Thursday, December 30, 2010
From Publishers Lunch:
The Grinch Goes to Borders, As Major Vendor Payments Are DelayedBorders warned investors on December 9 that they faced a potential "liquidity shortfall" in early 2011 and within the last 24 hours that warning has turned into reality for some of its major supporters--including big publishers. People familiar with the communications tell us that Borders ceo Mike Edwards contacted some publishers recently to indicate that Borders would be postponing payments due, now that the holidays are over. The Borders executive team is due in New York in early January, we are told, both to discuss next steps with major vendors and to present their case to banks and investors.
According to the company's December SEC filing, vendor credit remains essential to the company's operations, accounting for "approximately 44 percent of our inventory." They noted at the time "we are working closely with vendors to maintain acceptable levels of payables but there can be no assurance that our current vendor credit levels will be maintained." So far, we are told the company has not indicated when they intend to make their accounts payable current, or even whether they will be able to make payments in full or will propose alternate arrangements.
A statement provided to Publishers Lunch by company spokesperson Mary Davis at least implies that Borders may seek to negotiate amounts due as they "restructure" what they owe to publishers. The company told us:
"In response to media inquiries, Borders Group Inc. today stated that, as the company previously reported, it is in discussions regarding the potential reinfancing of its existing senior credit facilities. As part of this potential refinancing, Borders has determined that it is necessary to restructure its vendor financing arrangements and is delaying payments to certain of its vendors.
"Borders has notified these vendors and will be working with them to restructure their arrangements with the company. Borders stated that there can be no assurance that it will be successful in refinancing its senior credit facilities or restructuring its vendor financing arrangements. As the company previously reported, the absence of the refinancing could cause the company to violate the terms of its existing credit agreements in the first calendar quarter of 2011 and the company could experience a liquidity shortfall."
Davis declined to comment beyond the statement. While it is a different situation, publishing people will remember with discomfort that Advanced Marketing Services filed for bankruptcy protection right after the holiday selling period in 2007, filing on December 29 (and subsequently liquidating rather than reorganizing.)
Separately, publishers have told us recently that Borders indicated that approximately 10 to 17 more stores are due to close by the end of the January (in addition to the closures already reported by us, set to close by January 7). Davis said "we are closing a few additional stores in January, but not disclosing the total number at this time. We will share that information in our next quarterly release as we usually do."
Wednesday, December 29, 2010
Tuesday, December 28, 2010
Tonight, we performed Fauxetry for the crowd, and I kicked some butt. The object of the "game" is to find a random, mundane bit of text, i.e., a receipt, recipe, VHS box text, etc., and read it in the style of slam poetry. Add wine and fun ensues. Since the party was based on a Boggle contest (we're so edgy), I chose to read the Boggle instructions. Needless to say, it was a crowd pleaser. The judges' points were tallied and I won. My prize? More wine!! Mazel tov!
Sunday, December 26, 2010
[Physician Heinz] Valtin thinks that the notion may have started in 1945 when the Food and Nutrition Board of the National Research Council recommended approximately “1 milliliter of water for each calorie of food,” which would amount to roughly 2 to 2.5 quarts per day (64 to 80 ounces).I can't even begin to tell you what this means to me: wine, vodka, ICED TEA!! They are all basically water (with delicious flavorings). Add Cheddar and Sour Cream Ruffles to this list, and I might just be in heaven.
In its next sentence the board stated, “[M]ost of this quantity is contained in prepared foods.” But that last sentence seems to have been missed, so that the recommendation was erroneously interpreted as how much water a person should drink each day.
Saturday, December 25, 2010
Friday, December 24, 2010
Tuesday, December 21, 2010
Monday, December 20, 2010
Saturday, December 18, 2010
Our nation will take a step to remove institutionalized discrimination from its military today. The Senate is set to vote at 12:00 PM PST to repeal DADT. After that, the ball will be in the Pentagon's and the Administration's court to complete the repeal process. I don't think you will, but I feel compelled to say, "Don't fail us on this, Mr. President."
I have to take a minute to extend my sincere thanks to the Republican Senators who crossed party lines to make what is a courageous vote for them. It is the right vote, the moral vote, the ethical vote, but I still understand that it is also a brave vote considering your party and your constituents. Thank you for being part of this civil rights movement:
A change is going to come, my friends. It's inevitable. The ongoing movement to extend civil rights to all our citizens does not flow backward. Oh no, it has a forward momentum. And it's gaining speed. Even though I rail against the slow pace of gay liberation and rant about those who would deny me and my fellow queer brothers and sisters the same rights they have, I'm happy to be living in exciting times of change.
Not all that long ago, I think it would have been inconceivable to have an out and proud and wildly outrageous person like Adam Lambert appear on television, touring the country and world, and garnering support and admiration from all ages and creeds. Yet, here we are. And I think he definitely chose the right song to sing DADT off the stage. Kudos, Adam.
Goodbye, DADT. Don't let the door hit you on the way out.
