A spokesman for Brainerd Communicators was not able to confirm the exact terms nor the $14 million price tag for the Circuit City assets. By the number of reports and by the way the bankruptcy proceedings have gone, we’d expect a confirmation from the company by this afternoon.  Whether the price and full terms get disclosed, that is another matter.  We had also been told that several private equity firms were in the running.

This Circuit City buyout is not the first pony ride for Systemax.  A fresh article from BusinessWeek highlights how Systemax has actually turned the old and dead CompUSA around after its implosion.  Systemax paid some $30 million in early 2008 for 16 CompUSA stores, its name, its intellectual property, customer list, and Web site.

It was obvious as a heart attack that ex-CEO Philip Schoonover was not going to be able to do anything right here. That was why we announced that the company should fire him in 2007, yet his departure did not come until September 2008.  But Systemax has nothing to do with the past at Circuit City.  It is the new sheriff in town.  Based upon the data we have seen, it seems that the Circuit City brand (at least online) might have a life after death.

Four trading days ago this stock was at $16.00.  This morning it sits at $13.40, and its 52-week trading range is $8.36 to $20.96.

JON C. OGG

Reuters reports that the SEC will examine whether Bank of America (BAC) broke the law by failing to disclose Merrill Lynch bonuses.

Reuters reports that Obama will tap the Fannie Mae (FNM) CEO to run the TARP.

Reuters writes that Fed official Fisher says the China will not do anything to hurt the US economy because of the critical bonds between them

Reuters reports that Chrysler creditors may ask for equity in a company that combines it with Fiat.

Reuters reports that Goldman Sachs (GS) beat forecasts and will raise $5 billion to pay TARP obligations.

Reuters writes that GM’s (GM) shares fell in Frankfurt on bankruptcy concerns.

Reuters reports that the SEC is looking into whether firms gave New York pension funds kick-backs to get business.

Reuters reports that Philips Q1 swung to a loss.

The Wall Street Journal reports that consumer spending driven by tax refunds could stop in the next few weeks.

The Wall Street Journal reports that ”The state of Oregon sued OppenheimerFunds over a college-savings plan, alleging it understated the investment risks being taken.”

The Wall Street Journal reports that pressure is mounting on General Growth.

The Wall Street Journal reports that HSBC (HBC) plans to sell its headquarters.

The Wall Street Journal reports that construction firms are making low bids for state highway projects to fine work.

The Wall Street Journal reports that Met Life (MET) will turn down federal funds.

The Wall Street Journal reports that Royal Dutch Shell and two Chinese firms may bid to develop and oil field in Iraq.

The Wall Street Journal reports that drug companies and medical device companies are worries about legislation that will limit patient options.

The Wall Street Journal reports that in China property sales are beginning to pick up.

The Wall Street Journal reports that “poison pills” are undercutting merger activity.

The Wall Street Journal reports that Japanese firms may be forced to take huge write-downs from Q1 results.

The Wall Street Journal writes that “American Airlines is mired in contentious labor negotiations with employees.” (AMR)

The Wall Street Journal reports that Seagate (STX) sees some hope in sales.

The Wall Street Journal reports that global ad spending may drop as much as 7%.

The New York Times reports that Disney (DIS) is using science to draw young male viewers.

The New York Times reports that Twitter is a good way to find out public opinion.

The New York Times reports that small cars do not do well in crash tests.

The New York Times reports that some brand names live after stores close.

The FT reports that Marriott (MAR) will stop delivering newspapers to hotel rooms.

Bloomberg reports that the US may take an equity stake in GM (GM).

Bloomberg reports that OPEC prices are being undermined by Russia and Brazil sales to the US.

Douglas A. McIntyre