cleaned up in order to sell it.

To see more of The Dallas Morning News, or to subscribe to the newspaper, go to
http://www.dallasnews.com/. Copyright (c) 2010, The Dallas Morning News
Distributed by McClatchy-Tribune Information Services. For more information
about the content services offered by McClatchy-Tribune Information Services
(MCT), visit http://www.mctinfoservices.com/, e-mail services@mctinfoservices.com, or
call 866-280-5210 begin_of_the_skype_highlighting              866-280-5210      end_of_the_skype_highlighting (outside the United States, call +1 312-222-4544 begin_of_the_skype_highlighting              +1 312-222-4544      end_of_the_skype_highlighting).

Maria Halkias

Copyright (C) 2010, The Dallas Morning News

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SUBJECT CODE:     DA

Our 'Dead Cat Bounce Alert" has life! Set to become our newest member of the "Stocks to own for the Holidays"

Blockbuster Inc. (BLOBQ: OTC)

Set to become our Newest Member of the ‘Stocks to own Before the Holidays”

Hey Spartans,

We first alerted Blockbuster Inc. (BLOBQ) on September 23, and shortly after our first alert, it shot up over 100 percent. This past week, the stock established support at the .031 area and resistance in the mid .034.  The stock has had a healthy pull-back, and a nice churn.  Shares are tightening up and with the October 19^th Court Date a week away, we have a strong indication it’s getting ready to get explosive…. 

There is a good indication that this stock is set to bust through the 50DMA and start testing the 200DMA at .25!

Here’s why:

Technically, we think this stock is set to leap over the 50DMA and set a new 200DMA!

1.      The RSI at 41.63 just starting to uptrend again

2.      The Fast Stochastic is 32.65 and positioned to start another uptrend

3.      The MACD is almost in the power zone and has NOT been there since May, when stock prices were at 200DMA prices in the .25 range!

Let’s not forget the BOARD is STACKED with TALENT!!

• Icahn (whose portfolio includes such heavy hitters as Motorola (MOT), Lions Gate Entertainment (LGE), Yahoo (YHOO) and Wendy’s (WEN)) and his board will basically hit the reset button for BLOBQ, taking more than 90 percent of its deft off the table.
• The quartet of hedge funds (Owl Creek Asset Management, Monarch Alternative Capital, Stonehill Institutional Partners and Varde Partners Inc.) has had experience in handling less than secure acquisitions (i.e. Russian ventures, the troubled Texas Rangers franchise and other stressed commercial real estate loans)
• Plus, there’s a possible protection of major dilution – Blockbuster requested a 20-day waiting period prior to any sale or purchase made by investors owning or seeking to own 4.75% or more of the company's preferred or common shares.  Blockbuster also wants all holders of 4.75% or more of those classes to identify themselves. Blockbuster asked for this request on an interim basis, so share owners couldn't sell out their stakes awaiting a ruling. Keeping everything safe and steady for us for now.

Here’s the recap:

·         On Wednesday,  October 6, 2010, 7:12 pm EDT LOS ANGELES (AP) -- Universal Pictures said Wednesday that it will make movies available to Blockbuster Express kiosks on the same day as their release for sale -- but make customers pay a premium above the $1-per-night they can rent them for 28 days later.

·         Universal to test higher-priced DVD rentals at Blockbuster kiosks on the same day of release On Wednesday October 6, 2010, 7:12 pm EDT LOS ANGELES (AP)

• On Sept. 23, Blockbuster filed for bankruptcy protection as group of bondholders led by billionaire Carl Icahn and four hedge funds (Owl Creek Asset Management, Monarch Alternative Capital, Stonehill Institutional Partners and Varde Partners Inc.) signed off on a restructuring deal that gives them a controlling stake in the company.
• The company plans to reinvent itself as a leaner competitor with more digital video offerings, including offerings on mobile devices. It said business is continuing as usual with its roughly 3,000 U.S. stores still open.
• Last week, Judge Burton R. Lifland of the U.S. Bankruptcy Court in Manhattan said Blockbuster could tap up to $45 million of the $125 million bankruptcy financing the video-rental company has in place to fund its Chapter 11 restructuring. This allowed the company to tap up to $20 million of the debtor-in-possession loan from its senior noteholders to get through the weekend. He wanted Blockbuster to satisfy minor objections to the financing and to give creditors time to review the request before approving the $45 million interim amount.  "I think you've met your burden," Lifland said. He'll decide at an Oct. 19 hearing whether Blockbuster can tap the rest of the loan. 

BLOBQ, was our Dead Cat Bounce call by on Sept. 23, at .0206, went to see a high last week of .04 a gain of 94%, we continue to hold this stock and add on the dips. We expect to see a very nice run up in the short term on this stock prior to the October 19th, court date.

Also, management feels that once bankruptcy is behind them, BLOBQ would be better positioned going forward. “(Icahn) recognized the potential of this company,” said Blockbuster board member Edward Bleier. “It's frustrating that it wasn't realized, but it still could be realized.”

“This Dead Cat is distended to ride again Bounce BLOCKBUSTER PLAY”

Please allow yourself to do your due diligence at the company’s website, http://investor.blockbuster.com/phoenix.zhtml?c=99383&p=irol-irhome

Be a part of the story! BLOBQ!

~Spartan~

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