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Entries tagged "Mark Wattles"How will Wattles' Blockbuster story end?If history is any indicator, then activist investor Mark Wattles' involvement at Blockbuster could lead to an unhappy ending. Wattles amasses Blockbuster stakeBlockbuster 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." This is a free preview of the content available in... Wattles wins as Circuit City CEO resignsActivist investor Mark Wattles has won another concession from Circuit City Stores Inc. with the troubled retailer's announcement that CEO Philip Schoonover stepped down. The board of directors appointed James Marcum to serve as acting president and chief executive officer. Remember Marcum? He was one of Wattles' board nominees, who was elected to Circuit City's board of directors in June. ... Will vice chair appointment re-energize Circuit City auction?Activist investor Mark Wattles of Wattles Capital Management LLC, who has been pressing a Circuit City Stores Inc. sale since the beginning of this year, has a minor victory under his belt, as James Marcum, a member of his nominated three-person board slate, has risen to the ranks of vice chairman of the retailer. But, will Marcum use his newfound role to help drive a sale of the ailing retailer?... Circuit City is down, but is it out?Circuit City Stores Inc.'s unlikely savior Blockbuster Inc. bowed out of a bid for the beleaguered electronics retailer on Wednesday with a statement from Blockbuster chairman and CEO Jim Keyes: "based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster shareholders to proceed with an acquisition of Circuit City."... Rabble Babble: What's next for Circuit City?Blockbuster Inc. has dropped its $1.4 billion bid for Circuit City Stores Inc., prompting the target's shares to plunge below $2.20. The announcement has fueled rumors that the electronics retailer's auction is in trouble, and shareholders are chattering about its alternatives. ... Bidders interested in Circuit City?As he pushes for the sale of ailing electronics retailer Circuit City Stores Inc., investor Mark Wattles reportedly said Tuesday the company may have several interested bidders.... Circuit City inches toward a saleFacing activist pressure to put itself on the block, struggling electronics retailer Circuit City Stores Inc. has hired Goldman, Sachs & Co. for advice, two sources said Friday. ... Activist investor Wattles calls for Circuit City saleActivist investor Mark Wattles sent a letter to Circuit City Stores Inc. calling for the ouster of its chairman and chief executive officer Philip Schoonover and among other things, the hiring of a "nationally recognized investment bank" to evaluate interest from any potential buyers. ... Does Wattles' Circuit City stake presage a bankruptcy?Investor Mark Wattles' Wattles Capital Management LLC has amassed a 6.5% stake in struggling Circuit City Stores Inc., and is now agitating for change with the nomination of five directors to the electronics retailer's board. The investment is the second big position Wattles has taken in an electronics retailer; he's the largest shareholder of Ultimate Electronics Inc. Interestingly, he amassed his holdings in Ultimate shortly before its 2005 Chapter 11 bankruptcy filing and bought half its stores at a bankruptcy auction.... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Mark Wattles." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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