Jack Black

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    • Mon Apr 21st 14:54 PM
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      Advice to Blockbuster: Drop the Retail Paradigm Nonsense
      I find it hard to understand the extremely high level of skepticism around Blockbusters bid to purchase Circuit City. Many analysts have been less than kind with their description of Blockbuster and the reasoning behind the offer. It seems strange to for retail analyst to deride and mock the decision of a very successful retail veteran such as James Keyes who has enjoyed a high level of success. It also seems strange to do it when he has the backing of Carl Icahn who has a history of very successful and profitable investment in companies less than popular with analyst. They question the availability of financing when Blockbuster has the 46th richest man in the world and shrewdest investors in Carl Icahn as its biggest shareholder and who is backin g this offer. The analyst act like this is one big joke. I can assure them that the combination of James Keyes and Carl Ichan is indeed no joke. The reasoning is obvious. The financing is as good as done. In Circuit City Blockbuster and Mr. Ichan will acquire a poorly run company that has huge potential to be turned around and that is what Mr. Keyes does best. You add in the real estate rationalization, complementary products, marketing, technology and distribution and the resulting synergies and the deal just keeps getting better. People seem to forget that Circuit City was performing at least mediocre up until January of 07 and Best Buy has shown the business model works as long as competent people are running the show. That is what this merger will do.

      There are analysts I have great respect for but in this in particular situation I will have to disagree. If James Keyes and Thomas Casey have convinced board members Strauss Zelnick, Ed Bleier to support this deal and Carl Icahn along with his staff of Keith Meister and Vince Intrieri to support and finance this deal then it’s good enough for me.



      Lee

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