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 The question of
whether or not Circuit City Stores Inc. can continue as a going concern
will likely be decided Wednesday as the bankrupt electronics retailer
begins an auction for its business. But if you're not in the market
for a highly leveraged, 712-store home entertainment chain with
disappointing sales amid a nationwide decline in discretionary
spending, there's always, of course, a corporate jet to be had.
Richmond, Va.-based Circuit City actually began its sale process on
Tuesday with an auction of its "miscellaneous assets," which
included the company's 1996 Hawker 800xp airplane.
Circuit City pushed back the auction of its corporate jet to Wednesday -- the same day it will auction its entire business -- because it received a $4.75 million bid from Tacala LLC for the plane. If Circuit City does accept a going-concern bid for its business, it looks like the company will have to go forward without a jet. But who cares? Corporate jets are so 2008 anyway. The heads of the Big Three automakers swore in unison that they would ditch their jets for a federal bailout. And Lehman Brothers Holdings Inc., which never got a bailout itself, has already sold its private aircraft for $6.2 million. - John Blakeley See related post about corporate jets from Dealscape CategoriesComments
From: d.rp,
uhhhmmm.... incorrect sir. by todays economy and net worth of the u.s. dollar, 100 million, would have been the correct conclusion to come to... cheers, dr.p
Posted on:
January 14, 2009 9:25 PM
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as warren buffett once said " if you are not worth at least $400 million LIQUID, then you must never consider one" of course that was said back in the 90s so those 400 now would be at least $800MM
hahahahaha!!!