Mary Davis News
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Allen Chu and Ashwin Ranganathan, equity traders at Tudor Investment Corp., left after more than seven years, bringing to at least nine the number of departures since December from the $11.6 billion hedge fund run by Paul Tudor Jones, according to people familiar with the matter.
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Borders Group Inc. won court permission to loosen the terms of its bankruptcy loan, giving the U.S. bookstore chain more time to find a buyer and avoiding immediate liquidation of about 40 stores.
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Borders Group Inc. , the second- largest U.S. bookstore chain, surged in after-hours trading on a report that Jefferies & Co. is helping the company restructure its debt.
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Borders Group Inc. , the bankrupt bookstore chain, seeks court permission to liquidate assets at another 51 stores, even as it negotiates with landlords and lenders to avoid doing so.
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Borders Group Inc. scrapped plans to go ahead with a store opening on Manhattan’s Upper West Side, a few weeks after Barnes & Noble Inc . said it would close an outlet in the neighborhood.
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The following are the day's top business stories:
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Barnes & Noble Inc. and Borders Group Inc. surged in New York trading after William Ackman’s Pershing Square Capital Management LP offered to work with Borders on a takeover of the bookstore chain’s larger rival.
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Borders Group Inc. creditors told a judge that a liquidation of the bankrupt bookstore chain would deliver more value than a proposed sale to a Najafi Cos. unit.
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William Ackman , whose stake in Borders Group Inc. will probably be wiped out by bankruptcy, also may be thwarted in his ambition to wed the bookstore chain to larger Barnes & Noble Inc. , analysts say.
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At the Borders Group Inc. store on Broadway near Wall Street, box sets of Stieg Larsson’s best- selling “Millennium” trilogy, including the “The Girl With the Dragon Tattoo,” sat on a table near the door last week on sale for $69.39 -- a liquidation markdown of 30 percent.
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