Thursday, April 29, 2010

The Man Who Would be King Of Blockbuster

Farhad Manjoo reports on about one man's goal to subjugate and save Blockbuster Media from itself. Is this Greg Meyers going to be the Mark Cuban of video rentals? We'll see at the next board meeting scheduled June 24th, where he'll try to get himself on the board of directors and then try to unseat current chair and former 7-Eleven CEO James W. Keyes. I honestly thought Blockbuster was going down for the count when majority shareholder and leaky Depends wearer Carl Icahn resigned from the board and reduced his stake in the company from 16.9% to 2.5%. Company shares are down at forty cents, but then again, I bought into Blockbuster decades ago when it was going at fifty 1985 cents a share and I had a multiple spermgasms in my chinos when Viacom bought 'em out in early nineties. Since 2002, the company has been seeing its business take a bad hit in value, you'd think it was some penny stock scam.I figured that Ed Lambert from Sears Holding would swoop in buy them out by now just for the real estate alone. It's still not a bad idea. Robert X. Cringely once felt Apple, of all companies, should buy out Blockbuster and convert them into Apple video stores with video kiosks stations to load up movies and music and sell iPods, Nanos, Shuffles and AppleTV. Even I thought that was stupid, especially when the iPhone and iTouch happened.
Anyway, I wish Greg Meyer best o' luck next month. With the shares at forty cents a pop, if you got two or four grand lying around that you won't miss, I'd sink it into Blockbuster on a whim and hold onto it until this whole Meyer thing plays out. Hell, if the shares get back up to $4.00 level your share value will have increased tenfold and if it tanks even further, like I said, if you got the four grand you won't miss, quit complaining, the stock market ain't for crybabies and neither is betting on the horses.

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