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(Reuters)   Judge rules that you can now use your unredeemed Borders gift card as a tiny drink coaster   (reuters.com) divider line 45
    More: Followup, Borders Group Inc., drink coaster, Judges' Rules, gift card, unsecured creditors, card holders, federal judges  
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3199 clicks; posted to Business » on 26 May 2013 at 11:07 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



45 Comments   (+0 »)
   
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2013-05-26 09:00:22 AM
Pic of the judge:
cdn.stripersonline.com
 
2013-05-26 10:25:24 AM
I'm good with that.  You people had plenty of time to use them up.

/former Borders employee
 
2013-05-26 10:42:05 AM
I swear he did this just because I wrote a blog right after the case was filed saying, basically, "don't sweat, the company will survive and those gift cards will pass right on thru just like frequent flier miles in airline bankruptcies."

He swings, misses, falls in the dirt and eats it. I'm sooo good at this game.
 
2013-05-26 11:12:51 AM

wejash: I swear he did this just because I wrote a blog right after the case was filed saying, basically, "don't sweat, the company will survive and those gift cards will pass right on thru just like frequent flier miles in airline bankruptcies."

He swings, misses, falls in the dirt and eats it. I'm sooo good at this game.


I'm in the process of burning through all of the AAdvantage miles I'd built up flying back and forth from the mainland to HI for work a few years ago. Not because I'm afraid they'll go away in the bankruptcy/merger, but more that I'm afraid they'll turn the program into something closer to US Air's Dividend Miles program, which is pretty much the same as being worthless.
 
2013-05-26 11:29:13 AM

raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee


I still feel a bit guilty about the death of Borders. I guess people like me who browsed for books there and then ordered them from Amazon.com helped drive the final stake in...
 
2013-05-26 11:46:04 AM
Yep, that's how it works - they shove everything in pile, sell it, and pay the last people in first until the money is gone.
 
2013-05-26 11:54:04 AM
If I had an extra $200 million in cash, I don't think I would feel a strong need to go bankrupt.
 
2013-05-26 11:57:10 AM
Translation: Banks get their money; customers can pound sand.
 
2013-05-26 12:10:29 PM

nmemkha: Translation: Banks get their money; customers can pound sand.


translation: welcome to america
 
2013-05-26 12:13:00 PM
They had about $300k of outstanding gift cards per store?!
 
2013-05-26 12:36:56 PM

Forbidden Doughnut: raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee

I still feel a bit guilty about the death of Borders. I guess people like me who browsed for books there and then ordered them from Amazon.com helped drive the final stake in...


I don't feel guilty about an overpriced, bloated business going bankrupt. That is how the marketplace is supposed to work.

I was one of those who looked at the books at Borders and ordered them from the Amazon app on my phone. Much like what I do at Best Buy today.
 
2013-05-26 12:44:08 PM

dustman81: Forbidden Doughnut: raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee

I still feel a bit guilty about the death of Borders. I guess people like me who browsed for books there and then ordered them from Amazon.com helped drive the final stake in...

I don't feel guilty about an overpriced, bloated business going bankrupt. That is how the marketplace is supposed to work.

I was one of those who looked at the books at Borders and ordered them from the Amazon app on my phone. Much like what I do at Best Buy today.


why in the world would you do that when BestBuy price matches amazon today?
 
2013-05-26 12:44:46 PM
Eh.  I have no problem with this.  They had time and most of these were likely forgotten balances.

If the judge had ruled otherwise, the only people to make money would have been lawyers.
 
2013-05-26 12:54:15 PM
There was really no way this kind of ruling would benefit the people if the judge said Borders had to pay out.  I actually had a Borders gift card, along with being registered for their customer loyalty program, and I was sent dozens of emails about "You have to use any gift cards you might have before this date."  It wasn't like Borders up and announced "In 6 hours we will no longer honor gift cards, better rush to the store folks."  The timeline for this was months of warning here.

The lawyers either wanted a class action payout they'd get a piece of or to be paid to serve as trustees of some "gift card" fund.  fark them.  You had 7 months from when Borders filed for Chapter 11 to the day its doors closed, and at least two months of knowing the firm date their for closing.  If you didn't use the card, such is life.
 
