Wattles Takes Blockbuster Stake
Mark Wattles, who founded and formerly headed the company's rival Hollywood Video, on Monday purchased a stake in Blockbuster Entertainment, and expressed confidence in the company's health.
According to Bloomberg News Wattles, through his firm Wattles Capital Management, purchased a 5.7 percent stake in the company, or about 4.84 million shares. In an accompanying SEC filing, Wattles stated that he does not believe the company will enter bankruptcy.
Blockbuster hired the law firm Kirkland and Ellis last week to consider its options.