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By on December 23rd, 2008

Borders Buys Another Month

Borders announced yesterday that they have extended the deadline by one month on both the repayment of their $42.5 million senior secured term loan to Pershing Square, as well as the “put” to require Pershing to purchase their Paperchase subsidiary for $65 million. Both deadlines have been extended to February 16. In late November when reporting quarterly earnings Borders said they were “in discussions with Pershing Square regarding an alternative financing transaction.”

The nearly worthless stock has still managed to decline another 20 percent in early trading today, though Barnes & Noble has suffered weak trading the past two days as well. (Read the Borders Release here…)

Now Borders has always been a very good supporter of Morgan James titles, so I’d remind you that Books make great gifts!

About the Author

David Hancock is reported to be the future of publishing and is the Founder of Morgan James Publishing and The Ethan Awards. David has co-authored ten books including "Guerrilla Marketing for Writers", "The Entrepreneurial Author" and "The Best of Guerrilla Marketing". David also sits on the Advisory Board of the National Center for the Prevention of Community Violence and serves on the Executive Board of Habitat for Humanity Peninsula and Greater Williamsburg.

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