Blockbuster was officially delisted from the New York Stock Exchange on Tuesday and began trading over the counter at around 12 cents a share today (Wednesday). Just last week it was trading for twice that amount, and five years ago it was worth more than $9.00 per share. In a research note on Tuesday, Charles Wolf, an analyst with Needham & Co., wrote that it now appears inevitable that Blockbuster will be unable to restructure its debt without filing for bankruptcy protection. Doing so, he said, could keep the company in business. "With a streamlined store structure, a viable kiosk operation, the closure of Movie Gallery ... and a target market of over 20 million households that continue to rent at Blockbuster, the company should be able to operate at above break-even."

07/07/2010