Borders gift card holders are out of luck
U.S. District Judge Andrew Carter said yesterday that it would be unfair to the bankrupt companys creditors to allow the holders of gift cardsworth about $210.5 millionto pursue recoveries.
May 23, 2013 at 08:07 AM
2 minute read
The original version of this story was published on Law.com
Opening a locked door. Scraping a sticker off your window. Cutting a sandwich on a camping trip. These are just some other uses for the Borders gift cards you may be holding in your wallet because, according to a judge, getting money back from them is out of the question.
U.S. District Judge Andrew Carter said yesterday that it would be unfair to the bankrupt company's creditors to allow the holders of gift cards—worth about $210.5 million—to pursue recoveries. He said that in addition to upsetting the liquidation process that is almost completed, the card holders did not prove that they met the requirements that would allow them to pursue the claim.
In late 2011, Borders closed its more than 600 stores after filing for bankruptcy the previous February. It also sold off its intellectual property.
Read more about this story on Thomson Reuters.
For more InsideCounsel stories about bankruptcy, see:
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