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Wednesday, September 22, 2010

Report: Blockbuster To File For Bankruptcy Tomorrow Morning - is CAD next? #BIM

Such is the state of our world in regard to technology.  First there was smoke signals versus morse code.  Then we had the horse versus the car.  Trains versus airplanes.   Beta versus VHS.

Today's lost battle was the video store versus video streaming and the internet.  Farewell to Blockbuster.  The y put up a good fight and lasted a lot longer than they should have.  Do you remember your trips to one of their stores, walking through aisle after aisle searching for that one movie you hadn't seen in the theater?  As a huge fan of streaming Netflix movies on my iPad and the Netflix system in general, I hated those days of having to rush back to Blockbuster to return a movie before the late fees accrued.

Where am I going with all of this?  You betcha...it's CAD versus BIM baby!  There's just no way that a 28 year old technology is going to be able to compete against our BIM process for the construction industry.

Farewell videotape.  Don't forget to rewind.  Hello DVR.  For you BIM fans, hello VDC!

About a month ago, we wrote about reports that Blockbuster Video would be filing for bankruptcy in mid-September. So it shouldn't come as a huge surprise that Bloomberg News is reporting that the video chain will be making the filing official on Thursday morning.
According to Bloomberg:

Blockbuster Inc. is set to file for bankruptcy tomorrow in New York before the stock market opens, using a $125 million loan to reorganize so it can compete with rivals such as Netflix Inc. in renting movies online, according to a person with knowledge of the planned petition.
Billionaire investor Carl Icahn, who bought about one-third of Blockbuster's bonds, will join with a group of creditors in swapping their debt for all of the video-rental company's stock, according to the person and two others who declined to be identified because the discussions are private...
If creditors get all of Blockbuster's stock, current shareholders will be wiped out.
The report says that Blockbuster, which quietly swapped CFOs a couple weekends ago will continue to focus on the handful of bricks and mortar stores that still make money, while using the rest of the loan to try to bolster its online streaming and DVDs by mail products.
Regardless, if you have an unused Blockbuster gift card sitting around, use it now. When a company enters into bankruptcy, gift card holders often get left out in the cold, so it's best to use them while you still can.
Blockbuster Said to Plan Bankruptcy Tomorrow With Loan [Bloomberg]



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