2013-05-26 01:06:24 PM

ha-ha-guy: There was really no way this kind of ruling would benefit the people if the judge said Borders had to pay out.  I actually had a Borders gift card, along with being registered for their customer loyalty program, and I was sent dozens of emails about "You have to use any gift cards you might have before this date."  It wasn't like Borders up and announced "In 6 hours we will no longer honor gift cards, better rush to the store folks."  The timeline for this was months of warning here.

The lawyers either wanted a class action payout they'd get a piece of or to be paid to serve as trustees of some "gift card" fund.  fark them.  You had 7 months from when Borders filed for Chapter 11 to the day its doors closed, and at least two months of knowing the firm date their for closing.  If you didn't use the card, such is life.



In the version of history that I recall, they started shuttering a ton of stores from march-may,  but I'm sure people who had 10-20$ on a card and then needed to drive 50-200 miles to use them before the deadline really found that worthwhile.
 
2013-05-26 01:10:07 PM

Leader O'Cola: In the version of history that I recall, they started shuttering a ton of stores from march-may,  but I'm sure people who had 10-20$ on a card and then needed to drive 50-200 miles to use them before the deadline really found that worthwhile.


Did they stop taking on Borders.com?  Both our local stores were open until the bitter end, but that might be because Borders was founded out here.

/or you could sell your gift cards online via any of a number of sites for cash
//http://www.abcgiftcards.com/ is a great way to liquidate cards that are given to you, but you'll never use, anywhere from 60 % to 90% of face value depending on the company
 
2013-05-26 01:13:28 PM
It could behoove some other book retailer to offer, say, a free book up to $10 value or something for every Borders gift card turned in.
 
2013-05-26 01:15:51 PM
Another reason to put people in a sack, throw them into the river, and throw the river into space, when you get gift cards as gifts.
 
2013-05-26 01:29:09 PM

wejash: I swear he did this just because I wrote a blog right after the case was filed saying, basically, "don't sweat, the company will survive and those gift cards will pass right on thru just like frequent flier miles in airline bankruptcies."

He swings, misses, falls in the dirt and eats it. I'm sooo good at this game.


I lost several thousand airline frequent flier miles when Aloha Airlines closed their passenger service without warning, so I'm really getting a kick...
 
2013-05-26 01:32:09 PM

ha-ha-guy: Leader O'Cola: In the version of history that I recall, they started shuttering a ton of stores from march-may,  but I'm sure people who had 10-20$ on a card and then needed to drive 50-200 miles to use them before the deadline really found that worthwhile.

Did they stop taking on Borders.com?  Both our local stores were open until the bitter end, but that might be because Borders was founded out here.

/or you could sell your gift cards online via any of a number of sites for cash
//http://www.abcgiftcards.com/ is a great way to liquidate cards that are given to you, but you'll never use, anywhere from 60 % to 90% of face value depending on the company


I honestly don't know if they did online GC redemption or not ( I'm a B/N customer and have been for a long long time)

  I just remember living near 2 that closed much earlier than july.
 
2013-05-26 02:18:26 PM

Leader O'Cola: dustman81: Forbidden Doughnut: raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee

I still feel a bit guilty about the death of Borders. I guess people like me who browsed for books there and then ordered them from Amazon.com helped drive the final stake in...

I don't feel guilty about an overpriced, bloated business going bankrupt. That is how the marketplace is supposed to work.

I was one of those who looked at the books at Borders and ordered them from the Amazon app on my phone. Much like what I do at Best Buy today.

why in the world would you do that when BestBuy price matches amazon today?


Mostly because Amazon's customer support and return policies blow away anything BB has to offer.
 
2013-05-26 02:30:10 PM

ha-ha-guy: The lawyers either wanted a class action payout they'd get a piece of or to be paid to serve as trustees of some "gift card" fund.  fark them.


Exactly. Lawyers would have gotten like $150 mil of that, everyone else would have gotten a $.50 Visa Gift card they would have had to spend a $.46 SASE to receive.

If you have an unspent gift card, exactly what the hell are you waiting for? It's basically arcade tokens at that point. Go spend it, idiot.
 
2013-05-26 02:39:33 PM

Forbidden Doughnut: raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee

I still feel a bit guilty about the death of Borders. I guess people like me who browsed for books there and then ordered them from Amazon.com helped drive the final stake in...


Used to work as an accountant for a Borders Books.  To tell you the truth, I'm shocked the place didn't close down a good 10 years or so before it finally did.

.