Friday, December 17, 2010
Thursday, December 16, 2010
Tuesday, December 14, 2010
Monday, December 13, 2010
Sure, a $220 fine for locking your bike to a railing instead of a designated bike rack seems severe, but, and I say this as one who abhors traffic and the overpopulation of cars in our city centers, "Deal with it." It's the law. As a pedestrian, I see so many violations by cyclists every day that I have lost all empathy. As a group, you tend to be reckless and frequently disobey traffic laws. You want the same rights to travel the roads as cars have, but you roll (or zip) through stop lights and signs. You want to be able to ride like a bat out of hell down sidewalks and in crosswalks like pedestrians, but you show little to no concern for those same pedestrians when you're on the road like a car. So, again I say, deal with it. You're on a vehicle, and we have laws governing the use of vehicles. Break the law, pay the fine. . . hippies.
Please read the SF Gate article for a more balanced take on this story.
You work hard. You sleep poorly. You need your caffeine PLUS a little extra jolt in the morning. No, I'm not talking about that shot of Jack Daniels you add to your Folgers every morning. I'm talking about Hidden Animal Teacups!
You can choose from bears, owls, or foxes when selecting your coffee spirit animal. I suspect that the hipster contingent will be lobbying for robots and manatees in the near future, too.
So, decide which dead-eyed albino creature you want staring at you when you finish half of your cup of joe and order a set today!
Yes, in fact, they do have to be scary! They are gross and they suck your blood. I think it's perfectly reasonable to instill a healthy sense of fear in your kids when it comes to vampiric bugs.
Or, you could take the toymaker's approach:
Bed bugs can be a difficult topic to explain to children during an infestation, which is why our giant bed bugs can help. Instead of showing children disgusting pictures of an actual bed bug, why not show them a more pleasant picture that is less likely to scare them.
Look, you dirty people out there with bed bugs, these things aren't pleasant. They are a judgment on your filthy, nasty lifestyle. Stop trying to indoctrinate our children into your sick way of life! Remember what the Bible says, "God hates bugs!"
Sunday, December 12, 2010
Friday, December 10, 2010
Thursday, December 9, 2010
Researchers in China dress up in full-body panda suits in order to prepare young pandas for their reintroduction to the wild. You see, they don't want the young pandas to imprint on the humans, so they're dress up to fool to poor unsuspecting pandas. Think Pedobear for pandas.
It's a great idea and a noble endeavor. But, look at baby panda's eyes. I don't think he's buying it. Look at the hands!!
Wednesday, December 8, 2010
It’s a wine bar … but not. Howell has a new twist — the wine is served straight from the barrel, procured directly from the producers. Though there’s also a substantial wine list for flights and such, 18 varieties of local wine are offered by the glass from their respective, constantly-rotating barrels, lined up in dramatic fashion behind the bar.I love this concept. Who wants to go? First barrel is on me!
Accounting just became a whole lot more interesting: KSU instructor arrested for exposing himself in class
Can you imagine walking into your local library and seeing this? It's a booklover's infodesk dream come true! (And, yes, booklovers have such dreams.) Be sure to click on the link to see more photos.
Now, what I want to know is how they got them stacked so perfectly. And is it earthquake-safe? And what if I want to read something from the third layer from the bottom?
Thanks to Recyclart and @phuongmai for bringing this to my attention.
Tuesday, December 7, 2010
Monday, December 6, 2010
We all know you're cute--extremely handsome some might say. Hey, we've even seen your early nude photos and, for the first time ever, wanted to unironically ask, "If I said you had a beautiful body, would you hold it against me?" But, Josh, I have to say that we're worried.
First, Fergie. Some terrible things have been said about Fergie by Perez Hilton and his ilk. I can't say if they're true or not, and the ad hominem attacks (while funny) don't really tell me that much. I personally think her band is shockingly overrated, though. I mean, they sing the days of the week in a song for Christ's sake. And I just can't stop thinking "mis-match" when I see you together. Did I mention how pretty you are?
Now, there's this incident with you refusing to turn off your Blackberry and being rude to a flight attendant. Josh, we all know that it's bogus that texts from a phone can bring down a plane , but it's the rule. So, put the phone away and watch the crappy in-flight entertainment like the rest of us. Can you ever really get enough of 'Two and a half Men' or 'The Big Bang Theory'?
The rudeness is inexcusable and I think you should apologize personally rather than through your spokesperson. Man up and tell the attendant you're sorry, then buy him something nice. It's really the least you--a gorgeous movie star married to an internationally famous singer--can do.
Did I mention I think you're gorgeous?
PS. Call me!
Sunday, December 5, 2010
Saturday, December 4, 2010
Friday, December 3, 2010
The Singapore men raised eyebrows at the Asian Games in China with the moon on groin design.
Their government said they should show ‘dignity’ to the flag.
A statement from the country’s Information Ministry declared: ‘Unfortunately the team did not seek our advice on the use of the crescent moon and stars when they designed their swim trunks.
The Singapore government said the design was 'inappropriate' (AFP/Getty)
‘We would have told them that their design is inappropriate as we want elements of the flag to be treated with dignity.’
The rules of the Asian Games stipulate a team's uniform cannot be changed in the middle of the tournament, so the Singapore government will have to allow the water polo players wear the controversial trunks for the rest of the competition.
The team has apologised for the placement of the flag and confirmed the trunks would not be used again after the Games.
‘We didn't have the slightest intention to do anything funny on our trunks to insult Singapore,’ team manager Samuel Wong told the Straits Times.