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IP addresses are now assets
From: "Michael R. Wayne" <wayne () staff msen com>
Date: Thu, 1 Dec 2011 23:04:23 -0500
Borders selling Internet addresses for $786,000
Bill Rochelle/ Bloomberg News
Borders Group Inc., the liquidated Ann Arbor-based bookseller, will
generate $786,000 by selling Internet addresses, thanks to the
In September, Borders was authorized to sell most of the intellectual
property to Barnes & Noble Inc. for $13.9 million. Borders' block
of 65,536 IPv4 Internet protocol numbers weren't sold.
After negotiating with multiple prospective buyers, Cerner Corp.
agreed to buy the Internet addresses for $12 each. Other bids were
as low as $1.50 each, according to a bankruptcy court filing.
The sale to Cerner is scheduled for approval at the Dec. 20 hearing
where Borders also hopes the bankruptcy court will confirm the
liquidating Chapter 11 plan. The plan distributes assets in the
order of priority called for in bankruptcy law.
The disclosure statement says unsecured creditors with $812 million
to $850 million in claims can expect to recover from 4 percent to
10 percent. The projected recovery doesn't include proceeds from
Borders completed liquidating the remaining stores in September and
separately sold store leases and intellectual property.
Borders had 642 stores on entering bankruptcy in February and was
operating 399 when the final liquidations began. It listed assets
of $1.28 billion and liabilities totaling $1.29 billion.