Go buy from your local independent bookstore, or one of my favorites:  Powells.com
 
2013-05-26 02:49:57 PM

AppleOptionEsc: Another reason to put people in a sack, throw them into the river, and throw the river into space, when you get gift cards as gifts.


I like getting gift cards as gifts.  This way I know I can get exactly what I want.
 
2013-05-26 03:13:22 PM

buzzcut73: wejash: I swear he did this just because I wrote a blog right after the case was filed saying, basically, "don't sweat, the company will survive and those gift cards will pass right on thru just like frequent flier miles in airline bankruptcies."

He swings, misses, falls in the dirt and eats it. I'm sooo good at this game.

I'm in the process of burning through all of the AAdvantage miles I'd built up flying back and forth from the mainland to HI for work a few years ago. Not because I'm afraid they'll go away in the bankruptcy/merger, but more that I'm afraid they'll turn the program into something closer to US Air's Dividend Miles program, which is pretty much the same as being worthless.


What are you talking about? Unless things have changed in the last 18 months, Dividend Miles has the best redemption rates on partner airlines (Thai, ANA, etc.). Great for using your miles for overseas travel
 
2013-05-26 03:30:31 PM
If this ruling is appeal-able  i would not be surprised to see it appealed.
 
2013-05-26 04:28:38 PM
All the gift card holders should mail them in to the judge.
 
2013-05-26 04:43:54 PM
Gift cards ought to be treated just like bonds. It's not like the company isn't using that money just because you haven't claimed merchandise in return yet.
 
2013-05-26 04:53:20 PM

raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee


God knows I made out like a bandit during the closing sale. Seriously, like 4 boxes of books in total. XD
 
2013-05-26 05:54:38 PM

Iczer: raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee

God knows I made out like a bandit during the closing sale. Seriously, like 4 boxes of books in total. XD


Why does a grown man need 4 boxes of the same Sweet Valley High novel?

Wait nevermind. I don't want to know.
 
2013-05-26 05:55:42 PM

grimlock1972: If this ruling is appeal-able  i would not be surprised to see it appealed.


This ruling was from the SDNY on appeal from the bankruptcy court.  Neither the Second Circuit nor the Supreme Court will overturn the bankruptcy court and district court rulings under the doctrine of equitable mootness.
 
2013-05-26 06:00:28 PM

nmemkha: Iczer: raerae1980: I'm good with that.  You people had plenty of time to use them up.

/former Borders employee

God knows I made out like a bandit during the closing sale. Seriously, like 4 boxes of books in total. XD

Why does a grown man need 4 boxes of the same Sweet Valley High novel?

Wait nevermind. I don't want to know.


encrypted-tbn2.gstatic.com
 
2013-05-26 06:46:34 PM
And how would they find out how much is on the card these days, anyway?
 
2013-05-26 08:18:40 PM
How poorly was the company managed when people paid it millions in gift cards but the company never had to give out any merchandise in exchange for their value??

Just think how much sooner it would have gone under if people HAD redeemed all those gift cards
 
2013-05-26 10:17:18 PM
i.qkme.me
 
2013-05-26 11:52:50 PM

raerae1980: I'm good with that. You people had plenty of time to use them up.

/former Borders employee


Thief is a thief.
 
2013-05-27 12:52:00 AM

Kurmudgeon: raerae1980: I'm good with that. You people had plenty of time to use them up.

/former Borders employee

Thief is a thief.


It's not theft. Somebody converted their currency into a scrip, and gave it to you as a gift. Your card does not have an account in USD attached to it- it is internal Borders currency pegged to the US Dollar. Think of it as somebody converting their dollars to say, Polish Zloty. If the Polish economy collapses tomorrow and the Zloty collapses into nothing, you have no recourse. It's worthless. It's not theft, it's a dumb financial decision.
 
2013-05-27 01:00:27 AM

cptjeff: Kurmudgeon: raerae1980: I'm good with that. You people had plenty of time to use them up.

/former Borders employee

Thief is a thief.

It's not theft. Somebody converted their currency into a scrip, and gave it to you as a gift. Your card does not have an account in USD attached to it- it is internal Borders currency pegged to the US Dollar. Think of it as somebody converting their dollars to say, Polish Zloty. If the Polish economy collapses tomorrow and the Zloty collapses into nothing, you have no recourse. It's worthless. It's not theft, it's a dumb financial decision.


Thief is a thief.
 
