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10/13/10
The shareholders will be represented by
New York attorney, Paul Racmuth. Racmuth confirmed the news on Monday.
BlockBuster has obtained a $125 million financing commitment from senior note-holders. The company will use the money to reorganize after .
In a statement released by the shareholders, they say that the manner in which Blockbuster entered bankruptcy was ''adversely influenced by the relationship between the largest holder of senior debt, Mr. Carl Icahn, and Blockbuster CEO Jim Keyes.''
Additionally, the committee of will ask that the bankruptcy court establishes an equity committee that would offer up a valuation of the company in the interest of the shareholders.
Talk of a pending bankruptcy plagued Blockbuster ever since the advent of NetFlix in 1999. Those discussions were amped up when grocery and convenience stores began hosting services like Red Box, which offer consumers rentals for as cheap as one dollar a night.
Coinciding with
the bankruptcy case is the company's search for a new CEO. However, Jim Keyes will be considered for the position.
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