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Borders gift card holders are out of luck

Judge says allowing the bankrupt company’s gift card holders to pursue recoveries would be unfair to creditors

Opening a locked door. Scraping a sticker off your window. Cutting a sandwich on a camping trip. These are just some other uses for the Borders gift cards you may be holding in your wallet because, according to a judge, getting money back from them is out of the question.

U.S. District Judge Andrew Carter said yesterday that it would be unfair to the bankrupt company’s creditors to allow the holders of gift cards—worth about $210.5 million—to pursue recoveries. He said that in addition to upsetting the liquidation process that is almost completed, the card holders did not prove that they met the requirements that would allow them to pursue the claim.

In late 2011, Borders closed its more than 600 stores after filing for bankruptcy the previous February. It also sold off its intellectual property.

Read more about this story on Thomson Reuters.

For more InsideCounsel stories about bankruptcy, see:

Cost-cutting bankruptcy guidelines expected by July 1

Electric-car maker Coda files for Chapter 11 bankruptcy

Kodak to sell two businesses to UK retirees

Former Dewey & LeBoeuf chairman agrees to settle mismanagement claims

MF Global’s bankruptcy trustee sues company’s former CEO

American Airlines files plan to exit bankruptcy

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Cathleen Flahardy

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