2013-05-27 01:08:45 AM

Creative Name: cptjeff: Kurmudgeon: raerae1980: I'm good with that. You people had plenty of time to use them up.

/former Borders employee

Thief is a thief.

It's not theft. Somebody converted their currency into a scrip, and gave it to you as a gift. Your card does not have an account in USD attached to it- it is internal Borders currency pegged to the US Dollar. Think of it as somebody converting their dollars to say, Polish Zloty. If the Polish economy collapses tomorrow and the Zloty collapses into nothing, you have no recourse. It's worthless. It's not theft, it's a dumb financial decision.

Thief is a thief.


Is this a meme I'm not aware of?
 
2013-05-27 02:40:34 AM

cptjeff: Creative Name: cptjeff: Kurmudgeon: raerae1980: I'm good with that. You people had plenty of time to use them up.

/former Borders employee

Thief is a thief.

It's not theft. Somebody converted their currency into a scrip, and gave it to you as a gift. Your card does not have an account in USD attached to it- it is internal Borders currency pegged to the US Dollar. Think of it as somebody converting their dollars to say, Polish Zloty. If the Polish economy collapses tomorrow and the Zloty collapses into nothing, you have no recourse. It's worthless. It's not theft, it's a dumb financial decision.

Thief is a thief.

Is this a meme I'm not aware of?


Don't think so, but it could be, if you were to steal it.

Thief is a thief.
 
2013-05-27 02:45:38 AM

redmid17: Leader O'Cola:why in the world would you do that when BestBuy price matches amazon today?

Mostly because Amazon's customer support and return policies blow away anything BB has to offer.


I feel like returning anything to Amazon would be such a hassle. You need to save the packaging, box it back up, mail it back, and wait. With Best Buy you can just go into the store and exchange or return the item.

For things that both Amazon and Best Buy sell, I've started just getting them from Best Buy with price match to Amazon. With Best Buy I get the item right away, and I also get reward points (which I think is like 2% back via Best Buy gift certificates). Also, Best Buy has a nice post-purchase price match where if their selling price for it goes down within the 2 weeks after you buy it, they'll refund you the price difference (that's actually very useful with electronics, where prices can swing from week to week). Plus, once you buy enough stuff from Best Buy and get into their Silver rewards program, you can return anything you want up to 60 days after purchase.

Before Best Buy started their price matching with Amazon, it certainly felt to me like they were going to die from showrooming. However, since they started the price matching, I can imagine them doing a lot better now.
 
2013-05-27 04:57:20 AM

ekdikeo4: It could behoove some other book retailer to offer, say, a free book up to $10 value or something for every Borders gift card turned in.


More like 10% off your total purchase.
 
2013-05-27 06:32:22 PM

skazzytl: redmid17: Leader O'Cola:why in the world would you do that when BestBuy price matches amazon today?

Mostly because Amazon's customer support and return policies blow away anything BB has to offer.

I feel like returning anything to Amazon would be such a hassle. You need to save the packaging, box it back up, mail it back, and wait. With Best Buy you can just go into the store and exchange or return the item.

For things that both Amazon and Best Buy sell, I've started just getting them from Best Buy with price match to Amazon. With Best Buy I get the item right away, and I also get reward points (which I think is like 2% back via Best Buy gift certificates). Also, Best Buy has a nice post-purchase price match where if their selling price for it goes down within the 2 weeks after you buy it, they'll refund you the price difference (that's actually very useful with electronics, where prices can swing from week to week). Plus, once you buy enough stuff from Best Buy and get into their Silver rewards program, you can return anything you want up to 60 days after purchase.

Before Best Buy started their price matching with Amazon, it certainly felt to me like they were going to die from showrooming. However, since they started the price matching, I can imagine them doing a lot better now.


It's really not that bad. You can show up to any UPS store with the item and they'll mail it back for you. At worst you're out of a few bucks for the box. I've had amazon spring for some larger boxes if it had been more than a day or two since it arrived. Amazon doesn't ask questions either. They just take it back. I can't say I've had similar experiences with BB.
 
hej
2013-05-27 08:05:57 PM
Maybe I'm just massively ignorant, but I don't understand why anybody would expect to be given anything for gift cards to a defunct retailer.
 
2013-05-28 12:12:52 AM

hej: Maybe I'm just massively ignorant, but I don't understand why anybody would expect to be given anything for gift cards to a defunct retailer.


Because people are whiny, entitled morons.
 
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