The AM Law Daily / Linklaters Helps DISH Win Auction for Blockbuster

April 6, 2011

SUMMARY

A bankruptcy auction for movie rental chain Blockbuster ended in the early morning Wednesday with a winning bid of $320 million by satellite broadcaster DISH Network.

DISH beat out several suitors for Blockbuster, which filed for bankruptcy in Manhattan last September after several years of seeing revenues fall due to increased competition from rival retailers like Amazon and rental chains like Netflix. 

Another serious contender for Blockbuster was activist investor Carl Icahn and his Icahn Acquisition group, represented by Cadwalader, Wickersham & Taft financial restructuring cochair John Rapisardi. Icahn, a longtime and outspoken investor in Blockbuster, teamed up with liquidators Great American Group, Tiger Capital, Hudson Capital Partners, and SB Capital Group for a $310.6 million offer for the company.

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