NPR : News

Filed Under:

Judge: Unredeemed Borders Gift Cards Are Worthless

If you were hoping to cash in that Borders gift card for the latest Dan Brown novel — or at least hoping to get some cash for it — you're too late.

A Manhattan federal judge on Wednesday ruled that the bankrupt and defunct book chain owes nothing to the roughly 17.7 million people who hold $210.5 million in unredeemed gift cards.

U.S. District Judge Andrew Carter says it would be unfair to Borders Group's other creditors to let gift-card holders pursue recoveries, Reuters reports:

"To do so, Carter explained, could upset liquidation by Borders' bankruptcy trustee that is already 'substantially' completed.

"He also said card holders failed to prove they met all the requirements for an exception, including that unsecured creditors whose interests might be harmed had been notified about the litigation and given a chance to object."

Reuters explains that the decision upholds an earlier lower court ruling, dating from August of last year.

Borders filed Chapter 11 in February 2011 and closed for good seven months later, the news agency said.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

Writer James Alan McPherson, Winner Of Pulitzer, MacArthur And Guggenheim, Dies At 72

McPherson, the first African-American to win the Pulitzer Prize for fiction, has died at 72. His work explored the intersection of white and black lives with deftness, subtlety and wry humor.
NPR

Oyster Archaeology: Ancient Trash Holds Clues To Sustainable Harvesting

Modern-day oyster populations in the Chesapeake are dwindling, but a multi-millennia archaeological survey shows that wasn't always the case. Native Americans harvested the shellfish sustainably.

WAMU 88.5

Your Turn: Ronald Reagan's Shooter, Freddie Gray Verdicts And More

Have opinions about the Democratic National Convention, or the verdicts from the Freddie Gray cases? It's your turn to talk.

NPR

Trump's Cyber Comments Rouse The Democrats

As they bolster their case that Hillary Clinton is ready to be commander in chief, Democrats are seizing on Donald Trump's comments seemingly encouraging Russia to use cyber-espionage against Clinton.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.