All Of The Debt Obligations On The BKS Books Are Not 100% Cash As They Seem To Some.
The Gift Cards reflect a valuation of cash but represent a trade in kind for merchandise with a margin of profit. As for the agreement with Nook LLC, Nook can kiss the gift card purchases as agreed to good bye unless Nook assumes some of that debt..... at least at a discount or something along those lines. After all it is because of Nook there was otherwise an empty treasury behind those gift cards. The Nook seperation without any BKS debt is a sham I say Sam.
I have previously not made a comment but have always believed that Nook was a misguided appropriation of the funds in and of itself. Nook should have always carried its own debt responsibility. I hope to see this resolve the situation.