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It’s been a busy day for Blockbuster news, with several major decisions being handed down from a federal bankruptcy court. BB will now have even more time to file its reorganization plan, and a motion by shareholders to hold a board replacement meeting was struck down.

Extra Time to File
Blockbuster has received many extensions on its deadline to file a post-bankruptcy reorganization plan. The new extension, put in place by a federal bankruptcy court judge, will give BB until March 21 to file its reorganization plan, and internal votes supporting the plan must be in by May 20.

Shareholder Motion Denied
A motion filed by shareholders claiming to represent nearly 70 million shares of Blockbuster stock was denied by the same judge. The motion called for a meeting to replace Blockbuster’s current board of directors, whom the shareholders behind the motion have lost confidence with.

(via Home Media Magazine)

5 Responses to “Judge Grants Blockbuster More Time, Denies Shareholder Motion”

  1. Visitor [Join Now]
    Tim James [visitor]

    More time for what? More time for the public to change its mind and decide they actually do prefer driving to a brick and mortar store instead of streaming a movie video?

    • Visitor [Join Now]
      V-yger [visitor]

      Call me crazy. I like walking the aisles of the video store. Maybe it’s disappearing, but I hope not too soon. Liked it even better with all the schlock horror & sci-fi titles back on VHS.

  2. Member [Join Now]
    ChadCronin [chadcronin]

    I don’t get how the judge denied shareholders a right to get rid of the people running the company into the ground. They can’t be that smart to be investing in BB anyways though.

  3. Visitor [Join Now]
    Joe [visitor]

    if BB would lower there prices they would rent a lot of movie and games out.

    Case closed and reorganization plan..

    • Member [Join Now]
      jbeckford [jbeckford]

      that’s for sure. I can’t understand how renting a “first run” movie for 3 or 4 dollars “for three days” can compete. I want to see the movie tonight and I am willing to wait a month and rent it for a dollar. Of course, the bricks and mortar store does have a greater selection and the personnel, once you get to know them, can be very helpful. those are two plusses.