From this Sunday’s edition of the Wall Street Journal:
A Chicago plaintiff’s lawyer is out to redeem some of the country’s longest languishing gift cards.
In a petition filed this month with the U.S. Supreme Court, attorney Clinton Krislov is making a last-ditch effort to recover some value for holders of gift cards sold by Borders Group, the book chain that went under four years ago.
The defunct retailer estimates customers never redeemed 17.7 million gift cards worth $210.5 million by the time it shut its doors in September 2011.
The Borders bankruptcy estate still has nearly $8 million left for professional fees and creditors. Mr. Krislov said a ruling in his clients’ favor could tap into that money, and that he thinks he would be entitled to claw back some of the roughly $100 million already paid to unsecured creditors.
“There is money still remaining,” Mr. Krislov said. “Many assume when they see the place go bankrupt that there is no money around.”
Let’s do the numbers…
$210.5 million dollars worth of unredeemed gift cards.
$8 million left in the estate for “professional fees”…and creditors.
I think we’d better stick with paperbacks…