Tuesday, November 24,  11:04 pm

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Blockbuster Inc. has received a boost from its former rival Mark Wattles, who purchased a 5.7% stake in the movie rental chain and said he doesn't believe the Dallas-based company will file for bankruptcy any time soon.

Wattles, co-founder and former CEO of Hollywood Entertainment and currently the majority owner of the Ultimate Electronics chain, said in a Securities and Exchange Commission filing on Monday, March 16, that he acquired the shares for investment purposes because he believes Blockbuster "does not have a motive to reorganize under Chapter 11."

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