Movie Gallery (MOVI) Goes Chapter 11
According to The Wall Street Journal, Movie Gallery (MOVI), the video rental chain, will go Chapter 11. The company’s shares fell as low as $.20 after hours. They had closed at $.45, down from a 52-week high of $5.29. The…
According to The Wall Street Journal, Movie Gallery (MOVI), the video rental chain, will go Chapter 11.
The company’s shares fell as low as $.20 after hours. They had closed at $.45, down from a 52-week high of $5.29.
The newspaper writes "Under the pre-negotiated plan, Movie Gallery would convert its bonds to stock, and a portion of its second-lien debt also will be converted to stock. The company had $1.2 billion in debt as of July, including $322 million in bonds, $175 million in second-lien debt, and $600 million in first-lien debt."
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
